When talking about the next stage of the Internet it is inevitable to focus on the metaverse, that virtual world that seeks to take human interactions to another level. In fact, according to forecasts of the firm Gartner, In 2026, 25% of people in the world will spend at least an hour a day in the metaverse, either to work, shop, receive training, participate in social networks, or for leisure purposes.
(See: Sustainability and metaverse, tourism trends for 2023).
Under this scenario, which promises to take the Internet to a new scale, the World Economic Forum presented a report entitled: ‘Defining and building the Metaverse’, in collaboration with the Accenture company, in order to give “shape a future in the metaverse that is equitable, secure, and financially viable”.
“Today’s metaverse is an expanding and evolving proposition that will be perpetually redefined. A ‘true’ metaverse does not yet exist, and mass adoption will most likely be driven by advances in hardware and software (…)”. However, it is recognized that components need to be defined from the metaverse to help identify its tissue and inform investment decisions,” the report noted.
(See: Is the Internet near its end? Professor says yes: his arguments).
However, in a search to quantify the future of the metaverse and its impact on society, the study framed that it is expected that the metaverse could reach be valued at between $6bn and $13bn by 2030, it is also projected to generate global revenues reaching US$800,000 by 2024.
But beyond the use that can be given to the metaverse, and that could promote industries such as entertainment, which includes video games and the media; banking, the real estate sector, and even retail, the report noted that the metaverse is designed “with a valuable economic mentality that seeks to promote sustainable development”.
This is how three paths are proposed that will add economic value to its development. “The metaverse opens up a spectrum of new income opportunities. Companies can pursue one or more of these simultaneously”, warns the report.
The first focuses on the goods and experiences that can be created in the virtual world. This is how digital products and assets begin to play a new role. In addition, pay-per-access options will enable a new path towards monetization of those exclusive services. “New product opportunities will vary, driven by fully virtual goods like NFTs and avatars. Pricing structures can be designed to complement the associated user experience”, the report highlighted.
(See: The millionaire business of buying and selling land in the metaverse).
The second path is oriented towards immersive commerce that will revolve around the metaverse, marked by the next evolution of commerce, Digital payments and asset monetization are also highlighted here. “Retailers will provide experiences that blend the physical and the virtual, increasing virtual shopping and trying on. Also, users and creators will buy and sell goods in the metaverse, which requires a payments infrastructure.”
The third path focuses on the structure of brands in the digital world. here appears advertising and digital marketing; the economy of creating with native rates and services. “Marketing and advertising models will shift towards non-static models based more on experience. Creators will evolve to become a vital part of user identities”, the report specified.
(See: Metaverse’s Metaverse Doesn’t Meet Internal Performance Expectations.)
metaverse.
The World Economic Forum report also projected what would be the steps that the development of the metaverse would follow during 2023. As a first level, it is expected that the use of cases and technologies will be reviewed. Privacy, security and protection will be other key points that will be explored, as well as social opportunities.
(See: Tourism in the metaverse: what options are there and how much money would it move).
Finally, the development of new solutions, potential risks, objective states are highlighted. “Additionally, topics to be addressed include physical, well-being, mental and emotional”, added the report.
It should be noted that there are projections focused on the consumer.
JOHANA LORDUY
Journalist Portfolio
