A recent McKinsey report stated that the Metaverse has the potential to become an over $5 trillion economy by 2030, as the report states that the new technology has the power to significantly change both personal and office life.
It has been reported that the news provides a new light in the ongoing crypto bear market and restores faith in the ecosystem. Leading management consultancy firm McKinsey & Company estimates that by 2030, the age of the Metaverse would be in full swing. The potential of the technology and its use cases across a variety of consumer and business applications could lead to it being an over $5 trillion economy.
However, the Metaverse can reach its full potential once certain technological advances happen. These advancements include systems for AR (augmented reality), VR (virtual reality), sensory technology, haptic technology, interoperability, etc.
The report said that there will also need to be open standards to allow for seamless communication between different systems and platforms built to encourage the development of metaverses, and including tools for building and navigating within the metaverses themselves. McKinsey estimates that by 2030, 50% of global live events may occur in the Metaverse. This also adds to the $5 trillion revenue valuation.
Likewise, as of today, the Metaverse is a medium-adopted concept. The highest adoption rates of the Metaverse comes across the marketing, learning, and virtual meeting industries. Major players in big tech realize the potential of the technology and have already built metaverses in preparation for the future.
Even though the Metaverse of today is an unknown known in our daily lives, there is a high probability that most future interactions may occur within them.
Thus, some of the early stage Metaverses of today include Decentraland, Sandbox, Spatial, among many others. Different metaverses offer a variety of experiences for viewers, artists, collectors, and investors.
Source: NFT Evening