See the metaverse: Creating real value in a virtual world

Welcome to the metaverse. Now, where are we? Contemplate this notion as you interact with your computer and your computer. It’s a lot of things: a playground, a virtual shopping mall, a training facility, an advertising hall, a digital classroom, a gateway to the latest virtual experiences. While the definition of the metaverse continues, it is clear that it can unleash a further wave of data destruction. In the first five months of 2022, more than $ 120 billion will be spent on building metaverse technologies and technologies. That’s more than double the $ 57 billion spent in 2021.

McKinsey has really dived into the potential of the metaverse, focusing on more than 3,400 customers and 450 key leaders around the world in its new show, “Value Creation in the Metaverse,” which begins this manager with VivaTech and Paris. The purpose of the report is to better understand the value of the metaverse, how broad the integration is, where significant efforts can be made, and what activities can now be done to capture the value. We spoke with McKinsey’s senior colleagues Eric Hazan and Lareina Yee, the two lead writers on the show, about the possibility and time of this planet.

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Lareina Yee and Eric Hazan

How would you describe the metaverse?

Lareina: Interestingly, the metaverse, like the web, is the next platform through which we can create, survive, connect, and interact. It will be an immersive virtual environment that connects different worlds and communities. There are tools and other currencies that you can buy and sell things with. It will have a lot of Web3 and gaming and AR features, but a lot more.

Eric: Most importantly, the metaverse has a sense of immersion, real -time interaction, and user community. Consumers and businesses are experimenting with the first metaverse for everything from communication to healthcare, commerce, virtual reality, and other everyday activities. As with any technology, the metaverse is neither positive nor negative. That’s what we do, and we can learn from the past of great technological change.

Why did he immediately think of the light?

Lareina: The metaverse is old and new and means there is a lot of freedom to work on how it grows. But there are many doubts and problems such as data privacy and cybersecurity that need to be addressed. Typically, you get a different set of use cases between services. The complexity and joy of the technology that created the metaverse is a whole new source of innovation for innovation.

Eric: There are similarities with the 2004 Web 2.0 changes driven by social networks and user -generated content. At the time, people were tired of thinking about utopian aspects of consumer power and the democratization of the system. There is a lot of excitement about the potential of this technology, but it doesn’t have the numerical power to achieve the metaverse of people’s thinking. That said, billions of dollars are flowing to every corner of the metaverse technology to help get there. This comes from end -to -end technology users such as engineers, blockchain, and hardware vendors on platforms and virtual worlds. The capital is on track for progress.

What do customers think?

Eric: We surveyed more than 3,400 customers around the world and found that two -thirds are happy about shifting their daily activities to the metaverse, which is more than just a connection with people, exploring virtual worlds, and interacting with remote partners. About 60 percent of consumers want at least one activity in an immersive world with a physical difference. Surprisingly, 79 percent of the customers who made the metaverse sold.

And what about executives?

Lareina: Executives often don’t agree, but our research shows that they generally agree on one thing: 95 percent of them believe the metaverse will have a positive impact on their business. About a third of them think the metaverse could significantly change the nature of their business, and a quarter of them believe it will increase by more than 15 percent of revenue in the next five years. from.

How much of this time is available?

Eric: We expect the value of the metaverse to increase significantly. His complaint is about men, lands, regions, and generations. Consumers have opened up to new technologies; companies are heavily involved in the development of metaverse systems; and metaverse testing ideas are being received from customers. Our low user profile and business use cases show that we could add up to $ 5 trillion by 2030.about the size of Japan’s economy, it is the third largest in the world.

How can the metaverse promote sustainable growth and integration?

Eric: There is an opportunity to rethink public services and systems in the metaverse. This opens up new avenues for the provision of public services such as education and health care, employment, and community planning. We see this, for example, with the Seoul government, which plans to spend about $ 32 million on a metaverse ecosystem to improve urban services, planning, transportation, and support for virtual tourism. . Overall, one major challenge is to ensure that the public talent pool is ready to do what is important for the good of the public and to work with technology providers to do just that.

Lareina: There is a lot of hope around the metaverse as a connecting point for manufacturers, suppliers, and customers. You can think of joining and integrating the metaverse business as something not for a few but for many. It creates a space that helps democratize areas such as education, development, and training. Opening the barriers opens the doors to exciting new avenues.

What are the challenges and broad consequences that leaders face?

Eric: What you think about digital reliance on the metaverse will be explained. But there are serious issues that need to be considered. For one, it needs to retrain a section of the staff to use it effectively, rather than competing with the metaverse. And stakeholders need to build a roadmap to ensure metaverse information is relevant, secure, and inclusive. It means establishing guidelines on issues such as data privacy, security, ethics, security, sustainability, and equity. There are many promises and possibilities to be found here, as these issues are considered along the way.

What does McKinsey do for customers in this area?

Lareina: We conduct research to understand, share, and help businesses differentiate between the capabilities and challenges of the metaverse. We also help businesses with testing and business development. We help them with design, technology, and digital reliability — not just how to think of a metaverse concept, but how to stand up and use it.

Lastly, what should each manager do about the metaverse now?

Lareina: Think about what kind of applications are right for your business. It has a long meaning. This is growing. You’re not planning to invest this quarter, you’re planning for a long -term approach.

Eric: It’s a good idea for businesses and executives to slip their toes into metaverse information to get a better idea of ​​what’s going on. There’s nothing to avoid the fact that if you want to understand the customers and opportunities your company has, you need to be familiar with the metaverse. The best way to find business leaders is by becoming metaverse users themselves.

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