Research titled “Value creation in the metaverse” was released last week by the renowned management consulting company McKinsey & Company.
According to the research, “Our work started with a poll of over 3,400 consumers and managers on the adoption of the metaverse, its potential, or how it will change behaviour. 13 senior leaders and metaverse specialists were also questioned.”
McKinsey claims that It is entirely conceivable that over a half of live events will take place in the metaverse by the year 2030.
The firm added that the majority of learning, growth, and collaboration might take place in the metaverse and that over 80% of commerce could be touched by actions in the metaverse.
Additionally, according to McKinsey, “We anticipate that by 2030, the typical internet user will engage in metaverse activities for up to six hours each day.”
The research states that over $120 billion, or nearly twice $57 million in 2021, has already been invested in the metaverse space in 2022.
Although estimates vary greatly, the company predicted that by 2030, the metaverse might produce up to $5 trillion.
According to the study, “Our estimate of the potential impact of the metaverse by 2030 is based on a bottom-up view of consumer and industry use cases, developed from consultations with roughly 20 internal and external professionals.
Given the extremely high degrees of technical, sociological, and regulatory uncertainty, our prognosis is simply our best guess.”
The paper comes to this conclusion after acknowledging that the metaverse “will have a profound impact” on people’s professional and private lives:
“The metaverse is obviously too huge to be ignored, with the promise of up to $5 trillion in value by 2030.”
The metaverse is now home to a number of significant banks and financial firms, including JPMorgan, Standard Chartered Bank, HSBC, and Fidelity Investments.
Additionally, a poll taken in April revealed that the metaverse will be the most common location for cryptocurrencies, with 70% of participants believing that “advancements in cryptocurrency and blockchain technology will be important to molding the future of the metaverse.”
There are various metaverse size estimates besides McKinsey’s. By 2030, Citigroup estimated that there would be 5 billion users of the metaverse, creating a $13 trillion potential. The metaverse is an $8 trillion potential, according to Goldman Sachs.
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