The metaverse, a 5 trillion dollar opportunity

A report by McKinsey called on companies and public authorities to show interest today in what the next evolution of the Internet promises.

Companies need to tackle their metaverse strategy now if they don’t want to lose a huge source of growth in the coming decades. This is the main message of a report written by consulting firm McKinsey about this concept that was introduced last year by Mark Zuckerberg, the founder of Facebook, and has since been on everyone’s lips. “We believe the metaverse has the potential to be the next internet comeback“, The authors claim. Since the beginning of 2022, more than 120 billion dollars have been invested in this field by funds and companies such as Meta, Nvidia or Microsoft.

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But what exactly are we talking about? The consulting firm breaks down preconceived notions about this concept. Access to the metaverse is not necessary through a virtual reality headset or augmented reality glasses. Metaverse is also not the same as Web3. Nothing will happen “on“metaverse like without it”on»Internet. And while online video games provide a glimpse of what the future of the Internet will look like, the use of the metaverse is not limited to gaming.

According to McKinsey, the metaverse will eventually consist of a multiplicity of mutually compatible platforms, where thousands of Internet users will interact in real time. This change may be slow, but it will be driven by technological advances such as 5G, edge computing, and greater ease of management of 3D rendering tools, which will soon replace those dedicated to improving websites and mobile applications.

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‘Too big to ignore’

According to the report, virtual universes could generate $ 5 trillion in economic benefits by the start of the next decade, equivalent to Japan’s GDP. “The average internet user will be able to spend more than 6 hours per day on these experiences by 2030.through gaming, connected fitness, e-commerce and social activities, according to McKinsey. “It is possible that by 2030, 50% of events will occur in the metaverse“Continued the authors.

The e-commerce sector is the most affected with an estimated impact of between 2000 to 2600 billion dollars, followed by e-learning (180 to 270 billion dollars), advertising (144 to 206 billion) and video games (108 up to 125 billion)). “The potential of the metaverse is too great to be ignored“McKinsey said.

On the business side, the metaverse represents opportunities to enhance remote collaboration, professional training but also decision making thanks to the creation of digital twinning of production plants. It is also a golden opportunity for the technology sector, and especially in the field of artificial intelligence, real-time online operations management, 3D modeling and animation, and technical infrastructure.

Companies and public authorities need to be prepared

According to a survey conducted by the consulting firm, 95% of executives believe that the metaverse will have a positive impact on their sector within 5 to 10 years. McKinsey advised them to prepare now for this revolution by getting their hands dirty.

Try to get to Roblox, Fortnite, Minecraft or a similar game. Check Sandbox or Decentraland. Join a Discord server or hang out on Twitch. Go to NFT sales platforms. Try virtual reality headsets and have meetings there. This way, you will be better equipped to make decisions“, the authors underline. These include explaining metaverse strategies, launching initial experiments, but also acquiring technologies and recruiting talent. Delays in resolving these issues can lead to delays. difficult recovery.

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The report also recalls the importance of thinking now about the risks in the metaverse, especially in society, in order to better combat them. These include moderation to ensure safe places where Internet users enjoy spending time; protection of personal data and privacy; cybersecurity; combating addiction and damage to mental health; and reducing the environmental impact of these energy -intensive technologies. “These emerging issues need to be addressed before they can be systematic“, the authors underline. In particular, they call on public authorities to be active on all of these issues.

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