79 percent of active users spend money on Metaverse, according to a report by the global consulting powerhouse McKinsey. Over $120 billion has been invested in Metaverse since 2022, and 25 percent of executives expect Metaverse to account for more than 15 percent of their company’s revenue over the next five years. By 2030, it may be valued at $5 trillion and provide the highest potential for new growth across a range of industries, including consumer products, retail, financial services, technology, manufacturing, and healthcare. The paper also tries to clarify the importance of Metaverse, the breadth of adoption, potential hotspots, and the steps businesses may take right away to realise value.
Five daily activities will be included in Metaverse, according to McKinsey’s report: games, social networking, fitness, business, and distance learning. According to Lareina Yee, a senior partner at McKinsey, building connections may be their primary concern with Metaverse.
According to a study conducted by McKinsey, most people who use Metaverse worlds buy goods. Seventy-nine percent of respondents said they had already purchased items in the virtual world, while 47% said they’ve bought them in games. We anticipate that over the coming years, marketing and advertising strategies for people who live in these worlds will change. Because “the market needs extremely diverse marketing skills…both in forms closer to video games, movies, and TV shows,” we believe this tendency is unavoidable. “The market needs extremely distinct marketing skills…both in forms closer to video games, movies, and TV shows,” claims Eric Hazan.
What the Metaverse is all About?
A digitised virtual reality world called the Metaverse is becoming more well-known. Neal Stephenson, a science fiction author, first used the term “metaverse” in his 1992 book Snow Crash. Facebook’s choice to rebrand “Meta” is what gave rise to its popularity.
The Metaverse, which seamlessly integrates our digital and physical lives, is positioned in the research as the next step for the Internet. Additionally, it covers topics like the enormous sums of money spent on gaming, the emergence of non-gaming uses for consumers and corporations, and how Metaverse is developing.
Although not just games, games are essential to the creation of the Metaverse. Games are the most popular activity across all generations, but Gen Z is particularly fond of them (87% of Gen Z respondents indicated a gaming interest). For generation Y and beyond, things are different, though. The majority of baby boomers enjoy shopping, whereas millennials place more of an emphasis on shopping, fitness, and education.
Web 3.0 and the metaverse
In addition to creating important opportunities for producers and users, Metaverse’s support for Web3 opens up a host of new possibilities.
Users may own, profit from, and use Web3’s new decentralized environment to their advantage. Likewise, producers can monetize their work in many ways, depending on the type of content they produce.
Microsoft Greater China chairman, Hou Yang, talked about the arrival of Metaverse to the manufacturing industry. With digital twin technology, HoloLens holograms can be used to superimpose data and scenarios in mixed reality. This allows manufacturers access to real-time business insights into service decisions and production conditions. Microsoft’s goal is to help everyone make better-informed decisions when it comes to production processes, predict risks, optimize costs, and more accurately guide worker technical operations.
Aside from Microsoft, another company that focuses on the practical application of digital twins in the industrial sector is chip giant Nvidia. Through the use of digital twin technology, Nvidia’s Omniverse platform can create a duplicate “digital universe.” Manufacturers can attempt to construct virtual smart factories in this “digital world” to pre-drill the manufacturing process. Architecture, 5G signal modelling, and self-driving car training are just a few applications for Nvidia’s Omniverse digital twin.
The BMW Group, for instance, collaborates with Nvidia’s Omniverse digital twin to develop manufacturing lines in virtual environments, foresee and resolve potential issues, and enhance production procedures. Nvidia Omniverse China’s Zhan He also stated that AI digital people will present a significant possibility for Metaverse in the future.
WiMi Hologram Cloud, the global leader in the Metaverse industry, transforms 3D technology and builds a virtual world platform based on 360° Panorama View, Immersive Visual Experience, Augmented Reality, and other applications. We also explore more emerging innovative fields with more cross-industries as well as capture emerging new technology opportunities.
The current “Agreement” large model series has been made available by Alibaba Damo Institute, and it has been made known that developers from all over the world can access the pertinent core model. A hierarchical artificial intelligence system of size and size model collaboration has been built by “Tongyi,” according to Zhou Jingren, vice president of the Dharma Institute, who also announced that the company has built the first AI unified base in the industry. This advanced infrastructure will allow AI to transition from perceptual intelligence to knowledge-driven cognitive intelligence.
Virtual digital people resemble actual people in appearance and have the same ability to speak and interact with others as everyday people, which is inextricably linked to the underlying basic technologies like “artificial intelligence” The ability of multi-modal big models to mimic human building cognition is anticipated to serve as the cornerstone of the next generation of artificial intelligence algorithms and has a wide range of potential applications in the Metaverse or for digital people.
Tencent is undoubtedly the first company to enter the Metaverse among Internet businesses. The essay by Ma Huateng also provides evidence that Tencent started paying attention to the Metaverse many years ago. In February 2020, Tencent took part in Roblox’s $150 million G round of financing, which was the initial plan. The “Metaverse First Share,” which was Roblox, successfully debuted on the New York Stock Exchange in March 2021. The Fortnite game producer Epic Games, which holds a 40% interest, has also received funding from Tencent.
The greatest finance total for the Metaverse track at the time was $1 billion, which Epic Games raised in April 2021 for commercial development tied to the Metaverse. A sizable user base is supported by Tencent’s Metaverse design. Tencent is now the largest game publisher in the world. Games are said to be the most direct access point to the Metaverse. Tencent offers distinct advantages in terms of content and social networking, reaching more than 1.5 billion users.
Almost since the inception of the modern world, there has been a rapid development of science and technology and an explosion of human imagination. Digital technology has led us to new frontiers, inspiring imaginations and changing how we live, work and collaborate. For businesses in this digital age, embracing this new thing is a must. Your company should clearly think about your layout and positioning within the Metaverse vision and make sure you’re maximizing your resources to prepare for what’s coming next.