Systems integration and Web3 consulting firm In2IT Technologies today launched its metaverse studio at the GovTech 2022 conference in Durban.
The company says the 1 200-square metre centre will be housed in Sandton, but today it unveiled the design studio in Durban, for conference delegates to get a “first hand understanding of the value the metaverse can bring in their business environment”.
The local metaverse market is growing, with over half of surveyed South African businesses planning to participate, according to a recent ITWeb survey, conducted in partnership with KnowBe4.
The IT sector views the technology as the newest catalyst to unlock value for businesses because of its potential to springboard enterprising firms and individuals into the global economy.
Gartner says the metaverse is an independent virtual economy, enabled by digital technologies and non-fungible tokens.
In2IT says it wants local companies, government and the entertainment and education sectors alike to embrace the trend to the level of their global peers.
Chairman Tshepo Mokoena says the studio provides local companies and individuals an opportunity to experience the technology, as well as access strategic advice on metaverse strategies, roadmaps and the implementation of Web3.
He says the metaverse is a growing trend with a large user base for a range of applications, such as gaming, content creation, social interaction, learning and training, and virtual commerce online.
According to Verified Market Research, the global metaverse market was valued at $27.21 billion in 2020 and is projected to reach $824.53 billion by 2030, growing at a compound annual growth rate of 39.1% from 2022 to 2030.
“With the new generation moving to the metaverse for their day-to-day experiences, the companies will have to follow where their customers are and create solutions in the metaverse. This is where In2IT assists customers to have an early mover advantage,” says Mokoena.
“The In2IT metaverse lab is a digital innovation and incubation centre wherein customers can explore metaverse solutions for their unique environment, with an ability to ramp up or down the experiment in a safe and secure environment.
“There are many relevant use cases of the metaverse, such as the virtual city hall and public services centre to engage citizens. Many manufacturing companies are using digital twins to provide predictive maintenance. The metaverse is being used to train call centre employees or employees in medical fields in much less time and more effectively.”
The metaverse unit of In2IT will work in collaboration with the artificial intelligence, blockchain, augmented reality, virtual reality and quantum computing business units.
Mokoena notes: “The metaverse economy will fundamentally change the way we do business, and the corporates need to think now how they will maximise their presence in this new tech.”
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