The Future of the Metaverse: Transformation and Potential
The concept of the metaverse is rapidly gaining traction among consumers and businesses as they explore its potential to enhance connectivity and integrate seamlessly into daily activities. Within the next decade, the metaverse is poised to revolutionize various aspects of our world. By 2030, it is conceivable that over 50 percent of live events will be hosted in the metaverse. Moreover, more than 80 percent of commerce could be influenced by consumer interactions within this virtual realm, from brand discovery to shopping in virtual stores. Education and professional development are likely to take place predominantly in metaverse environments, as will virtual and hybrid collaborations.
Industries reliant on heavy assets, such as manufacturing and telecommunications, might have most of their assets and processes digitally mirrored. This digital twin technology will also extend to the simulation of physical products and spaces, enhancing design processes. By 2030, it is anticipated that the average internet user will spend up to six hours a day engaged in metaverse experiences.
Such transformative shifts do not occur instantly. They are the culmination of years of incremental advancements, driven by a culture of experimentation on platforms that foster creativity. While these changes offer significant benefits, they also pose potential risks to individuals and society. Reflecting on a previous era of technological disruption, then-Senator John F. Kennedy in 1960 described automation as “a revolution bright with the hope of a new prosperity for labor and a new abundance for America—but it is also a revolution which carries the dark menace of industrial dislocation, increasing unemployment, and deepening poverty.”
Today, stakeholders have a chance to shape the metaverse in ways that promote social cohesion, reduce inequality, enhance educational access, and drive social mobility. The metaverse should not replace the real world or the face-to-face interactions that connect us. Instead, it should complement our activities, much like virtual and physical offices do, allowing for seamless movement between the virtual and physical realms, thereby broadening our range of experiences rather than restricting them. Achieving this balance requires collective leadership to ensure that the evolution of the metaverse is guided responsibly.
Ultimately, with its potential to create up to $5 trillion in value by 2030, the metaverse is a phenomenon that cannot be overlooked. It will significantly impact both our commercial and personal lives. Therefore, businesses, policymakers, consumers, and citizens must strive to learn as much as possible about the metaverse, the technology that supports it, and its implications for our economies and society at large.