Impact of the Metaverse: Will it Be a 3 Trillion USD Industry?

The Metaverse, a concept pointing to a more 3D and immersive internet, has the potential to bring new opportunities to nearly every business, with early estimates projecting an economic contribution of over US$3 trillion by 2031. .

But according to a 2022 Credit Suisse report, the areas that will be most impacted by the metaverse in the near future are gaming, entertainment, collaboration, social media, virtual worlds, education and fitness.

In a paper titled Metaverse: A Guide to the Next-Gen Internet, a Swiss bank explains what the Metaverse is, explores its main components, and discusses current It delves into use cases and future trends.

According to the paper, video games are a metaverse, given that these platforms are built on 3D graphics, virtual reality (VR)-enabled titles, and immersive experiences with platforms for user creativity. will play a central role.

This sentiment is shared by consulting firm EY. Through a survey of gaming executives, the company found that most industry players (97%) believe the gaming industry is central to today’s metaverse. All respondents expect companies across industries to establish a metaverse presence in the near future.

The game company has already built early prototypes of the Metaverse by incorporating elements such as in-game social features, payment systems and virtual worlds with digital assets, making it the first to move in this space. Examples include his three hugely popular games: Minecraft, Fortnite and Roblox. Roblox has over his 200 million monthly active users, Minecraft his 170 million and Fortnite his 80 million.

According to a report by Credit Suisse, in the near future, gaming platforms may be further enhanced by the metaverse, where gamers become holograms and appear visually with someone in another location.

In entertainment, the Metaverse is opening up new opportunities in the form of virtual concerts, virtual theme parks, immersive cinematic experiences, and more. According to the report, virtual events and environments offer many benefits in the entertainment industry, including the ability to reach larger audiences, as well as opportunities for fan interaction and special effects.

In 2019, American music producer and DJ Marshmello made headlines with a live concert in Fortnite. 10.7 million people attended the event. Since then, other artists such as Travis Scott, Ariana Grande, Blackpink and Justin Bieber have given concerts and metaverse his performances, attracting millions of attendees.

On social media, many companies have already entered the metaverse as a way to expand connectivity using augmented and virtual reality (AR/VR), according to a Credit Suisse report.

Facebook will rebrand and pivot to the Metaverse in October 2021. So far, the company has invested a staggering $100 billion in research and development for the Metaverse, and in the past year alone he has invested $15 billion.

In the workspace, the metaverse may bring new opportunities to reimagine offices and work environments, bringing new levels of social connection, mobility, and collaboration.

In India, NextMeet offers an avatar-based immersive VR platform to enable workers, attendees and students to meet, work and collaborate. In the UK, PixelMax helps companies create immersive virtual workplaces, offering advanced features such as wellness areas, third-party integrations and personalized interactive avatars.

Other prominent use cases for the Metaverse outlined in the Credit Suisse paper include commerce, where virtual environments offer merchants, businesses and creators new ways to display and sell products and services. . Fitness with VR-enabled workouts and sports. Education through virtual campuses and universities, and hands-on practice in key areas such as medical training.

While the metaverse industry is still in its early stages and remains largely conceptual at this point, investors are bullish on the prospect that virtual environments will unleash the next wave of digital disruption, with billions of dollars in the space. is pouring in.

Consulting firm McKinsey estimates that in the first five months of 2022, more than US$120 billion was invested in building Metaverse technology and infrastructure. This amount is more than double his US$57 billion invested over the course of 2021.

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