Over half of live events could be held in metaverse by 2030: Report

More than 80 per cent of commerce could be affected by something consumers do in the metaverse—from discovering brands to visiting a virtual store. Most learning and development could happen in a metaverse environment, as could most virtual or hybrid collaboration, the report, titled ‘Value creation in the mataverse’, said.

Asset-heavy enterprises like manufacturers and telecommunications companies may have virtually all assets and processes represented in a digital mirror, and the same applies to the simulation of physical products and spaces to aid their design.

McKinsey expects the average Internet user to spend up to six hours a day in metaverse experiences by 2030.

One hundred and forty stakeholders have an opportunity to shape the metaverse in a way that fosters greater social cohesion, reduces inequality, widens access to education and acts as a catalyst for social mobility.

The metaverse should not be a substitute for the real world or the in-person connections that bind us. It should complement what people do and, like virtual and in-person offices, allow free movement between the virtual and physical worlds in a way that expands our range of experiences rather than limiting them, the McKinsey report said.

With its potential to generate up to $5 trillion in value by 2030, the metaverse is simply too big to be ignored, the report noted.

It will have a major impact on commercial and personal lives, which is why businesses, policymakers, consumers and citizens are well advised to explore and understand as much as they can about this phenomenon, the technology that will underpin it, and the ramifications it will have for both our economies and wider society, it cautions.

Fibre2Fashion News Desk (DS)