The Metaverse: a whole new world
A business leader's guide to Metaverse technology and its implications.
What is the Metaverse and how will it change the world?
The Metaverse could be one of the most significant technologies of our time, but what exactly is it? How will it change the world as we know it?
The Metaverse, broadly defined, is a replica and extension of the world we live in - an environment that allows us to share experiences and information with others regardless of location. This gives it the potential to become a new medium for real live communication and collaboration over distances--one that’s very different from email or other forms of online communication and interaction as it feels ‘real’ like being in the same room together. It is the concept of an interconnected, collective virtual space where people can interact and communicate through avatars. Also the Metaverse is still at an early stage of development and no one can foresee which direction it will develop to, but it has the potential to reshape how we use technology, interact with others and even work together in the future. The Metaverse is expected to have a native economy, including digitally native assets and trade. While the Internet today has an important relationship with the economy, we believe that the Metaverse could have its own economy.
What are the factors shaping the future of the Metaverse?
The future of the Metaverse is currently uncertain and will depend on consumer response as well as the outcome of at least four key unknowns:
What are the many possibilities for the future?
Three potential scenarios for the Metaverse's future by the early 2030s
The Metaverse is a world of possibilities, however it's hard to predict exactly what it will look like. While we wait for consumer adoption, we have several recommendations for executives who want to focus on their organization’s immediate business objectives. But how can they achieve those objectives
- Maximize potential by driving strategy, testing, and learning, and applying new concepts and technologies savvy.
- Adopting a "test and learn" approach for both consumer facing and enterprise functions, focus on demand and what motivates users, and commit to a "responsible Metaverse."
- Understand how to manage a variety of complications and risks in the Metaverse (for example, privacy/security, accessibility, and sustainable energy use).
