Global management consulting giant McKinsey & Companythinks that the metaverse sector has the potential to generate value at the same level as Japan, the world’s third largest economy.
In a new report, McKinsey stated that based on the consumer and use cases of the metaverse, the nascent industry could be worth between $4 trillion and $5 trillion by 2030, divided into multiple markets.
“Depending on future developments, we estimate that there could be a market impact of between $2 trillion and $2.6 trillion on e-commerce by 2030. Similarly, we estimate an impact of $180 billion to $270 billion in the academic virtual learning market, $144 billion to $206 billion in the advertising market, and $108 billion to $125 billion in the gaming market. But these effects can manifest in many different ways across the value chain.”
According to the consulting giant, companies are now leveraging the metaverse and are starting to build lasting competitive advantages. The report puts cryptocurrencies, artificial intelligence, and augmented/virtual reality in the top three right now. metaverse defines it as technology.
The report also considers that the virtual real estate asset sector in the metaverse space, along with cryptocurrencies and NFTs, will remain highly volatile in the near term.
“Current price increases, Decentraland and the scarcity that is designed on today’s platforms like The Sandbox. This increases the associated investment risk, even if the investing entities aim to derive benefits from their virtual real estate, for example, using it as the metaverse base of consumer interactions.
The stakes are not only for mass adoption of the metaverse in the coming years, but also for the adoption of the specific platform from which the virtual land is purchased, which for now is pretty far from that given the near-zero interoperability between worlds for now.”
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