Today, as we convene industry luminaries, academics at the forefront of the innovation economy, and pioneering startups in the Metaverse sector at an event at Here East, we want to ask – what really is the point of the Metaverse? 

There is no doubt that the Metaverse has and continues to disrupt and impact on how we work, commute, do business, consume content, and communicate. Take the news released just last week from the Nursing and Midwifery Council that student nurses will now be given a quarter of their practical training in virtual reality. At Here East, we’ve been carrying out immersive workforce training across our teams for two years, and with huge success. We also use Moonhub’s VR platform for security and front of house training. Metaverse and virtual reality are now widely accepted as the future, with transformative applications of how they can do good already evidenced.

Across all sectors, the boards, the directors, the visionary leaders, and their creative teams, the Metaverse is challenging the way that we work and engage. The concept of a virtual shared space where users can interact with each other, and digital objects has real-world enterprise applications. The Metaverse has the power to engage and work across international boundaries whilst also reaching deeper into the local communities around us to engage, understand and support better.

And London is at the epicentre of this journey. Recent research from London and Partners shows that the UK capital has attracted over $1.5bn in venture capital funding in immersive tech over the past five years – more than any other European city. As the UK continues to grapple with economic challenges and the productivity problem, could the Metaverse be a driver in our next stage of growth?

At Here East, we aim to be at the forefront of this technological revolution. We are working with partners to develop the infrastructure and services that will enable the Metaverse to thrive and with the universities on campus now, and another opening this September, some of the brightest minds will be based with us studying and researching across the field to further expand our understanding.

As the Metaverse evolves with new opportunities for creativity and collaboration, we need to ask ourselves difficult questions about how we future proof the talent pipeline and make sure we have the skills to develop the infrastructure and services that will enable the Metaverse to thrive. The digital skills gap is growing with 81% of UK managing directors saying a lack of digital skills is negatively affecting their company. We need to take immediate action to make the Metaverse a success in the long term.

Its transformational effects mean that businesses need to think about how it affects their own business models – and fast. For example, our vibrant entertainment industry will also be impacted significantly. Imagine being able to attend a concert or watch a movie in a fully immersive virtual environment, with the ability to interact with other people and even the performers themselves. Businesses should be thinking about how to create immersive and engaging experiences for their audiences, wherever they are.

As the Metaverse continues to develop at pace a clear need for governance, regulation and standards is emerging to ensure that the metaverse is accessible to all, inclusive and most importantly secure. This will require a new set of policies and regulations to ensure that the Metaverse economy is fair, transparent and sustainable, with clear boundaries that prioritise safety – not least to avoid a repeat of recent crypto currency sagas.

So, with all this in mind, is our multi-faceted business community across our great capital truly ‘Meta ready’? Are we able to capitalise on the fact that the Metaverse is coming and it will have a huge impact on all business sectors in London and beyond? Are business leaders thinking about how this affects their own business models? 

The truth is we don’t have all the answers. 

What we can do is convene those that are thinking about these issues and more. Gatherings like the one today, convened by Here East and Plexal, create a blueprint for success for our partners and our network, to develop the infrastructure and services that will enable the Metaverse to thrive and support London and the UK to be at the forefront of this technological revolution.