When technology is developing at a breathtaking pace, and with considerable public attention as it does so, there’s a temptation among observers, and even those within affected industries, to assert that they know exactly how everything is going to play out. That, of course is absurd.
Moreover, there are politicians and their appointees who have even less knowledge and operate under rather perverse incentives (such as the influences of rent-seekers, and political incentives to tax and regulate), and yet they believe they not only can predict the future, but guide and regulate it. That’s even more absurd, and quite dangerous.
Therefore, it’s beneficial to step back, embrace humility, and reflect on matters.
Partha Ghosh, who is the head of consulting at Infosys, penned a short piece (“What’s next for the metaverse?” May 21, 2023) for TechnologyMagazine.com that offers some useful thoughts. Ghosh notes:
“Admittedly, metaverse is still at a nascent stage. For one, metaverse doesn’t exist as a single entity like, say, the Internet. Today, metaverse comprises a series of multiple emerging technologies.”
In the not-too-distant future, according to Gartner Inc., “at least 25 per cent of people are predicted to spend at least an hour daily in a metaverse for either entertainment or work.”
As for the current period, Ghosh offers examples of industries already engaged with the metaverse, such as manufacturing, gaming, fashion, health care, agriculture, and real estate. The list goes on.
The article communicates a salient point that captures the possibilities of this next phase of computing: “Metaverse is all about immersive experiences powered by experiential technology. How we apply its capabilities is a play of our creativity and imagination.”
Given the creativity of American entrepreneurs, who are working, competing and cooperating to better serve consumers, the metaverse turns out to be an exciting, developing arena. Sounds simple, right?
And it is.
Entrepreneurs and small business owners are especially excited about the possibilities, as highlighted in SBE Council’s new survey on technology and innovation: 55% recognize the many benefits that immersive technologies and the metaverse will bring to their businesses, and 42% are already using immersive tech in their firms.
In the end, entrepreneurs will develop the metaverse and they will “use” the metaverse in a dizzying arrays of ways. Consumers will decide what works and what doesn’t. In this fundamental sense, the metaverse is part of our larger free enterprise system that has been pushing growth, innovation, and opportunity forward for centuries.