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- In a three-phased strategy, Nokia reveals new brand-building plans
- Their strategies will focus on networks’ evolution to meet metaverse demands.
Since the industrial revolution, humankind has witnessed some of the greatest marvels like electricity, the internet, and more. Now, in the era of digitization, where the companies are evolving faster, they seek to dominate future markets and technologies that will make people’s lives easier. In 2021, Meta Inc revealed its intentions to dive deep into the metaverse. Now Nokia has announced its strategies to enhance virtual spaces in forthcoming years.
Metaverses to Concern – Consumer, Enterprise & Industries
Nokia will expand beyond mobile phones, according to Pekka Lundmark, the company’s president. Moreover, they refurbished their old logo to elucidate they are more than just a mobile corporation. He said, “Our updated company strategy is supported by our technology strategy, which details how networks will need to evolve to meet the demands of the metaverse era.”
In November 2022, Pekka emphasized collaborative efforts to develop the metaverse. He believes it will become an integral part of our lives by 2030. He explained further by dividing the three metaverses into:
- Consumer
- Enterprise, and
- Industrial
Nokia president highlights the construction of the Brooklyn Bridge to explain how the metaverse can make our lives easier. Enterprise metaverse would enable the maintenance of the bridge through global collaborations. Industrial metaverse will allow the person to work from the safety of their desks while controlling repair bots to make necessary changes on the bridge.
Brooklyn Bridge was built in the 19th century and took 14 years to become completely operational, costing 20 lives. In the future, it would be possible to install sensors on the ropes to identify any vulnerability and fix it in a blink of an eye, enhancing the security of the workers.
Mark Zuckerberg believes that our mobile phones may not go obsolete. However, our experiences may become more immersive. For example, in the interactive metaverse, people may choose to see the elements of their smartphones in a holographic form via technologies like VR, AR, MR, and more.
Citi, a multinational investment bank, sees the metaverse as a $13 Trillion opportunity by 2030. However, this would require several mainstream companies to set up their shops in virtual spaces. A McKinsey and Company report published in June 2022 highlights that the sector saw over $120 Billion invested by the publication time.
Attaining the dream of integrating the physical with a virtual world sounds like a movie. However, the current state of technology isn’t sufficient to bring the metaverse to life. But with Nokia’s new strategic move, they may contribute to this futuristic development.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
