While the 2022 bear market dampens excitement around emerging crypto sub-ecosystems such as nonfungible tokens (NFTs), Metaverse remains well-positioned for long-term disruption. Considering the many consumer and business use cases the metaverse could enable, a McKinsey & Company report highlighted the technology’s potential to generate as much as $5 trillion in value by 2030.
For Metaverse to reach its full potential, the report highlights the need for four technology providers – devices (AR/VR, sensors, haptics, and peripherals), interoperability and open standards, facility platforms and development tools. However, Metaverse’s success is weighed against a greater focus on optimizing the human experience with the goal of delivering a positive experience for consumers, end users, and citizens.
To date, metaverse initiatives around marketing, learning and virtual meetings have seen the highest adoption rates across various industries. However, the majority of initiatives around Metaverse have seen medium-low adoption, according to an April 2022 survey of senior executives conducted by McKinsey.
“The metaverse is simply too big to ignore,” read the report as it highlighted its impact on commercial and personal lives. McKinsey estimates that more than 50 percent of live events could be held in the metaverse by 2030, with a potential value of up to $5 trillion.
related: LG Electronics’ latest partnership seeks to bring an interoperable metaverse platform to TVs
Metaverse is also positioned to host modern-day romantics, as one-third of singles surveyed show interest in dating in the virtual world. According to a recent survey conducted by Dating.com, an online matchmaking platform:
“With advances in dating app technology and the metaverse, more daters are open to making connections that transcend cities, countries and even continents.”
With Metaverse in the picture, singles are open to dating people from different geographical locations.