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What is the Metaverse and what do businesses need to know about it?

With the recent rebrand of Facebook’s parent company to Meta, many are asking questions about the Metaverse and what it means for their firms. The concept of the Metaverse is quickly becoming a buzzword in technology and in business, but what does it actually mean?

Metaverse is a broad term. It generally refers to a shared virtual environment which people can access using the internet. The Metaverse is a digital reality that combines aspects of social media, virtual reality (VR), augmented reality (AR) and online gaming to allow users to interact online. 

As the Metaverse grows and develops, it will create online spaces where user interactions are multi dimensional and will allow users to immerse themselves in a space where digital and physical worlds converge.  

Microsoft is also investing in the Metaverse, with plans to bring immersive meetings to Microsoft Teams. Microsoft hopes its new tech will help people to feel like they are in the same room as each other, to communicate and collaborate more easily.

So what could this mean for businesses? As many firms accelerate their move to digital ways of doing business, the Metaverse can help people to collaborate, to host meetings and facilitate working on projects across the world. 

This could be particularly helpful where some of your team are working from home and others are in the office – they can all collaborate online on a single platform.

The business media have been reporting that the Metaverse is going to be the next big thing. Some experts seem to think that the Metaverse will revolutionise the way we interact online, in much the same was as social media did in the last 15 years or so. 

As such, it represents an opportunity for firms to innovate, to try new business models and experiment with new ways of interacting with customers. Only time will tell if the Metaverse is going to be the next big thing or not – but it should certainly be on your radar as it develops over the next few years.

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