On Metaverse Momentum
Comments from “Value Creation in the Metaverse” (June 2022), by McKinsey & Co., include:
“The metaverse is simply too big to be ignored. It will have a major impact on our commercial and personal lives, which is why businesses, policymakers, consumers, and citizens are well advised to explore and understand as much as they can about this phenomenon, the technology that will underpin it, and the ramifications it will have for both our economies and wider society.
“The metaverse has the potential to be the next iteration of the internet. It may seamlessly combine our digital and physical lives … [providing] the ability for thousands of people to interact simultaneously, and use cases spanning activities well beyond gaming.
“Industries most likely to be impacted by the metaverse include consumer and retail, media and telecommunications, and healthcare, and those industries are also among those already undertaking metaverse initiatives
Research is based on responses from 3,104 consumers and 448 companies.
Separately, research by Momentum Worldwide (a unit of Interpublic Group) said:
“Metaverse discussions about creating virtual worlds consume the plans of many fashion, automotive and retail brands ...
“80% of people feel more included in the metaverse than in real life. … Consumers have joined virtual platforms to have fun, be challenged, find inspiration and connect with others."
Research included 4,500 participants from Canada, Japan, MENA, Mexico, Spain, the UK and the US.
Finally, “The Metaverse in 2040” (June 30, 2022), a survey by Pew Research said:
”Experts are split about the likely evolution of a truly immersive ‘metaverse.’ They expect that augmented- and mixed-reality enhancements will become more useful in people’s daily lives. Many worry that current online problems may be magnified if Web3 development is led by those who built today’s dominant web platforms.
“54% of these experts said that they expect by 2040 the metaverse WILL be a much-more-refined and truly fully-immersive, well-functioning aspect of daily life for a half billion or more people globally … "
OUR TAKE
The next stage of Internet innovation (aka Metaverse) will be more interactive and will leverage many technologies. Some of these solutions will use virtual reality headsets to deliver compelling 3D experiences, but others will incorporate less immersive approaches to deliver value.
Several high-profile metaverse use cases focus on entertainment, sports and fashion/retail - but the opportunities will be more broadly-based, addressing needs in education, scientific research, healthcare, military/defense, agriculture and beyond.
Quality metaverse offerings will require 1) skillful production teams, 2) a clear understanding of target audience expectations, and 3) evolving with the rapid pace of "interactive" innovation.