Learn how smart money is playing the game of cripto, which is a game of smart money.
By 2030, McKinsey predicts that metaverse-related spending could net $5 trillion a year. In the next few years, 25% of people will spend at least one hour daily in the metaverse, according to Gartner.
More than $120 billion has already been poured into the metaverse this year, doubling the amount invested in the past year, according to McKinsey's data.
Companies like Procter Gamble, Creative Artists Agency, Telefonica SA and LVMH are already making a string of hires to enter the new world of immersive blockchain, web 3 and NFT-integrated virtual reality, in order to prepare for the bright future in the new virtual reality space.
Hamza Khan, a McKinsey partner, co-manages its work in the metaverse, said that brands need to get closer to their customers. This time around brands is a lot more active compared to the early days of e-commerce. McKinsey senior partners Lareina Yee and Eric Hazan said that the metaverse is the next platform where we can work, live, connect and collaborate.
Nearly a third of business leaders expect the metaverse to reshape their industry, according to McKinsey. Over the next five years, 25% of these leaders think the metaverse will yield 15% total margin growth in their business.
Executives often don't agree on a lot, but our research shows that 95% of them believe the metaverse will have a positive impact on their industry, McKinsey s Yee said.
Brands like Starbucks, Adidas, and Procter Gamble have already waded into the metaverse, but it is not clear yet if the buzz word is more than hype and if consumers are actually latching onto the metaverse.
Clyde DeSouza, a creative technologist in the UAE, wrote recently that I was not impressed with what the 'crypto bros' are doing to the metaverse, degrading it to nothing more than pixelated NFT galleries with blocky avatars running around on Minecraft-like terrain.
There's still a gap in understanding for consumers. Not many people who have heard the term'metaverse' can explain it - in fact, only 15% of the surveyed people know how to explain it, and 72% of parents fear it could jeopardize their children's privacy and 66% are concerned it may harm their children's safety.