According to a recent McKinsey analysis, the metaverse might produce up to $5 trillion in value by 2030. However, maximizing the human experience will be essential to the new technology’s success. Delivering “good experiences for consumers, end users, and citizens” is what this entails.

Since NFTs gained popularity over the past year, the term “metaverse” has gained considerable notoriety. Although it is still a product in development, little is known about it. Who knows what it will develop into? However, many experts anticipate that during the next 20 years, the metaverse will have a significant impact on our lives.

And to get an advantage, this is why a lot of major corporations have invested billions in their metaverse projects.

There are several consumer- and business-focused use cases that the metaverse can accommodate, according to the McKinsey analysis. So the technology has the potential to be worth up to $5 trillion.

What is required for the Metaverse to function at its highest level?

In order for the metaverse to realize its full potential, the paper emphasizes the necessity for four technological enablers. Devices, interoperability, and open standards are a few of these, along with helpful platforms and development tools. Devices include sensors, haptics, virtual and augmented reality, and accessories.
Given that this new technology is still in its infancy, the majority of projects have been focused on marketing, education, and virtual meetings. But some have had more success than others, which has drawn a lot of doubters.

The metaverse is still “too huge to be ignored,” according to the research. And it probably has an effect on both our personal and professional lives. However, by 2030, it’s feasible that more than half of live events will take place in the metaverse.

The dating scene will be affected by the metaverse, too. A recent survey found that dating in the metaverse is popular among people who use dating websites. According to Dating.com, “more daters are open to forging relationships that transcend multiple towns, countries, and even continents as dating app technology and the metaverse evolve.”