McKinsey Report Says Metaverse Could Be A $5 Trillion Industry

22 Jun 2024

The metaverse is the next evolution of the internet, seamlessly merging our digital and physical lives, and according to a new report from McKinsey, it has the potential to generate up to $5 trillion in value by 2030. 

While still in its early stages, the metaverse is already attracting massive investments and interest. Gaming is driving its development, with platforms like Roblox, Fortnite and Minecraft attracting hundreds of millions of users. However, the applications extend far beyond gaming to areas like social interaction, fitness, commerce, education and travel.

The metaverse will allow us to engage in familiar activities in totally new ways. By 2030, the report predicts:

  • More than 50% of live events could be held in the metaverse
  • Over 80% of commerce could be influenced by metaverse activities
  • Most virtual collaboration and learning could happen in metaverse environments
  • Companies will build comprehensive digital twins of their assets, processes and products
  • The average person will spend up to 6 hours per day in metaverse experiences

While the potential is immense, achieving this $5 trillion future will require resolving critical challenges around areas like scale, accessibility and interoperability. 

As the report notes, the metaverse remains fragmented today, with users spread across a multitude of different platforms. Somnia is working to change that by building bridges between these separate worlds, enabling the seamless transfer of assets and experiences. 

The report states that: 

“As it exists now, metaverse users are spread across multiple platforms; for example, Decentraland, Fortnite, Minecraft, Roblox, and The Sandbox.”

The report also states:

“Saying there are many metaverses is like saying there are many internets. The metaverse is the envisioned end state—incorporating all digital worlds alongside the physical world, with interoperability between them all.”

Another interesting finding in the report is that cryptocurrency is the top Metaverse technology, ahead of AI and VR, leaving Somnia’s powerful L1 blockchain perfectly positioned to serve that demand. 

The metaverse represents a historic opportunity to reshape our economies and societies for the better. With our commitment to an open, connected and economically active metaverse, Somnia is excited to be at the forefront of this transformation. 

Read our litepaper to learn more about what we’re building, and join the Somnia community to get involved. 

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