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McKinsey & Company, a global consulting firm, has predicted that the metaverse could generate as much as $5 trillion by 2030. The metaverse could also have an impact on more than 80% commerce.

McKinsey and Company, a global management consulting firm published last week a report titled “Value Creation in the Metaverse.”

The report details: “Our research began with a survey of more than 3,400 consumers, executives, and others on metaverse adoption, how it might shift behavior, and its potential.” We interviewed 13 metaverse experts and senior leaders.

McKinsey says:

It is possible that by 2030, more than half of all live events will be held in the metaverse.

The firm also stated that more than 80% commerce could be affected by activities in metaverse. They added that the metaverse could be the place where most learning, collaboration, and development could occur. McKinsey stated that by 2030, the average internet user will spend six hours per day on metaverse experiences.

The report states that more than $120 billion had already been transferred into the metaverse space by 2022, which is more than twice the $57 million in 2021.

The firm stated that although estimates are not always accurate, they estimate it [the metaverse] could generate as much as $5 trillion by 2030. “Our projection of the impact of the metaverse by 2030 is based upon a bottom-up view derived from around 20 experts. In other words, our forecast is our best estimate, given the high level of regulatory and technical uncertainty.”

The report concludes that the metaverse will have a “major impact” on peoples’ personal and commercial lives.

The metaverse has the potential to create up to $5 trillion by 2030.

Several large banks and investment houses are now present in the metaverse.

A survey was also conducted in April and revealed that the metaverse would be the most visited place to crypto. 70% of respondents agreed that blockchain technology advances and cryptocurrency will be crucial for shaping the future metaverse.

McKinsey is not the only one who has estimated the size of this metaverse. Citigroup forecast that the metaverse would be a $13 trillion market with 5 billion users by 2030. Goldman Sachs views the metaverse as an $8 Trillion opportunity.

The post The Metaverse Should not be Ignored as it Could Bring in $5 Trillion By 2030 first appeared on The Daily Encrypt.



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Angie Byrd