Analysis
June 19, 2022

The Metaverse may soon be worth $5 trillion

A McKinsey report should be music to an NFT collector’s ears. The firm has released a comprehensive report that says that the entire Metaverse industry, from incoming VR worlds to digital collectibles, will be worth $5 trillion by 2030.

Report author Eric Hazan goes on to state:

At its most basic, the metaverse consists of a sense of immersion, real-time interactivity, and user agency. Consumers and companies are experimenting with the early metaverse for everything from socializing to fitness, commerce, virtual learning, and other daily activities. Like any technology, the metaverse is neither inherently good nor bad. It will be what we make it, and we can learn from previous eras of dramatic technological change.

The authors are offering a slightly longer timeline because the technology hasn’t yet caught up to the the potential.

“There are similarities to the transition to Web 2.0 in 2004 that was sparked by social networks and user-generated content,” said Hazan. “Back then, people were busy imagining utopian visions of consumer control and the democratization of the internet. There’s a lot of excitement about the potential this technology holds, but the computing power isn’t there yet to make the metaverse of people’s imaginations feasible.”

Hazan and his co-author, Lareina Yee, wrote that 95% of executives have been exploring the Metaverse and that two thirds of consumers are excited by the prospect. Further, 31% of executives are concerned about investments in the fledgling tech.

“Be open-minded in terms of what some of the potential applications for your business might be. Have a long-term mindset. This is evolving. You’re not planning for an investment this quarter, you’re planning for a longer term trend,” said Yee.

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In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times.He has written eight books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.

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John Biggs
John Biggs

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times.He has written eight books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.

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