Metaverse to possibly create $5T in value by 2030: McKinsey report

While the 2022 bear market brushed against excitement around fledgling crypto sub-ecosystems such as non-fungible tokens (NFTs), the Metaverse remains well positioned for long-term disruption. Considering the myriad of consumer and business-focused use cases that the metaverse could serve, a report from McKinsey & Company highlights the potential for the technology to generate up to $5 trillion in value by 2030.

To the metaverse To reach its full potential, the report highlighted the need for four technology enablers: devices (AR/VR, sensors, haptics, and peripherals), interoperability and open standards, enabling platforms, and development tools. However, the success of the Metaverse is hampered by an increased focus on maximizing the human experience with the goal of delivering positive experiences for consumers, end users, and citizens.

To date, metaverse initiatives around marketing, learning, and virtual meetings have seen the highest level of adoption across multiple industries. However, most initiatives around the Metaverse have seen low to medium adoption, according to an April 2022 survey of senior executives by McKinsey.

“The metaverse is simply too big to ignore,” the report said, as it highlighted the impact it can have on business and personal lives. McKinsey estimated that more than 50 percent of live events could take place in the metaverse by 2030, potentially generating up to $5 trillion in value.

Related: LG Electronics' latest partnership looks to bring interoperable metaverse platforms to TVs

The Metaverse is well positioned to house today's romantics, as a third of the singles surveyed showed interest in dating in the virtual world. According to a recent survey conducted by Dating.com, an online matchmaking platform:

“With advances in dating app technology and the metaverse, more people are open to making connections that span different cities, countries, and even continents.”

With the Metaverse in the picture, singles are open to dating people from different geographic locations.