The Metaverse Isn’t Here. Yet. Infrastructure Versus Applications Versus Transaction Planning.

Enterprise Tech The Metaverse Isn’t Here. Yet. Infrastructure Versus Applications Versus Transaction Planning.

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Got it! Nov 7, 2022, 07:17am EST | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin An attendee demonstrates the Shiftall Megane X virtual reality headphones and mutalk microphone for . . .

[+] metaverse experiences during CES Unveiled ahead of the Consumer Electronics Show (CES) on January 3, 2022 in Las Vegas, Nevada. (Photo by PATRICK T. FALLON/AFP via Getty Images) AFP via Getty Images Every time I turn around there’s a story about The Metaverse.

We’ve been here before. Remember AI in the 20th century? Anyone remember Application Service Providers (ASPs) — hype before the clouds? Hoverboards? 3D TV? Theranos? We just can’t resist. Gartner actually has a real Hype Cycle where they place technologies along a slope of “inflated expectations” and — my favorite — the “trough of disillusionment.

” Is The Metaverse just more hype? Yes and no. It all depends on where you sit. What Is It? If you really want to understand The Metaverse, start with Second Life , which, by the way, was founded in 2003: “Second Life is an online multimedia platform that allows people to create an avatar for themselves and have a second life in an online virtual world.

In many ways, Second Life is similar to massively multi-player online role-playing games; nevertheless, Linden Lab is emphatic that their creation is not a game: ‘there is no manufactured conflict, no set objective. ’ “Second Life users, also called residents, create virtual representations of themselves, called avatars, and are able to interact with places, objects and other avatars. They can explore the world (known as the grid), meet other residents, socialize, participate in both individual and group activities, build, create, shop, and trade virtual property and services with one another.

” The Metaverse, like Second Life , is a digital world in which all kinds of activities take place. You can conduct meetings, buy things, have fun and even “live” in the virtual real estate you buy – maybe even next door to Snoop Dogg — if you have a spare $450,000 lying around) . MORE FOR YOU $100M Magic: Why Bruno Mars And Other Stars Are Ditching Their Managers The Next Terra Luna? ‘Bank Run’ Fears Emerge As Billionaire Exchange Owners Go To War In $2 Trillion Bitcoin, Ethereum And Crypto Price Crash Aftermath Fractional Hiring Can Make A Lot Of Sense For Startups—Here’s How To Do It Here’s another description : “The metaverse is understood as a graphically rich virtual space, with some degree of verisimilitude, where people can work, play, shop, socialize – in short, do the things humans like to do together in real life (or, perhaps more to the point, on the internet).

Metaverse proponents often focus on the concept of ‘presence’ as a defining factor: feeling like you’re really there and feeling like other people are really there with you, too. Why Should You Care? This is a deterministic question because of the short-term and longer-term implications of a new interactive digital world. Pieces of this world are already in place through the technologies that enable a larger digital experience, like augmented and virtual reality.

Short-term you should care if you’re part of the infrastructure that will enable The Metaverse. Longer-term, there’s room for all kinds of revenue streams – so long as you define “longer-term. ” The timeline? The Metaverse is likely to be a bona fide transaction platform in 7-10 years.

7-10 years? Yes, as a bona fide transaction platform routinely used to buy, sell, store, educate, entertain, communicate and “live. ” Enterprises expected to transact in The Metaverse should resist the temptation to adjust their business processes and business models with the expectation they will have to be ready in just a few years. You have time to track, pilot and plan.

So What Should You Do About It? Understand that there are real concerns about both the viability and schedule of The Metaverse — even at Meta. Ryan Mac, Sheera Frenkel and Kevin Roose describe something less than perfect regarding Meta’s progress building The Metaverse — to put it mildly . Tanya Basu, writing in the MIT Technology Review, also raises important questions .

In fact, quick searches about problems and challenges with The Metaverse are everywhere . So what should you do? First, determine where you sit – or want to sit – in The Metaverse ecosystem. Do you make the chips that will power Metaverse devices? Or do you develop applications that will enable transactions in the Metaverse? Companies like Nvidia, Unity and Roblox, for example, have clear roles to play.

If you’re in any of the enabling elements of the Metaverse, like immersive hardware (headsets and beyond), 3D hardware and software, interactivity, connectivity, semiconductors and especially cybersecurity, then there’s a play. If you’re a total solutions provider, you need to partner with Metaverse infrastructure providers. But if your products and services are far removed from the metaverse, then you have more time.

But even if there’s no relationship between your current products and services, there well may be in the future and more longer-term especially for adjacent products and services – so watch this space carefully. For example, there are many businesses not currently thinking about the metaverse as a revenue stream that should at least start exploring possibilities. The Wealth Quint Team lists some possibilities such as virtual events, immersing learning, immersive shopping, gaming, advertising, education and virtual travel, among other areas.

Start thinking — not investing — in these kinds of application scenarios. You have time. Not so if you’re a Metaverse infrastructure company, like Microsoft, Google and the aforementioned Nvidia, Unity and Roblox.

You have no time at all to begin a well-funded R&D program focused on Metaverse capabilities. The key? Know where you sit in the infrastructure versus applications versus transactions worlds. Infrastructure builders have already started.

Application development companies are tracking infrastructure progress, and those that expect to eventually deploy these applications should lag even more. So where do you sit? Are your building infrastructure? Designing applications? Or plan to eventually deploy applications to transact on behalf of your clients and customers? Your attention to The Metaverse is as easy as 1, 2, 3. But You Still Need a Metaverse Story If you’re an infrastructure company, you’ve already hyped your early investments about how you plan to dominate The Metaverse infrastructure.

If you’re an applications developer, you’re hyping your ability to build apps on The Metaverse infrastructure. If you’re a company that will transact in The Metaverse — even though it’s years down the road — you still need a story around how creatively you plan to exploit Metaverse applications. Your stakeholders will love it.

Hype equivalency? Make it a great story. Check out my website . Steve Andriole Editorial Standards Print Reprints & Permissions.