5G is the key to unlocking the potential of the enterprise metaverse

When the word “metaverse” is mentioned, you might picture a gamer playing Fortnite in a VR headset or a group of teenagers gathered in the Stumble Guys app to play a mobile game. But Metaverse is not just a game entertainment in the consumer field, it can also bring many benefits to enterprises, and with the maturity of 5G private network technology, Metaverse will change the way of cooperation between enterprises.

And the Metaverse is rapidly evolving. The global Metaverse market hit $39 billion last year and is expected to balloon to $679 billion by 2030. The development of the metaverse will bring many benefits to the workplace, such as improving remote work, providing more convenience and inclusion for disabled employees, and so on.

In addition, the combination of 5G private network technology and the innovation brought by Metaverse will bring many opportunities to various industries, thereby saving costs, increasing revenue and gaining competitive advantages. For example:

Maintenance and repair of heavy industrial equipment

Heavy industries such as manufacturing and logistics rely on many complex and interconnected systems and technologies. Since these devices are required to operate continuously under harsh conditions, they must be constantly maintained and serviced. However, training new employees to understand the nuances of these repair jobs can be time-consuming and laborious, especially when the equipment in question is not located in the area where the employees were trained.

Metaverse tools can overcome these barriers and help businesses and institutions train their employees efficiently and quickly. For example, through the introduction of digital twin technology in re-refineries, employees can more intuitively see all aspects of the production process and better understand how to combine various technologies. Employees can create virtual avatars of themselves using augmented reality (AR) and virtual reality (VR), allowing them to simulate interacting with and maintaining these systems no matter where they are. This reduces the time and cost of traditional methods and allows staff to explore and research the technology and identify areas for improvement without posing any risk to the actual system.

Remote support for field applications

Likewise, IT support and field service technicians can use Metaverse technology to provide remote assistance for field applications. During the epidemic, due to travel restrictions and potential health risks, companies were unable to send people to the site to provide technical support, so some companies and institutions tried to complete some basic maintenance tasks through remote assistance.

The 5G network with high bandwidth and low latency will greatly improve the feasibility of this method in different industries and enterprises of different sizes. In addition, the technical content of remote support will become higher and higher. For example, complex repairs and troubleshooting that have traditionally required personnel to go to the site in person can be carried out through remote support in the future. This not only saves operating costs, but also greatly reduces the risk of dispatching personnel coming into contact with unstable or explosive equipment on site.

NFT supporting the financial industry

Non-Fungible Tokens (NFTs) have grown from a blockchain buzzword to a mainstream concept. Many examples in the B2C metaverse highlight the potential of NFTs, such as luxury brands Burberry and Louis Vuitton launching NFT accessories for their video games.

In the enterprise-level metaverse, NFT may be applied to foreign exchange transactions and real estate management, for example, there may be NFT-based property registration. This alternative is safer and less expensive than traditional land registration. This could have major implications for those who own land but are prevented from mortgaging or selling it because they do not have a title to it. Another possible use case is a virtual stock exchange, where companies in different jurisdictions and exchanges can issue stock NFTs.

While these examples, and others, are mostly theoretical at this point, they are a preview of what might be possible as the technology matures. NFT will continue to play an increasingly important role in the virtual world and in the hybrid world where the virtual world and the real world merge. It is believed that this will lead to new economies of scale.

Only the reliability, low latency, and security provided by 5G private network technology will bring the metaverse use cases of these enterprises and others to reality. While there is much buzz about how cloud computing can accelerate the development of the metaverse, it is critical for businesses and institutions to recognize that communication technologies also play a fundamental role in this.

The unparalleled speed of 5G will enable many enterprise metaverse use cases. Enterprises need to start to seriously think about how to deploy 5G private networks now, otherwise they may not be able to catch up with the development pace of the enterprise-level metaverse.