The metaverse could generate $5 Trillion by 2030, McKinsey report claims

What

Global consulting firm McKinsey & Company have published a report predicting the metaverse may generate up to $5 trillion by 2030

Why 

The firm’s estimate is based on surveys with more than 3,400 consumers and executives

What next

The report concludes that the metaverse will have a major impact on people’s commercial and personal lives, stating that it “is simply too big to be ignored”

The story

Mckinsey & Company has published a report predicting that the metaverse may generate up to $5 trillion by 2030.

The report titled “Value creation in the metaverse”, surveyed more than 3,400 consumers and executives on metaverse adoption, and how it may influence behaviours, noting that more than 80% of commerce could be impacted by its activities.

More than $120 billion has already flowed into the metaverse space in 2022 — more than double the $57 million in 2021, the report notes. It also adds that most learning, development, and collaboration could happen in the metaverse.

While the firm notes that estimates vary, the report concludes that the metaverse will have a major impact on people’s commercial and personal lives, stating that it is “simply too big to be ignored.”

The first centralised bank in the Metaverse, Metabank was recently launched and provides DeFi as well as traditional banking services. More established banks like JP Morgan have also taken steps to enter the metaverse space.

To learn more about the metaverse, visit our learning resource here.