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What the Future May Hold for the Metaverse

1 min read · 375 views Bong-Geun Choi Jan 20, 2023

The metaverse has the potential to bridge the gap between the physical and digital worlds and break down barriers such as time and distance.  Interest in the metaverse has risen dramatically, as evidenced by the tenfold increase in search activity between 2020 and 2021, according to a report prepared by Wunderman Thompson Intelligence (WT).[1]


WT also highlighted recent developments in the metaverse industry.  What are some of these developments?


Technology Is Our Future

Technology is becoming more and more a part of our daily lives.  Some 93% of global consumers agree that technology is our future.  More than 76% say that their everyday lives and activities are dependent on technology. Those figures are more pronounced among young people.  More than half say their happiness, livelihood, and social lives depend on technology.


As people spend more time online, the walls between the physical and digital walls are coming down.  We are replicating more of our lives in digital space. 


Companies Responding by Developing More Immersive Experiences

In response to the move online, companies are racing to develop the technology that will power immersive 360-degree digital experiences.  This includes both companies developing the hardware, such as VR (virtual reality) headsets, and the companies utilizing this technology to provide immersive experiences.


The Gamification of Everything

Part of video games is the social aspect – meeting up with people and communicating. Many individuals play games to stay in touch with family and friends.  Gaming, social media, and entertainment insiders say their platforms are merging into one. 


Currently, WT estimates gaming could become a $300 billion industry, surpassing the $101 billion peak of the global film industry’s 2019 all-time high.  For younger people, gaming is replacing TV and films.


As a result, the entertainment industry is turning to the gaming industry to reinvent itself.  Broadcasters are creating channels within games.  Concerts are performed on gaming platforms.  Filmmakers are using gaming technologies to create movies and television shows.


No Definitive “Before and After”

There will be no clear “before” and “after” for the metaverse.  Although metaverse technology may be considered revolutionary, its adoption will likely be evolutionary.  In many respects, we are already in the metaverse.  AR (augmented reality) and VR technologies are creating immersive experiences.


What is likely to happen is the technology will continue to improve, expanding its applications, improving the experience, and hastening its adoption.


Metaverse Technology May Affect Every Aspect of Living

Metaverse technology may touch all aspects of daily living, including:

  • MetaLives – transplanting our daily habits into the metaverse
  • MetaSpaces – bringing traditional gathering spaces into the metaverse
  • MetaBusiness – conducting business in the metaverse.


The move onto the metaverse may offer benefits to companies developing and utilizing metaverse technology.



[1] All data sourced from: Into the Metaverse, Wunderman Thompson Intelligence, 9/14/21


Bong-Geun Choi

Chief Economist


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