4 things you need to know about the metaverse this month – The European Sting – Critical News & Insights on European Politics, Economics, Foreign Affairs, Business & Technology

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This article is brought to you in collaboration European Sting with World Economic Forum.

Author: Cathy Lee, Executive, Shaping the Future of Media, Entertainment and Sports; Member of the Ministry of Foreign Affairs, World Economic Forum

  • This regular roundup brings you the latest news and updates on the development of the metaverse.
  • Below you’ll find ideas and opinions on how this emerging technology could change the way we work, shop and spend our leisure time.

1. Business schools are entering the metaverse

The M in MBA isn’t for the metaverse, but you could soon be studying for an MBA through a virtual reality (VR) headset. That’s because, according to Harvard Business Publishing, more and more business schools are graduating from brick-and-mortar classrooms to pixels and MR (mixed reality), with French institutions leading the way.

He says that ESSEC introduced VR-based classes last year, INSEAD uses VR in its executive education and degree programsand NEOMA created a completely virtual campus.

“What’s needed to transform the MBA now is to experiment with learning experiences outside of traditional formats and campus settings,” says Vijay Govindarajan, an executive fellow at Harvard Business School. “The goal is to learn how to use digital technologies in innovative and purposeful ways to promote deeper learning. The goal is not to replace traditional courses with VR courses, but to explore how these emerging technologies can enhance the learning experience.”

WU Executive Academy in Vienna, Austria is working with edtech startup Tomorrow’s Education to develop a Professional Master’s program in Sustainability, Entrepreneurship and Technology to be taught entirely on a virtual campus. “We have to think the next generation to grow up in the metaverse“, said Barbara Stöttinger, dean of the institution Financial Times. “It’s going to be a must for us to finally be there. This investment proves us for the future.”

Milan’s Polimi Graduate School of Management is working with another edtech startup, Fadpro, to develop VR business trips. He also plans to teach students about business opportunities in the metaverse at the International Flex Executive MBA.


What is the World Economic Forum doing about the metaverse?

Experts believe that the metaverse will represent the next major computing platform, transforming the consumer experience and business models across industries.

Fashion brands are an example. Over the years, apparel companies have improved the design, production, and distribution of apparel to anticipate consumer wants and needs in response to seasonal changes. But today, most of their revenue comes from more than $3 billion in sales of digital cosmetics in Fortnite, which has cultural significance that spills over into the physical world.

This is one of the economic opportunities of the metaverse – the ability to “activate” digital content by creating a digital ownership framework for users. If it replicates at scale and across sectors, then entire industries will be reshaped by changes in traditional value chains.

However, the promise rests on the development of several key technologies, including augmented, virtual and mixed reality (collectively known as XR), as well as blockchain, connected devices and artificial intelligence. How should these be managed in a way that promotes the economic advantages of individuals while protecting their safety, security and privacy?

The World Economic Forum brings together leading voices from the private sector, civil society, science and government to address this exact question. Over the next year, he will manage a multi-stakeholder community focused on metaverse governance and economic and social value creation.

It will recommend regulatory frameworks for the good governance of the metaverse and explore how innovation and value creation can be fostered for the benefit of society. There will be updates Published on the website of the World Economic Forum regularly.

2. Gender inequality occurs in the metaverse

The Metaverse may barely exist yet, but according to McKinsey, gender equality is already a fact of life. It says The gender gap in the Metaverse is similar to that of Fortune 500 companieswhere less than 10% of CEOs are women.

This is despite the fact that more women than men visit the metaverse and women spend more time in the virtual world. McKinsey says 35% of the women it surveyed are “power users” of the metaverse, meaning they spend more than three hours a week there – compared to 29% of men.

In addition, women are leading more metaverse-related initiatives at the companies they work for, with 60% of the 450 female executives surveyed moving their plans forward, compared to 50% of men.

“The reality is that women spend more time in the protometaverse than men and, according to our data, are more likely to lead and implement metaverse initiatives,” says McKinsey. “However, as with the tech sector as a whole, women are a minority in the metaverse economy.”

According to McKinsey, male-led companies have also received 95% of the total funding provided by metaverse firms in the past five years.

3. Want to be a chief metaverse officer? This is how it works

We reported on this in October more non-tech companies are hiring chief metaverse officers (CMOs). But what do they actually do?

US news site Axios spoke to three people to find out – two of whom are women (like Kathy Heckle, labeled as “the world’s first chief metaverse officer”) – and He summarized the CMO role as a blend of research and strategy.

Joanna Popper, CMO of talent agency CAA, says she helps clients understand and find investment opportunities in the metaverse: “[We] I see this as a moment to align with the industry, experiment, learn, experiment and grow, but also to make bets that will pay off over time.

Sebastian Brauer, head of Metaverse and Web3 at furniture retailer Crate & Barrel, has been learning about the space to inform his team about its potential. “I see metaverse and web3 technology not only as having interesting consumer-facing applications, but as an important part of creating value within organizations,” he says.

Meanwhile, consulting firm EY works with disabled, blind and neurodiverse people to make the metaverse as accessible to them as possible. The metaverse and virtual reality are seen as having the potential to enhance and expand “virtual mobility”. – The ability of the Internet to provide accessible alternatives to activities that normally require physical mobility.

4. Motion trackers can make metaverse avatars more alive

We will all have our own avatars in the Metaverse, and making them as lifelike as possible will be key to increasing user interest and engagement.

Sony’s new Mocopi motion tracking system promises to do so. Consisting of six small tags for the head, wrists, ankles and hips, it will transfer the user’s movement to their avatar in real-time.

Each sensor weighs 8 grams The Mocopi system is wireless and has a 10-hour battery life. It is expected to cost around $360.

Such realistic mapping of human movements in the metaverse would represent a huge leap forward from current avatars that don’t even have legs. However, Meta is working on fixing this An AI platform that captures small movements of the musculoskeletal system.

More on the metaverse from Agenda

Most internet users do not have digital identities. However, metaverse users will need one to navigate multiple platforms. This means that it should be standards and regulations related to the creation of digital identities.

How can companies make sound investment decisions in the metaverse? They will need to understand the competing metaverse visions that are being built and closely monitor the key triggers that will determine whether a particular virtual world is more attractive than others.

The The metaverse can be transformational for education. The World Bank outlines 6 ways this can positively impact learning.

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