Many people don’t even know what the metaverse is yet, but its popularity is expected to grow greatly in the future. By 2030, The Metaverse market could grow to more than $5 trillion as reported by consulting firm McKinsey & Company. It is expected that companies from all over the world will join the Metaverse in order to reap the benefits that this virtual world has to offer. The report surveyed over 3,400 consumers and executives about the metaverse. More than half of the companies surveyed expect it to change the way their industry works.

Metaverse will change business in many fields

“There continue to be questions around the longevity and potential of the metaverse, with an extreme view regarding it as merely a rebranded gaming platform of little wider interest. We do not share that skepticism and believe the metaverse has the potential to be the next iteration of the internet,” the report’s authors wrote.

Shopping in the virtual world of the metaverse could enhance the shopping experience. Some are concerned about security because users could express their hateful views. It is likely that certain rules and restrictions will arise in this virtual world. Metaverse is still in its infancy, but it has great potential. Only a very small number of people still know what this virtual world is. A Wunderman Thompson Intelligence report from May said that only 15% of surveyed respondents felt they could explain the metaverse.

History of the Metaverse

What is the history of the metaverse so far? See Tentango’s infographic below detailing its history.

Credit: Tentango, Pixabay