The 2022 bear market had a negative impact on the excitement surrounding the development of sub-ecosystems within the crypto market, such as non-fungible tokens (NFTs). However, the long-term potential for disruption in the Metaverse, a virtual space where people can interact with each other and digital objects, remains strong.
A report from McKinsey & Company estimates that the Metaverse could potentially generate up to $5 trillion in value by 2030 due to its potential to be used in a variety of consumer and business applications.
According to the report, In order for the Metaverse to reach its full potential, certain technological advances are necessary. These include devices such as augmented and virtual reality systems, sensors, haptic technology, and peripherals; interoperability and open standards to allow for seamless communication between different systems; platforms to facilitate the development and use of metaverse technologies; and tools for creating and building within the Metaverse.
However, it is also important for the Metaverse to prioritise the human experience and create positive experiences for those who use it.
So far, the highest adoption rates for metaverse technology have been in the areas of marketing, learning, and virtual meetings.
However, according to a survey of senior executives conducted by McKinsey in April, many metaverse initiatives have seen low to medium levels of adoption. Despite this, the report notes that the Metaverse is too important to be ignored, as it has the potential to significantly impact both business and personal life.
According to a recent survey by Dating.com, many people are interested in using the Metaverse for dating. In the survey, one-third of singles indicated that they would be interested in dating in a virtual world.
The dating platform commented that, as technology in dating apps and the Metaverse advances, more people are open to forming connections with people from different locations, even if they are in different countries or continents. The Metaverse, therefore, offers the possibility for people to date beyond their immediate geographical location.
McKinsey estimates that by 2030, over half of the live events could be held in the Metaverse, potentially leading to the generation of up to $5 trillion in value.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash