© Anthony Behar/Sipa USA via Reuters Connect The metaverse will hit $5 trillion by 2030: “It’s too big to ignore”
BeInCrypto – The metaverse sector has the potential to grow to new heights, given its usefulness in real life. According to a recent report, the metaverse could reach $5 trillion by 2030. However, there are still many obstacles on the way to reaching those levels.
Last year, the crypto market capitalization fell below the $1 trillion mark, but a new sector emerged with the introduction of the “metaverse” idea. Related projects sprang up, hoping for widespread adoption despite a few hiccups.
However, its potential for success has not convinced everyone. There are countless articles, videos, and tweets talking about the impending collapse of the metaverse.
But this couldn’t be further from the truth. Despite the flops of Mark Zuckerberg and Meta (NASDAQ:) in 2022, the likelihood of the metaverse becoming a part of people’s everyday lives has only increased in the past year. Consider the strong competition between the giants within this sector.
Big tech companies are fighting for their piece of the pie
Google (NASDAQ:) has already begun to lay the foundation for its metaverse. In a 2021 interview, Google CEO Sundar Pichai expressed his belief that AR technology is the future. He described his vision for Google to create an always-on computer that can overlay digital information on real life.
Meanwhile, Apple (NASDAQ:) has also announced plans for a VR/AR headset with metaverse support. Following the great success of its Microsoft (NASDAQ:) Teams video conferencing platform, Microsoft has made solid progress on its version of the metaverse by working together with Meta.
Big Tech is pouring billions of dollars into the metaverse. They are looking for brilliant minds to work on implementing features unique to the metaverse., with seemingly endless funding and investment from big tech. Currently, the opportunity cost of not jumping into this group remains exceptionally high.
Proving your worth
Apart from this, the proof of concept of the metaverse is already in play. Consider the COVID-19 pandemic: when millions of people had to switch to working from home.
Enter the primitive version of a metaverse workspace with virtual meetings becoming more common and people working together through platforms like Microsoft Teams. It won’t be long in modern society until virtual meetings feel a lot more real.
Commuting to work will be a thing of the past. And companies will have less to worry about paying office rent. This process has already begun. If this trend continues, the workspace will only move further and further into the virtual world.
Outside of corporate life, the metaverse has taken over almost every industry, and modern games now become entire universes. Epic Games and Roblox are two big names that got in early and are already benefiting greatly from their metaverse efforts.
The metaverse reaches new milestones
A McKinsey & Company report shared with BeInCrypto suggests that the metaverse could be worth between $4 trillion and $5 trillion of dollars in consumer and business use cases.
To reach this potential, the report highlights four factors. Devices (augmented reality/virtual reality, sensors, haptics and peripherals); interoperability and open standards; facilitating platforms; and development tools.
As giants in different domains reach the readiness stage, some hurdles start to arise with this emerging technology. Various setbacks will happen, as is the case with every innovation. However, the report added that:
“The metaverse is simply too big to ignore.”
Issues to consider
regulations they are one of the critical challenges that the metaverse could face, given their high market potential. Another critical challenge facing the metaverse is interoperabilityor the ability of different virtual worlds, platforms, and applications to work together seamlessly.
Different companies are also helping this vision and compensating for the challenges that might arise along the way. One such company that fills the gap is MetaX.
According to a blog post shared with BeInCrypto, the protocol:
“It enables interoperability within the metaverse by standardizing how virtual assets are represented and exchanged. It does this through the use of non-fungible tokens (NFTs), unique digital assets that can be bought, sold, and traded like traditional assets.”
Similar companies are doing their bit on an essential piece of the puzzle to bring interoperability to the Metaverse.
Standardizing how virtual assets are represented and exchanged helps create a more seamless and connected metaverse experience for users. This, in turn, it helps drive the value of the metaverse as a whole.
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The Metaverse Will Hit $5 Trillion By 2030: “It’s Too Big To Ignore” By BeInCrypto