Like cryptocurrency, the fourth industrial revolution and blockchain, the metaverse has become a buzzword which describes new technological advancements few are able to explain. 

What is the metaverse and why does it matter? 

“But of course, the Metaverse is a combination of many different technologies and it is not just for a game. It will not replace the internet, it will build iteratively on top of it, but it’s not fully predictable, much like there was no technical understanding in 1995 what life would be right now on the internet.” explains Matthew Ball, the CEO of Epyllion, in an explainer video of the metaverse on BigThink.com. 

In an article by technical writer Chiradeep BasuMallick, on spiceworks.com, it is explained that: “The Metaverse is a spatial computing platform that provides digital experiences as an alternative to or a replica of the real world, along with its key civilizational aspects like social interactions, currency, trade, economy, and property ownership – founded on a bedrock of blockchain technology.”

So simply understood, the metaverse could be seen as a digital world within which one can immerse oneself into a parallel universe, where a series of algorithms, ones and zeroes, along with imagination can give you whatever computing allows. 

Beyond being an alternative imagined, digital fantasy land, what else is the utility of the metaverse? As Matthew Ball reminded us, it is not a game, and like the internet in 1995, very difficult to predict with certainty what its eventual trajectory would be. 

First, as pointed out in an article titled, Metaverse Use Cases and Benefits, by Sudeep Srivastava, it should be noted that: “With multiple iterations, the digital transformation continues to bring vast opportunities to modern businesses.” Today, businesses and those associated with businesses have websites, social media pages – social media pages which give direct access to these businesses and individuals – which in turn creates platforms for immediate interactivity and engagement. 

How the metaverse will expand horizons technologically is multitudinous, according to Srivastava’s article:

• “Metaverse is going to take the advertising to another level using unique storytelling experiences in 3D technology. 
• The interoperable concept in Metaverse project helps businesses to conduct and enter any event digitally. 
• Brands can interact with the global audience through Metaverse in the ecommerce business framework despite the geological barriers. 
• Metaverse also supports digital wallets which means enterprises can regulate seamless transactions across its virtual ecosystem. 

Metaverse benefits businesses in more ways than one. It is understood that every business will leverage Metaverse applications according to the business model and user specific needs. As per the recent survey of March 2022, more than 17% of the global IT enterprises have invested in the Metaverse. Meanwhile other industry sectors such as Education, Finance, Healthcare and Marketing are rolling to work with Metaverse between 9-12%.”

In the explainer video, Ball explains that the possibilities are limitless, with remote surgery being possible – a concept that has been successfully tested with the introduction of 5G technology. Mobile phone technology giant Huawei, reported as far as back as February 2019, that the first remote surgery conducted via 5G had been accomplished: “The operation end of the operation was placed in the China Southeast Research Institute, and the operation signal was transmitted in real time through 5G technology to perform remote hepatic lobectomy for the experimental animals of Mengchao Hepatobiliary Hospital 50 km away. The entire procedure takes about 60 minutes and the operation delay is extremely low. The surgical wounds were neat, and there was no trace of blood in the whole process. The vital signs of the experimental animals were stable after surgery.”

With the further development of the metaverse since then, the development of augmented – and virtual reality as part of these advancements, healthcare – as an example of but one industry – can bring basic and advanced medical interventions to some of the most remote areas. 

The metaverse has already been applied in numerous industries ranging from gaming to real estate, to tourism and many more.

With South Africa embracing the Fourth Industrial Revolution as the way of the future, it is clear that as a Middle-Income Developing nation, South Africa must embrace the metaverse. We have the infrastructure, sophisticated educational institutions and the innovation to expand on the metaverse. 

The “new normal” following the COVID-19 pandemic, has seen most employees – whose jobs make it possible – demand flexibility for where they work. A laptop, mobile phone and access to fast data can allow anyone to work from anywhere. According to a Forbes article, dated 1^st February 2022, the trend of working remotely is increasing exponentially: “While some companies continue to thumb their noses at The Great Resignation and insist that employees come back into the office, data scientists at Ladders insist that the writing is on the wall. Remote work is here to stay. According to their projections, 25% of all professional jobs in North America will be remote by the end of 2022, and remote opportunities will continue to increase through 2023.”