A report by global consulting firm McKinsey & Company predicts that the metaverse will be worth $5tr as soon as 2030.
The 77-page report titled Value Creation In The Metaverse is a bold look at the future which may indeed involve big investment and consumer interest in the blockchain-powered Web3 space.
The information for the report was collected from a segment of 3,104 consumers across 11 countries. It also polled several executives, including 448 company representatives across 15 industries and 10 different countries.
McKinsey is confident that the data it has used will enable it to successfully predict the future of the metaverse and its rate of adoption.
In breaking down where the value would be coming from, McKinsey argued that part of this is through virtual advertising, which should account for anything between $144bn and $206bn of the total market share. So far in 2022 alone, more than $120bn has been invested in the metaverse.
McKinsey researcher Lareina Yee and colleague Eric Hazan argued that executives tend to mostly disagree, but in the case of the metaverse, there was an unanimously positive sentiment.
Some though remain skeptical about the future prospect of the metaverse. Of all executives interviewed, 31% said that they could not tell realistically whether the metaverse would create the expected value in terms of ROI.
“There are urgent challenges that need to be considered. For one, there’s going to be a need to reskill part of the workforce to take advantage of, rather than compete with, the metaverse”, McKinsey noted.
In the meantime, metaverse initiatives are becoming very popular. From Decentraland’s plots to actual online casinos.