The metaverse might reach $5 Trillion by 2030
McKinsey & Company, which is a global consultancy firm, published a paper “Value Creation in the Metaverse: The Real Business of the Virtual World” that analyzes the unfolding of the metaverse and its business processes, both current and potential.
The report notes that in 8 years the metaverse may be valued at $5 trillion and is based on research, a survey of more than 3,400 consumers, and interviews with metaverse experts.
As the metaverse is a new occurrence in the world, the firm tried to examine how it will merge with the internet and people’s day-to-day lives. The study divides the metaverse into 4 key segments: experiences, game engines, infrastructure and hardware networks, and enablers.
As stated in the report, major corporations like VC and PE have already spent over $120 billion as part of their investments since the beginning of this year, which is already more than double what they’ve invested in the whole of last year. The report names numerous reasons why huge tech corporations are interested in investing billions into the metaverse, namely “technological advances across the infrastructure required to run the metaverse”, marketing and the public’s engagement with the first projects (mostly games) that the metaverse has to offer.
Source: https://www.mckinsey.com/
Almost 60 percent of consumers [out of 3,400 who took the survey] using today’s early version of the metaverse are excited about transitioning everyday activities to it, with connectivity among people being the biggest driver, followed by the potential to explore digital worlds. Some 95 percent of business leaders expect the metaverse to have a positive impact on their industry within five to ten years, and 61 percent expect it to moderately change the way their industry operates.the report summarized.
Based on their research and data, the authors of the study believe that the value of the metaverse may reach a whopping $5 trillion by 2030, with e-commerce taking up $2-2.6 trillion.
Earlier, a report by DappRadar and the Blockchain Game Alliance suggested that the NFT gaming industry might reach $203 billion this year. Another report by Kraken Intelligence illustrates that metaverse digital coins did better than all the other tokens.
