Adoption of Metaverse, long miles to go

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The #metaverse represents the next step in the evolution of online interaction. Prior to the COVID-19 epidemic, online communities had already begun to displace their in-person counterparts. Now we are witnessing most of the enterprises insisting on the on-premise work or hybrid work style. Virtual style of working fever is getting washed off.

The metaverse, a modern technological marvel, offers a great virtual location for collaborative online activities. The popularity of these digital gatherings is rising rapidly because of the numerous mind-blowing benefits it offers. With this, individuals can create their own metaverse platforms for hosting events and discussing company growth plans. However, everyone prefers physical interaction, whereas traveling or physical presence is the bottleneck.

Metaverse gaming stands out as the most exciting and original of the current crop of business concepts. Extreme expansion is possible by 2023 and if you're a new company or an entrepreneur with lofty goals then the Concepts for games set in the metaverse may prove ideal.

The NASSCOM released a study with McKinsey & Company as knowledge partners, titled “Metaverse – Prepare to win” states that, while at-scale Metaverse adoption is likely to be 8-10 years away, and majority implementations are at POC or MVP stage, the space is witnessing strong early adoption. Enterprise Metaverse adoption maturity trends are similar to AI trends back in 2017.

In a survey conducted by McKinsey & Company, 57% CXOs in 2022 have Metaverse initiatives underway, both long- and short-term, compared to a similar survey conducted on AI adoption maturity in 2017.

Enterprises are starting to implement metaverse use-cases across the value chain. By 2030, sectors such as retail, manufacturing, media, healthcare, telecom, professional services and banking are likely to be major spend drivers of enterprise use cases in metaverse.

The potential.

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  • Watch Adoption of Metaverse, long miles to go Video
    Adoption of Metaverse, long miles to go

    The #metaverse represents the next step in the evolution of online interaction. Prior to the COVID-19 epidemic, online communities had already begun to displace their in-person counterparts. Now we are witnessing most of the enterprises insisting on the on-premise work or hybrid work style. Virtual style of working fever is getting washed off.

    The metaverse, a modern technological marvel, offers a great virtual location for collaborative online activities. The popularity of these digital gatherings is rising rapidly because of the numerous mind-blowing benefits it offers. With this, individuals can create their own metaverse platforms for hosting events and discussing company growth plans. However, everyone prefers physical interaction, whereas traveling or physical presence is the bottleneck.

    Metaverse gaming stands out as the most exciting and original of the current crop of business concepts. Extreme expansion is possible by 2023 and if you're a new company or an entrepreneur with lofty goals then the Concepts for games set in the metaverse may prove ideal.

    The NASSCOM released a study with McKinsey & Company as knowledge partners, titled “Metaverse – Prepare to win” states that, while at-scale Metaverse adoption is likely to be 8-10 years away, and majority implementations are at POC or MVP stage, the space is witnessing strong early adoption. Enterprise Metaverse adoption maturity trends are similar to AI trends back in 2017.

    In a survey conducted by McKinsey & Company, 57% CXOs in 2022 have Metaverse initiatives underway, both long- and short-term, compared to a similar survey conducted on AI adoption maturity in 2017.

    Enterprises are starting to implement metaverse use-cases across the value chain. By 2030, sectors such as retail, manufacturing, media, healthcare, telecom, professional services and banking are likely to be major spend drivers of enterprise use cases in metaverse.

    The potential

    Technology video | 107 views

  • Watch Adoption of Metaverse Video
    Adoption of Metaverse

    The #metaverse has the potential to impact everything from employee engagement to the customer experience, omnichannel sales and marketing, product innovation, and community building. Examining its potential effect should be part of strategy discussions, with leaders accelerating their analysis of how the metaverse could drive a very different world within the next decade.

    Of course, many questions remain to be answered including how virtual worlds will be balanced with the physical world to ensure the metaverse is built in a responsible manner, how it can be a safe environment for consumers, how closely it will align with the “open” vision of the next iteration of the internet, and whether technology can advance quickly enough to build the metaverse of our imagination.

    The metaverse technology stack has four core building blocks: content and experiences, platforms (such as game engines), infrastructure and hardware (including devices and networks), and enablers (such as payment mechanisms and security).

    Large technology companies, venture capital, private equity, start-ups, and established brands are seeking to capitalize on the metaverse opportunity. Corporations, venture capital, and private equity have already invested more than $120 billion in the metaverse in the first five months of 2022, more than double the $57 billion invested in all of 2021, a large part of it is driven by Microsoft’s planned acquisition of Activision for $69 billion. However, experts say, Metaverse is a double-edged sword.

    With the vast and sophisticated data that will be collected within the metaverse, cybercriminals will be looking for ways to hack and game the system. Prevention of money laundering, microtransactions, intellectual property, and identity theft should be prioritized by financial firms building a metaverse, or offering products and services in one, so users feel safe using this technology. Because, as the saying goes, “with great power

    Technology video | 103 views

  • Watch Adoption of Metaverse increases Video
    Adoption of Metaverse increases

    The metaverse is a fast-growing trend with a considerate penetration rate of users for various applications such as gaming, content creation, social interaction, learning & training, and online virtual shopping.

    Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality, Augmented Reality, and Virtual Reality.

    Today, several e-commerce players are adopting digital world services to showcase the products in the virtual world to gain real-world experience. There are leading players in the metaverse industry who are investing heavily into these areas. Going forward, 5G will effectively support the Metaverse and make it possible for digital words to function.

    The growth is complementing the surge in online video gaming adoption and rising consumers preference for online shopping of retail products. A report says, the global gaming audience for e-sports is projected to reach 646 million by 2023. Such an increase in the gaming audiences has created a massive demand for the services market.

    American multinational investment bank Goldman Sachs, calls metaverse a $8 trillion global opportunity by 2025 with India's own Metaverse-non-fungible technology economy—already worth an estimated $50-100 million annually— and is expected to touch $100 billion by 2025.

    The report said that globally brands are already spending 2-5% of their digital budgets on NFTs (the most successful element of metaverse till date), and that could touch 30-40% in the next five years.

    Notably, companies, especially those in non-tech sectors, are now increasingly investing in the technology for better engagement with customers, brand awareness expansion, and identification of new revenue streams.

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  • Watch Adoption of Metaverse continues to grow Video
    Adoption of Metaverse continues to grow

    The adoption of the #metaverse is increasing as more and more people become interested in virtual environments and immersive experiences. The potential economic impact of the metaverse is difficult to predict with certainty, as the concept of the metaverse is still evolving and there are many factors that could influence its development and adoption.


    There is no doubt that the metaverse has the potential to be a significant contributor to the global economy. Some companies, particularly those in the gaming industry, have already established a strong presence in the metaverse through virtual worlds and platforms like Second Life, Roblox, and Fortnite. In addition, major tech companies like Facebook and Google are investing heavily in the development of virtual reality and augmented reality technologies, which are key components of the metaverse.

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