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From gaming to healthcare, what is the impact of metaverse on the global economy: McKinsey and Company

The metaverse has the potential to radically transform the digital and global economy, shaping the world responsibly.

Moving beyond its origins in gaming, the metaverse has already captured the interest of sectors such as fashion, art, and music. It is projected to generate up to $5 trillion in value by 2030.
Moving beyond its origins in gaming, the metaverse has already captured the interest of sectors such as fashion, art, and music. It is projected to generate up to $5 trillion in value by 2030.

With the metaverse in its early stages, organisations and people have the opportunity to shape the metaverse responsibly, revealed Mckinsey and Company, in its latest report. As per the report,  the metaverse is an immersive, shared, and secure 3-D digital space where users’  avatar—a digital representation of oneself — can shop, play, learn, work out, attend virtual business meetings, trade digital currencies, and conduct other activities. Moving beyond its origin in gaming, the metaverse has already captured the interest of sectors such as fashion, art, and music. It is projected to reach $5 trillion in terms of value by 2030.  

“I believe absolutely that the advent of graphics-based computing and 3-D environments is going to change many of the technologies, standards, conventions, and monetisation models. It’s going to have profound generational change. And, most importantly, it’s going to reach many of the categories we’ve long hoped would be altered by mobile and the internet and yet haven’t been, ” said Matthew Ball,  a venture capitalist, essayist, and observer of the digital world, wrote in the report. 

Ball further stated that the metaverse is a transformative event for the global and within that digital economy in many cases and further hoped that the metaverse and VR (virtual reality) and AR (augmented reality) will finally start to show actual, tangible, measurable productivity improvements in education and healthcare. For example, Johns Hopkins University recently performed its first pair of surgeries on live patients using augmented reality displays. The head of the neurosurgery and spinal department had described the experience as its like using GPS for the first time. “It’s not that it teaches you how to drive; it doesn’t drive the car for you, but you find that your ability to execute this task is much better than ever. Why does that matter as a use case? Well, not only is healthcare a costly industry, but like GPS and AR in surgery, it just needs to have a marginal impact on something of critical importance. It doesn’t need to perform the surgery; all we need is a meaningful increase to success rate,” Ball said. 

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