Despite the fact that the bear market of 2022 has reduced interest in sub-ecosystems such as NFTs within the emerging crypto space, the Metaverse is still poised to cause significant disruption in the long term.
All Down to Experiences
The metaverse has the potential to generate up to $5 trillion in value by 2030, according to a report from McKinsey & Company. This estimate is based on the numerous consumer and business-oriented applications the metaverse could cater to.
The report identified four technology enablers that are essential for the Metaverse to achieve its full potential: devices (such as AR/VR, sensors, haptic technology, and peripherals), interoperability and open standards, facilitating platforms, and development tools. However, the Metaverse’s success will ultimately be determined by its ability to deliver positive experiences for consumers, end-users, and citizens through a focus on maximizing the human experience.
Marketing, learning, and virtual meetings have been the areas where metaverse initiatives have seen the most widespread adoption across industries. A McKinsey survey of senior executives conducted in April 2022 found that the majority of Metaverse initiatives had low to medium levels of adoption.
Too Big to Ignore
The metaverse is simply too big to ignore according to the McKinsey report. This is in respect to the impact it can have on professional and personal lives.
The metaverse has the potential to host more than half of all live events by 2030, resulting in up to $5 trillion in value, estimates McKinsey.
A surprising but real utility is the Metaverse’s increasing popularity in the dating market as we reported earlier.
Dating and Travel
According to a survey by Dating.com, one-third of singles who were surveyed showed interest in dating in the virtual world, making the Metaverse well-positioned to host modern-day romantics.
The survey revealed that a considerable number (33%) of people seeking love are turning to technology and planning to date in the metaverse.
As dating app technology and the metaverse continue to improve, the survey found that more and more people are willing to connect with others across cities, countries, and even continents. Over the last year, both users and developers have been paying close attention to the topic of digital identity, particularly identity in the metaverse.
A Cointelegraph article last month indicated that the metaverse was also influencing travel destinations. According to a survey of 24,179 respondents from 32 countries conducted by Booking.com, a well-known online travel agency, travelers are highly interested in using virtual reality to explore destinations as they plan their trips. The survey found that Gen Z (45%) and Millennials (43%) were the most likely to try out metaverse travel experiences.
The metaverse is getting bigger and bigger despite some of the challenges that have been experienced by companies like Meta who are all in on the space.
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