McKinsey Values Metaverse At $5T Economy By 2030, As Much As $206B From Advertising

  • “Within its $5 trillion tally, McKinsey predicts ecommerce will be the largest economic contributor (between $2.0 trillion and $2.6 trillion), followed by “virtual learning” ($180 billion to $270 billion, advertising ($140 billion to $206 billion), and gaming ($108 billion to $125 billion)
  • McKinsey found nearly six in ten consumers (59%) were actively engaging in metaverse activities today and were excited about the transition of everyday activities to the metaverse, such as shopping for virtual or physical goods (79%), attending virtual concerts and/or sporting events (78%), and exercising using virtual reality (76%).
  • The majority of business leaders (95%) expected the metaverse to have a positive impact on their respective industries within the next five to ten years. Only 31% expected it to fundamentally change the way their industries operate.”

For the metaverse to grow, mobile digital identities are necessary

  • “Gartner expects that by 2026, ‘25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social media and/or entertainment.’
  • I believe that the metaverse isn’t just a destination we reach through technological devices, but rather a digital identity we carry across platforms and experiences. It seems that regardless of how we define this concept, the role of digital identity remains a constant across all visions of the metaverse.
  • For the metaverse to ultimately succeed, I believe there are three main technological capabilities that must be present:
  1. Personalization of the user’s identity or identities.
  2. The ability to carry identities across platforms.
  3. Access from the user’s mobile device.” Launches India’s First Banking Metaverse Named Kiyaverse

  • “, a Mumbai-based fintech company, has launched India’s first banking Metaverse, Kiyaverse, which will be used by banks and non-banking finance companies (NBFCs) to enable virtual interactions.
  • Over the next few phases, plans to have NFTs as tokens and support central bank digital currencies (CBDCs) for transactions. In a statement, the company said that Kiyaverse will also interface open API connectors with aggregators and gateways, creating a banking super app and a marketplace in the Kiyaverse.
  • He added that the Kiyaverse uses personalised avatars to allow banking across the real world, mixed reality and virtual reality environments. ‘Our product roadmap includes integration with CBDC and interoperability with other Metaverses to enable open finance in the Metaverse.’
  • After a user sets up their avatar on the platform, Kiyaverse will enable them to either access banking services, interact with a virtual relationship manager, or choose from a variety of cross-banking services such as portfolio analysis, wealth management, lending and corporate banking.”

71% of executives say the metaverse will be good for business. Here’s why

– “The metaverse will be positive for business, according to most respondents to an Accenture survey.

– It will be “breakthrough” or “transformational”, 42% say.

– This reimagining of the internet is one of four tech trends identified by Accenture.

– The metaverse will be worth more than $1 trillion in annual revenues, according to JP Morgan.

– Many companies are already embracing it, including Disney, Gucci and Warner Bros.”

Three ways to build brand success in the metaverse

  • “Innovation must be grounded in doing something new that will fulfill a need of the consumer in a way that either excites or delights them. That’s what builds word of mouth and keeps them coming back for more. Explore the metaverse through your customer’s lens and pull out not just what’s bright and shiny, but what’s making their lives better.”