Mining, Retail, Construction: The Limitless Expansion Of The Metaverse In Chile

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The US Securities and Exchange Commission reported that in the first six months of 2022 the word “metaverse” appeared in regulatory documents more than 1,100 times. Last year only 260 were mentioned. That previous number, of course, once again suggests not only the technology industry, but also ‘the whole world’ heading towards a new iteration of the internet – the so-called web3-, which will allow the generation of a platform of virtual and immersive worlds that are universal for all users.

On the technological side, we already knew the switch from Facebook to Meta the purchase of the giant Activision-Blizzard by Microsoft for about $75 billion dollars and the moves of Google, Tencent, Apple, Intel and Nvidia, to name just a few key players, which they are already investing and developing new approaches to this new digital reality.

On the other hand, telecommunications companies, corporations from all areas, the e-commercemultinational companies with different lines of business, banks, investment funds and private equity their next steps are already focused on the virtual world. According to an estimated report from McKinsey & Co., investments focused on the metaverse It was more than 120 billion dollarsexcept in the first five months of this year.

Of course, to the average person, this still means nothing. There is still nothing tangible about the metaverse – the space and structure in which all these worlds can exist simultaneously has yet to be generated -, but it is clear that there is already much more information regarding the projections, possibilities and opportunities that are possible to generate this new universe.

The synergy between new technologies such as machine learningartificial intelligence, the Internet of Things, the evolution of the cloud and virtual and augmented realities and, by the way, deploy new 5G networks, which generated that human interaction begins to develop on another level. And with new tools. It happened when the transition was to mobile and then to the cloud. Now the possibility of an immersive 3D internet is upon us, and this is very different from what “already exists” (through our abyss) in an alternate virtual plane.

Photo: AFP

So, beyond the technical and even philosophical nature in which the existential scope within the metaverse can be discussed, it is also interesting to consider the opportunities and benefits of a brand, an educational establishment, a corporation, a hotel chain and, in the long run, any business or institution that wants to communicate something. Community video game platforms and related activities, for example, should also be considered Game minecraft roblox either fortnite creations, They already have millions of interconnected micro-worlds, which translate into virtual identities, virtual goods, forms of interaction, among other dynamics. It is true, so far these virtual squares are mainly focused on creativity and leisure, but in addition to activities such as attending a virtual concert by an artist, within the game, more advanced proposals are already visible, aimed at the amount above.

The truth, although it sounds a little corny, the possibilities refer to the imagination. So far, the concept of “digital twins” has already been established, virtual replicas of something that actually exists. A good example of this is the case of Taiwan International Airport. The digital twin of the infrastructure is a real-time 3D replica that allows any potential problem to be simulated and anticipated.

According to Roland Busch, CEO and President of Siemens AG, the German multinational company, which is also the largest manufacturing company in Europe, “Photorealistic, physics-based digital twins embedded in the industrial metric offer enormous potential to transform our economies and industries by providing a virtual world where people can interact and collaborate to solve real-world problems.”

The predictions are exciting, too. According to the financial multinational citi and the KPMG Consulting, the metaverse could generate about 13 billion dollars by the year 2030. Morgan Stanley estimated at eight billion between the US and China, a similar projection was also made Goldman Sachs. JP Morgan he calculates a profit of one billion dollars per year in the coming years and, in fact, he was the first Wall Street firm to have a presence in the metaverse. And according to Jensen Huang, CEO Nvidia, “The GDP that the metaverse can generate will eventually be greater than the physical world.”

But there are many more possibilities, in addition to the possible profits. In Chile, the concept is just beginning to arrive. Little by little, big local companies have started to turn their eyes towards the possibilities of the metaverse. Or, at least in the meantime, what virtual reality can offer.

According to a study by the Accenture consultancy, 85% of Chilean executives agree that the virtual world must be promoted today to remain competitive. According to Gabriela Álvarez, CEO of Accenture, “The metaverse brings numerous benefits to brands, such as launching new products and services; generate new service models and promote effective training for their employees. The ability to encourage interaction with customers and employees is at the heart of it all,” he says.

In addition, 55% of Chilean executives say they will use the metaverse to enhance their employees’ experience; 47% to create digital identity services and 33% to improve the consumer experience. Meanwhile, Chilean companies in the region are the ones who do the most research on the metaverse, where a57% of Chilean executives are currently researching the subject, the highest figure in the region. It is followed by Argentina, with 52%; Colombia (48%), Brazil (33%) and Mexico (28%). The firm interviewed more than 4,600 executives in 35 countries.

The same consultant determined five factors to understand the potential impact of the metaverse on companies: the life cycle of the product, based on the use of digital twins and the durability of the virtual product. The experience, being able to almost replicate the real shopping routine in the most immersive and faithful way possible, but without leaving home. Indeed, Álvarez adds to that “People are already showing a strong willingness to buy digital products in all categories, which opens up new ways to create value and great margin opportunities for companies”. Advertising, by the way, could in the long run be the main means of communication and experience for all kinds of brands, where creativity (and not budgets) will be the limit. The fourth point refers to the experience of collaborators, where, after what happened in the pandemic with teleworking and remote meetings, the metaverse will manage to create virtual centers that will integrate all the possibilities of multimedia, communication and sending files or documents. , that will be. done casually, in real time and with our avatars present in that virtual space. Finally, the consultant refers to the operations of the Conradh na Gaeilge back officewhen, in terms of collaboration, these can be done in a much more fluid way and before any problem that will happen in the end.

In our country, the concept is just beginning to be explored and assimilated by the business world, although there are already local cases where virtual reality is being worked, in order to create new platforms and be ready to access on the metaverse.

The mining area is one of them. Rodrigo González, architect and CEO small mouth a platform created from its beginning Metaverse Limitedfounded in Santiago in 2015, it develops precisely customized virtual platforms.

Rodrigo González, CEO of Minverso, with his team. Photo: Pedro Rodriguez

small mouth it is the world’s first virtual mining world, which can be accessed through virtual reality glasses. Starting from virtual simulations, where all extraction processes and logistics and production chains can be monitored and tested in a context of zero risk and, of course, in real time. But its scope goes much further. The possibilities range from virtual meetings, discussions and simulations, to arrangements showroom and transactions.

Depending on the platform, the objective is to verify the relationship situations of the mining ecosystemwhich allows visiting digital twins without geographical restrictions, showroom of providers and spaces of networking. For Gonzalez,”the metaverse is a virtual tool still under development, and we hope to be up and running in three to five years“.

Felipe Sanhueza, CEO Pignus a company that also works with virtual reality and new technologies focused on human resources, he thinks so the construction sector will also benefit greatly from the metro, which have operations in quite remote places, in the city and between them, and with the use of the metaverse they will be able to interconnect them in a shared virtual world, achieving a higher level of communication between areas, divisions, tasks, works, at rely on being. This allows them to know what is happening at different points of the operation and allows them to take action virtually with the information available.

He says that “we see huge potential in this industry focusing on the metaverse, especially in the development of people and their skills. You can take great advantage of the social aspect it provides and the learning together for topics such as inductions, evaluations, training in technical development issues as well as softer development. We are already working on several projects related to the same”, he says.

secondly, Retail is an area that can benefit from the metro’s potential. Roberto Nappe, director and founding partner PeumaLabs created in 2018 and defined as a digital transformation laboratory, it is focused on the creation and development of virtual and augmented reality platforms from La Araucanía.

His team developed the first augmented reality app created in Chile. It’s about AppAR a gadget easily incorporated into different platforms e-commerce available on the market. Whereas at the moment more than 50% are done from mobile devices, The idea behind AppAR is that the user can test, through augmented reality, whether the product – an armchair, a TV or some decorative element – really matches the user’s needs, because he has the opportunity to see the product replicated within his. space, actual size.

AppAR, a widget that is easily incorporated into various e-commerce platforms available in the market.

It’s okay it’s not exactly a virtual platform, It clearly tackles the concept of generating a parallel digital reality. The brands that clearly already have one foot in the metaverse, such as Nike, Prada, Ikea, Ralph Lauren, Sotheby’s, Dior, Adidas, Home Depot or Gucci, to name just a few. The interesting thing is to see how the big stores are approaching this new challenge.

But it will be even more revealing to see how the country’s various productive and service sectors are gradually entering this virtual world. Because the possibilities and benefits are multiple. And in the end, we are going to win.