A McKinsey & Company report noted that given the diverse utilities the metaverse caters to, the technology has the potential to amount to five trillion dollars in value by 2030, Cointelegraph informed.
The long-term potential, the report highlights, is contingent on heavy focus being put on maximising the human experience and ensuring positive consumer experiences. Other factors upon which the industry’s expansion depends are interoperability and open standards, facilitating platforms, development tools, and devices- including sensors, haptics, peripherals, and augmented reality (AR)/virtual reality (VR), the report underlined.
Despite the recent net negative sentiment surrounding cryptocurrency, the metaverse reportedly remains well-positioned for long-term disruption, Cointelegraph highlights.
Based on information by Cointelegraph, the report further stated that although initiatives pertaining to marketing, learning, and virtual meetings see the highest success rates across the board, a majority of the initiatives taken in the metaverse are subject to low to medium success rates.
Nevertheless, McKinsey estimated that over 50% of live events could be held in the metaverse by 2030, potentially generating up to $5 trillion in value, Cointelegraph noted.
(With insights from Cointelegraph)