PUNCH
Statistics from a global management consultancy firm, McKinsey and Company, showed that Internet search for the term, ‘metaverse’ increased by a whopping 7,200 per cent in 2021. According to the firm, approximately 60 per cent of consumers who understand the concept are excited about the transition of everyday activities like shopping, dating, and even working out to the metaverse. So, if you have ever done a Google search for the term, you are not alone.
A few years ago, a young member of the National Youth Service Corps was said to have taken a picture of an old drummer during one of his performances and sold it in the metaverse as NFTs(non-fungible tokens) for thousands of dollars. A few months later, another set of persons, who met on the metaverse, reportedly got married there and had their reception in the space. Some persons have been reported to have bought and sold land and built houses in the metaverse. A Nigerian fashion house, ZuniLabel, has its designs in the metaverse, where they are showcased in virtual realities as masterpieces; they are sourced and bought in dollars by art collectors.
It is not just individuals who are meta-curious. In 2021, metaverse-related companies reportedly raised more than $10bn, more than twice what they did in 2020. According to several reports, in 2022, more than $120bn has flowed into the metaverse.
The latest McKinsey research shows that the metaverse has the potential to generate up to $55trn in value by 2030. But, it still does not change the fact that a lot of people, especially Nigerians, are not convinced why they need to invest in a virtual scheme like this.
What’s the metaverse?
The metaverse means different things to different people. Some believe it’s a digital playground for friends. Others think it has the potential to be a commercial space for companies and customers.
According to Tech Target, a technology-centred online resource, the metaverse is the inevitable evolution of the Internet.
Imagine a virtual world where billions of people live, work, shop, learn and interact with each other all from the comfort of their couches in the physical world. In this world, the computer screens we use today to connect to a worldwide web of information, become portals to a 3D virtual realm that’s palpable. It is like real life. Digital facsimiles of ourselves or avatars, move freely from one experience to another.
In June 2022, McKinsey released a report titled, ‘Value Creation in the Metaverse’, which it said was based on surveys of more than 3,400 consumers and executives, as well as interviews with 13 senior leaders and metaverse experts.
Based on this analysis, Tech Target believes the metaverse is best characterised as an evolution of today’s Internet – into something we are deeply immersed in, rather than something we primarily look at.
