Making sense of the metaverse through data science
Interest in the metaverse concept exploded when Facebook announced it was changing its name to Meta, demonstrating the company’s commitment to becoming more than a social network, and plans to spend at least $10 billion to develop his vision of the metaverse.
While still in its infancy, there are many different ideas of what the Metaverse will look like. However, one thing is certain, and that is the vast amount of data that will be produced as a result of this virtual world. Companies already have a wealth of data sources that require processing and analysis, and the metaverse will only increase that. Dubbed the next iteration of the internet, the metaverse will place more emphasis on data scientists within an organization. It is up to these teams to ensure that they are fully prepared to make sense of this explosion of data and can derive actionable insights from it to propel the business forward.
What is the Metaverse?
The Metaverse is a fusion of virtual, augmented and physical reality, which will blur the lines between online and real-world interactions. It will become a place where people can work, shop, play and have fun. A range of brands from Adidas to Balenciaga have taken their first steps into the metaverse, but beyond that, some brands are already trading with non-fungible tokens (NFTs) in the virtual world.
In collaboration with UNXD, a curated marketplace for digital luxury, D&G recently launched “Collezione Genesi”, an NFT collection that fetched approximately $5.6 million at auction. In hopes of making this NFT collection one of many, D&G’s goal is to provide shoppers with varying levels of exclusive branded content and insider access. D&G is spearheading innovation in its industry, recognizing the value the metaverse can bring to business and uncovering new insights into consumer behavior and shopping habits.
The metaverse has the power to revolutionize the way industries work and the way we live our daily lives. It can bring new innovations to customers, develop deeper connections with people around the world, and provide companies with a new source of revenue. The possibilities can be endless, but only if a company has the right infrastructure in place to exploit it.
The impact on data science
Currently, a number of organizations do not have strategies in place to maximize their data science capabilities, which limits their ability to truly understand the data they have about the business or their customers. The metaverse
will undoubtedly continue to develop and innovate at a rapid pace, and if organizations are not well prepared, it will be next to impossible to catch up.
Teams should ensure they have a cloud data platform that can collect and process internal and third-party data with a single point of access to reduce the time it takes to find information. This model should be able to process structured, semi-structured, and unstructured data, while breaking down data silos and unifying information to learn from the metaverse and help predict future outcomes.
Data science teams should spend this time thinking about all the current downfalls they see in their strategy, from siled data to an unmanageable amount of data sources. These lessons must then be applied to effectively prepare for the future. Examining other recent innovations, such as blockchain and cryptocurrencies, and the regulatory issues they face can help provide businesses with some understanding of potential future implications. We can expect to see regulations being introduced around the metaverse fairly quickly to ensure companies comply and process data appropriately, among other things.
Companies also need to establish the right processes so that data scientists don’t have to duplicate entire datasets. This reduces potential security or compliance issues, while maintaining granular controls to ensure only the right users and applications have access to the data in hand. While we may not know exactly what will happen with the metaverse, having the right platform in place will allow companies to be responsive and flexible in their approach.
It’s important for data science teams to view the metaverse with an open mind as an opportunity to improve the business. With all the additional information gathered, they can place themselves in a favorable position among their competitors and better understand and serve their customers as they capitalize on the virtual world. While the metaverse has the power to foster connections, grow relationships, and grow businesses, it will undoubtedly come with a huge learning curve for businesses. Now is the time for organizations to adequately prepare for the metaverse and ensure that their approach to data science is simple, modern and effective in making sense of this new world and exploiting new business opportunities.
About the Author
Julien Alteraic is RVP UK&I at Snowflake. Snowflake provides the Data Cloud, a global network where thousands of organizations mobilize data with near-limitless scale, concurrency, and performance. Within the Data Cloud, organizations unite their siled data, easily discover and securely share governed data, and run diverse analytical workloads. Wherever data or users reside, Snowflake delivers a single, seamless experience across multiple public clouds.
Featured Image: ©Дмитрий Киричай