Even though last year was turbulent for cryptocurrency and NFTs, investors and experts are still optimistic about the future of the metaverse. Recent reports have estimated that metaverse platforms could reach $5 trillion in value by 2030. LBank’s co-founder and CEO, Allen Wei, has been following the metaverse closely for several years and has no doubt the technology will blossom in the near future.
A recent McKinsey & Company report outlined the metaverse’s potential to reach a $5 trillion value by 2030, with an estimated 50% of live events held in the metaverse. 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 report presents potential ways the metaverse could create value and some technological requirements for it to achieve wider adoption. Four key enablers highlighted by the report were devices, interoperability, open standards, facilitating platforms, and development tools.
According to the report, despite high adoption rates in certain fields, most initiatives have only had relatively low levels of adoption. “The magic about the metaverse is the experience that it could give us. When a lot of people think of the metaverse now 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,” co-founder and CEO of global cryptocurrency exchange LBankAllen Wei said.
“I’ve been keeping a close track of the metaverse since its inception. 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 each other, more efficient ways to participate in events, to learn information will never change. The metaverse will be the key to unlocking a new era of human interaction,” Wei added.
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