Just existing in our universe can be difficult enough!
However, with the advent of technological advances in the world of virtual reality and augmented reality we are now faced with the possibility of being able to exist in even more worlds than we already do. Rather than simply playing a computer game, we can become immersed in it with the addition of a virtual reality headset or place computer-generated characters in a real-world setting using augmented reality just like a game of Pokémon Go!
These new electronic spaces are referred to as the Metaverse. The Metaverse is a collection of shared spaces that exist virtually where we can interact with each other, conduct work, invest our resources, play games or socialise. With the creation of digital avatars to represent us in the metaverse, the possibilities of what we can do and achieve together start to become an area of limitless potential.
There is therefore also a potential to become completely immersed in this new world but the upside is that we can find a connection with others through it. Placing ourselves in a virtual world as our augmented reality character means that we can interact with others as we walk around or enter a room. The ability to do this is brought about by the ‘Internet of Things’ (in other words how the Internet is now embedded in so many of our technological devices it can communicate with them via a central hub, and blockchain, where your transactions are recorded and used to create specialist messages for you, as computers and devices work on a peer to peer basis). This means that in the future, job interviews for finance & accounting jobs may well be conducted in a virtual setting as opposed to face-to-face or video call.
The Metaverse is an immersive virtual environment with immersive experiences where users can walk and interact within a specific world that has been digitally created. These do not need to be realistic representations, there is also the possibility of adding fantasy worlds or abstract spaces that require certain actions to manoeuvre around in. Possibilities created by immersive virtual environments mean that testing for certain roles in companies may well involve being subjected to a real-world scenario to see what the interviewee’s reactions would be. For example, in a finance & accounting jobs situation, it may be that you are working in a virtual office to solve a particular issue that has occurred to see how you interact with colleagues and deal with pressure.
To be able to function within the Metaverse you have to create a digital avatar. This means that you can make changes to yourself within this virtual world. A lot of people do this already in gaming situations and there is no reason to suspect that this would not be the case when applying for a job within the virtual world. Essentially, you would be able to adjust how your avatar looks to suit the situation that you find yourself in! Avatars are already being used in this way for socialising in the virtual space so that you can put on your best self (!) to communicate and engage with others. Although this seems a bit fake it does allow for greater interconnectivity over long distances.
For business and finances, the most interesting option that the Metaverse brings is the creation of a separate economy and individual transactions within it. These virtual economies allow digital avatar users to be able to purchase and sell digital assets that may be acquired. This means that currencies and goods may also be bought and sold completely within the virtual world of the Metaverse. Blockchain allows you to own certain virtual products and services and also smooths the way for the purchasing and selling of that product to someone else or for the engaging of a service.
For businesses, there is a great incentive to invest in this Brave New World. We have looked briefly at Commerce but try to imagine a future whereby your retail store is completely online. Avatars would be able to peruse the aisles of the Metaverse that you have created and select virtual products, placing them in their shopping basket. These transactions would also be made through specific currencies that have been created within the Metaverse converting real-world currencies over to cryptocurrency.
Furthermore, if you were to have a networking event, conference or a job fair focusing on say finance & accounting jobs, attendance could be virtual. Using the technology developed by Microsoft Teams, for example, avatars could break out into separate events to discuss issues and to increase networking opportunities (which could still be followed up with first-hand ‘real world’ meetings afterwards). It also raises the possibility of a much better customer experience.
Or if one was thinking of buying a new home, rather than visiting the property in the real world they could do so in the Metaverse, providing it was scanned and uploaded into a Metaverse option. Potential buyers would be able to see it first-hand through a realistic representation that their avatars can enter using a VR helmet.
So how could the Metaverse improve business?
The commercial possibilities of the Metaverse appear to still be in the development stage but what it is already offering is the possibility of a new environment to facilitate client connections over long distances. Also, for finance and accounting jobs where staff training is so important, the Metaverse provides greater scope for supportive staff development and training. And from a social perspective, it provides possibilities for some really fun, inexpensive employee interaction.
