Management Matter Metaverse: Julia Finkeissen and Thomas Köhler Provide Insights into the Second World
What exactly is the Metaverse? Many people talk about it, but few know what it really is. Thomas R. Köhler and Julia Finkeissen have written a practical book with "Chefsache Metaverse," which allows entrepreneurs to not only learn about the Metaverse but also explore their opportunities within it.
The Metaverse has been on everyone's lips since Facebook announced in October 2021 that WhatsApp, Instagram, and Facebook would be renamed Meta. Accompanied by a billion-dollar investment, what it actually means for companies, the opportunities it offers, and what needs to be done now, only a few have a concrete idea. At Cafe Luitpold in Munich, the authors provided detailed insights and practical examples, ranging literally from art to commerce.
In the Metaverse, one can create a gallery that visitors from all over the world can visit around the clock. The artworks can be hung digitally as NFTs (Non-fungible Tokens) and purchased once. But corporations can also offer NFTs as collectibles, store maintenance histories of vehicles, or invite to virtual events. Because with the Metaverse, besides the real world, which digital professionals describe as the "Realverse," a second world can be created – but responsible actions are needed. Campus-Verlag had already directed some questions to the authors, which also formed the evening's guideline.
Companies should engage with the topic
The question arose whether and when it’s time for entrepreneurs to engage with the Metaverse. Julia Finkeissen explained that we are "on the threshold of the next internet revolution" – where there will again be winners, but also losers. She said, "It is not yet determined who the winners will be this time, so now is the time to get an overview and understand the business opportunities and risks that can be found there."
Many people are still unclear about the current state of the Metaverse and whether there are already applications for it or if the whole Metaverse exists only hypothetically. Finkeissen laughed and confirmed:
"The Metaverse is already here.”
Millions of users spend many hours on large video game platforms and immerse themselves in virtual worlds. Besides that, there are already virtual worlds to create yourself, such as Roblox. Often the content, rather than the representational quality, is decisive. This is a development that co-author Thomas Köhler has also observed. He then transitioned to professional applications, for example, virtual factories as "Digital Twins" of real factories in the industry. These greatly facilitate planning. The advantage: only a little new technology is needed because basic technologies like virtual reality glasses or powerful graphic processors are already available.
What is still missing is the ONE BIG Metaverse where everyone operates
According to Finkeissen, what is still missing is THE ONE Metaverse where all the "individually built single Metaverses" meet. However, large parts of the tech industry are working on it, and it currently looks as if this development is gaining momentum. It is all the more important to get involved now and also to define ethical behavior guidelines.
"Metaverse light": All our video conferences
Currently, simple applications like video conferences, which became familiar during the pandemic, are a good example. Finkeissen promises: "There will be a technological leap with virtual realities here. Because the conferences are still quite impersonal. But a virtual meeting room to step into with your own avatar, who can ‘communicate between the lines’ – that is an application that goes beyond the current scope.”
According to Thomas Köhler, customer contact (B2C) will also change. Addressing potential customers is already much more interactive and versatile today, thanks to the possibility of visualizing products in the Metaverse and allowing customers to individualize them themselves before they are actually and really produced.
Finkeissen adds that travel and meetings between people could shift and change into the virtual space, which also helps with one's personal CO2 balance.
Complex processes can be simulated in advance
Köhler also sees this advantage for industrial companies – in the Metaverse, complex production processes can be simulated down to the details before they are actually implemented. This saves costs and resources, thus contributing to more climate protection.
In the book, use cases from various industries are presented, and it also shows applications that concern all companies, such as when it comes to the future of virtual meetings. Companies that address end consumers will most likely be in the metaverse, many of them are already there and successful in their segments. However, we are already seeing metaverse applications in factories today, such as when it comes to virtual factory facilities or testing processes. So far, there are only a few companies using such applications, but the number is increasing daily.
The details have been packed into the book by the two authors with concrete tips and a 7-step model to show the potential of the metaverse. According to their own statements, "without unnecessary technical jargon" and understandable even for non-professionals. Something you immediately believe when you see them sitting in Café Luitpold explaining their ideas.
According to Köhler, they also want to avoid companies being caught off guard like in the first internet wave because they were initially too hesitant. Finkeissen gives the example of the platform booking.com, which interposed itself between customers and providers of holiday accommodations. The hotel and catering industry hesitated for a long time with online booking offers. Köhler explains: This is how internet giants could emerge in the first place, seizing market shares and profits from established companies in traditional industries. Now, with every booking through the portals, providers have to pay money to the portal. With the metaverse and Web3, we are facing a similar upheaval. Finkeissen concludes:
“The stakes are not yet claimed. With the book, we want to help all interested parties to seize their opportunities or find out where they might specifically lie.”
About the authors:
Thomas R. Köhler is one of the most prominent thought leaders on the subject of cybersecurity and author of several books on internet security. He brings experience from university research and teaching, business consulting, and his own companies. As Managing Director of the Munich technology consultancy CE21, he advises companies and public institutions on the assessment of cyber risks and the development and operation of secure infrastructures. Köhler has been a Research Professor at the Center for International Innovation at Hankou University (China) since 2019.
Julia Finkeissen is an entrepreneur, investor, board member, and advisor for digital start-ups. Through her company Vioventi Art, she advises companies in the NFT market and the metaverse.
What does it mean?
The metaverse actually offers companies endless options. Companies can reach people in a way they would never have in real life. The main problem is: How do you get in, and how do you handle it responsibly? This has also been addressed. Instead of having many partially incompatible "metaverses," it would be important to have ONE large metaverse where one can move as seamlessly as in real life. One big question remains: if you hardly find any time for yourself in real life due to the countless digital platforms, how are you supposed to have time for a "second life" in the metaverse? Either way, an interesting book by two experts – and also available in print form in the "realverse."
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