Building the metaverse, the parallel and entirely digital world that major corporations like Facebook or Microsoft are working to develop, will require significant resources, collaboration across various sectors, and several years of dedicated efforts.
Creating this new digital realm involves developing an economy based on goods and services that do not currently exist, potentially inspiring the generation of new companies along the way. Experts emphasize that it’s unlikely for a single company to solely build and maintain the metaverse.
Bloomberg Intelligence estimates that the market opportunity for the metaverse could reach $800 billion by 2024, and Bank of America identifies the metaverse as one of the 14 technologies set to revolutionize our lives.
According to the “Bank of America Thematic Report: The 14 Technologies That Will Revolutionize Our Lives,” the metaverse will comprise countless virtual worlds connected to each other and the physical world. It is expected to create a robust economy spanning work to play, transforming industries such as finance, banking, retail, education, health, fitness, and even adult entertainment.
“By the end of the decade — in 2030 — we’ll be spending more time in the metaverse than in ‘real life,'” predicts American inventor Raymond Kurzweil, Google’s director of engineering since 2012.
While the concept of the metaverse is not entirely new, the increasing investments and growing acceptance of digital assets among a digitally native population are pushing the idea closer to reality. Benjamin Dean, Director of Digital Assets at WisdomTree, notes the accelerating pace of transformation in recent years, especially in countries where smartphones are ubiquitous.
The metaverse is expected to go beyond the current applications of virtual reality, encompassing entertainment, gaming, concerts, movies, work, education, and more. This expansion will lead to the development of new companies and technologies in various sectors.
Concerts, Content, and Entertainment: Already demonstrated by performances within video games like Fortnite, the metaverse could redefine concerts. Artists such as Ariana Grande and Travis Scott have engaged millions of players in real-time experiences, indicating the potential for a new era of virtual entertainment.
Office and Virtual Presence: The rise of remote work, accelerated by the COVID-19 pandemic, has prompted tech giants like Facebook and Microsoft to explore virtual office concepts within the metaverse. These platforms aim to offer virtual spaces for events, meetings, and networking opportunities.
Big Challenges: Despite the excitement, significant challenges lie ahead. Internet infrastructure, the feasibility of real-time interactions among a large number of participants, language barriers, and latency issues need to be addressed. Enhancements in computing power, graphics, and video processing are essential, and companies like NVDA, AMD, and Intel are already working on it.
Education Transformation: The metaverse presents opportunities for adaptive learning in education, with lessons adjusting based on students’ reactions. Universities are likely to create virtual campuses, expanding access to education through immersive experiences.
Endless Possibilities: The possibilities within the metaverse are vast. Astronomy students could explore colliding galaxies, art history classes could take place in iconic locations, and medicine and telecare services could find new avenues for growth.
As digital solutions for healthcare and e-commerce continue to gain traction, the metaverse is expected to further blur the lines between physical and virtual realities, creating a dynamic landscape that will shape the next decade.