The new report from consultancy firm McKinsey covers altcoins and their industries that could reach $5 trillion market cap by 2030.
McKinsey report expects $5 trillion valuation for these altcoins
As the 2022 bear market stifles excitement around burgeoning crypto ecosystems like NFTs, the metaverse market remains well positioned for the long term. The McKinsey & Company report highlights the technology’s potential to generate up to $5 trillion in value by 2030, given the numerous consumer and business-centric use cases of these projects.
The report highlighted the need for four technologies for the metaverse industry to reach its full potential: equipment (AR/VR, sensors, haptics and peripherals), interoperability and open standards, enabling platforms and development tools. However, the success of the metaverse is judged critically by a greater focus on maximizing the human experience.
To date, metaverse initiatives related to marketing, learning, and virtual meetings have seen the highest levels of adoption across various industries. However, according to an April 2022 survey of senior executives by McKinsey, most startups around the metaverse have low-to-moderate adoption.
Highlighting its impact on business and personal lives, the report states, “The Metaverse is simply too big to ignore.” McKinsey estimates that more than 50 percent of live events could be hosted in the metaverse by 2030, potentially generating up to $5 trillion in value.
A third of singles are ready to date in the metaverse
Meanwhile, data from a new survey from Dating.com says the metaverse could help push dating into the future, especially as avatars start to reflect users more and more. The metaverse is well positioned to house today’s romantics, as a third of surveyed singles show an interest in dating in the virtual world.
Digital identity, and more specifically, identity in the metaverse has been a major topic of discussion for users and developers alike over the past year. As various real-world industries step into digital reality, so do the tools users have to piece together a digital identity. However, as more personal data is put into digital reality to create the most authentic version of users, the risk of identity theft and other exploits increases.
For example, according to a report from cybersecurity firm Kaspersky, cybercriminals will flock to the metaverse next year to hunt down virtual world participants. Kaspersky warned in its November 28 report “Consumer cyberthreats: Forecasts for 2023” that the metadata repository will be further exploited due to missing data protection and auditing rules. Again, cryptocoin.comAs you follow, let’s say that names like Vitalik Buterin fully support digital identity.