The century-old notion of the 30-year-old term metaverse is the latest shift in our economy.
Apart from the retail ecosystem, consumers wonder how the metaverse would affect and reshape their society as a whole. Metaverse is not just a way for firms like Roblox, Fortnite and Web3 with many other retailers to offer their products and services virtually. Metaverse would totally upgrade and transform sectors like education, health and science. Students would be able to understand the concept of gravity, law and motion and much more with the help of virtual machines and travel the whole solar system through them.
Neurosurgeons at Johns Hopkins used AR headsets to have an interactive view of the patient’s internal organs and execute the first-ever live patient surgery in the hospital. Metaverse would also augment the infrastructure sector by helping teams manage operations in the digital twin of airports and roads. Many find it daunting and label it as a dystopic. Nonetheless, giant companies like Amazon, Apple, Google, Microsoft, Nvidia, and Tencent— are currently investing and preparing for the metaverse. McKinsey reported that firms and venture capitalists invested about $120 billion in metaverse-related activities during the first half of 2022.
The metaverse is known to be an extremely remunerative project, and according to Citi and KPMG, by 2030, the metaverse could generate as much as $13 trillion in revenue per annum. Epic Games’ Sweeney shared with VentureBeat that “If one central company gains control of [the metaverse], they will become more powerful than any government and be a god on Earth.”
Full story: Time
