By 2030, the metaverse might see consumer spending reach $5 trillion, according to a new report from McKinsey & Company.
Despite the current down trends in the crypto markets, over $120 billion has been injected into the metaverse during the first five months of this year alone, doubling the amount invested in all of 2021.
“What’s exciting is that the metaverse, like the internet, is the next platform on which we can work, live, connect, and collaborate,” said McKinsey senior partners Lareina Yee and Eric Hazan.
The company said that almost 60% of users enjoyed partaking in at least one activity in the virtual space more than in the real world, and nearly 80% of users actively using the metaverse have already made a transaction.
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To come to these results, the firm analyzed two sets of data: one from more than 3,000 citizens in 11 countries, and the other from company execs sitting in nearly 450 companies in at least ten countries.
McKinsey believes that e-commerce will dominate the metaverse, and by 2030, it expects it to constitute $2 trillion to $2.6 trillion of global consumer spending.
E-commerce will also jostle with advertising in the sector, which will skyrocket to $144 billion to $206 billion.
McKinsey said that a quarter of all executives are expecting the metaverse to bring 15% total margin growth to their business in the next five years, with almost a third seeing the metaverse radically reshaping their industry.
“Executives often don’t agree on very much, but our research shows they overwhelmingly agree on one thing: 95% of them believe the metaverse will have a positive impact on their industry,” Yee said.