INTERNET CITY, DUBAI, 17th January, 2023, Chainwire
Allen Wei, co-founder, and CEO of LBank Exchange, recently commented on a McKinsey & Company report that outlined the metaverse’s potential to reach $5 trillion in value by 2030, with an estimated 50% of live events being held in the metaverse. Having been following its development closely for a number of years, Wei is confident that the metaverse industry will grow into a multi-trillion-dollar economy that will provide jobs and recreation for millions.
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In 2022, more than $120 billion worth of investments went to the metaverse with more expected to come in 2023. “Its potential to unleash the next wave of digital disruption seems increasingly clear, with real-life benefits already emerging for early adopting users and companies,” the report stated.
“The magic about the metaverse is the experience that it could give us,” said Allen Wei. “When a lot of people think of the metaverse at present, they think about headsets and virtual reality games. This is definitely part of what the metaverse could do, but it is so much more. Right now we’re still testing the waters. In terms of having a mature metaverse that is widely used, we’re simply not there yet.”
The report presents potential ways the metaverse could create value and suggest technological requirements for it to achieve wider adoption. Four key enablers highlighted by the report are devices, interoperability and open standards, facilitating platforms, and development tools. According to the McKinsey report, despite high adoption rates in certain fields, most metaverse initiatives have had only relatively low levels of adoption.
“I’ve been keeping a close track of the metaverse since its inception,” said Wei. “It’s changing so quickly and it’s hard to say what it’ll look like in a few years. But the fact that we as humans are craving more intimate connections with one another, more efficient ways to participate in events, and to learn information will never change. The metaverse will be the key to unlocking a new era of human interaction.”
Although last year was turbulent for cryptocurrency and NFTs, investors and experts are still optimistic about the future of the metaverse and its prospects of becoming a multi-trillion-dollar industry by 2030.
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