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Metaverse might be a big hotshot by 2030: McKinsey and Company

20-Jun-2022 By: Rohit Tripathi
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Metaverse might be a big hotshot by 2030: McKinsey and Company 

“According to McKinsey and Company, the metaverse might produce up to $5 trillion in revenue by 2030. Furthermore, metaverse actions may have an impact on more than 80% of trade.”

McKinsey and Company, a global management consulting organisation, released a paper last week titled "Value creation in the Metaverse."

According to the study, "our study began by polling over 3,400 users and leaders on metaverse adoption, its potential, and how it may affect behaviour." 13 senior leaders and metaverse professionals were also interviewed."

By 2030, it's highly likely that the metaverse will host more than half of all live events: According to McKinsey

Furthermore, more than 80% of commerce might be influenced by metaverse activities, according to the corporation, with the metaverse hosting the majority of learning, development, and collaboration. "We predict the average internet user to spend up to six hours a day in metaverse experiences by 2030," McKinsey added.

According to the report, more than $120 billion has already come into the metaverse area in 2022, which is more than twice the $57 million in 2021.

The research finds that the metaverse "will have a massive effect" on people's private and commercial lives:

The metaverse is just too enormous to ignore, with the capacity to create $5 trillion in value by 2030.

JPMorgan, HSBC, Standard Chartered Bank, and Fidelity Investments are among the big banks and financial companies that now have a presence in the metaverse.

Furthermore, according to a study done in April, the metaverse will be the most prime attraction for crypto, with 70% of users saying that "cryptocurrency and blockchain technology developments will be important to creating the future of the metaverse."

There are several approximations of the scale of the metaverse besides McKinsey's. According to Citigroup, the metaverse might have a $13 trillion potential by 2030, with 5 billion users. According to Goldman Sachs, the metaverse represents a $8 trillion market.

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