---------- Forwarded message ---------
From: McKinsey Quarterly
Date: Wed, Apr 6, 2022 at 3:40 PM
Subject: The metaverse rises
To:
Defining the metaverse
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*NEXT BIG THING?Signals of the metaverse*
*Lareina Yee*
*Internet searches for the term “metaverse”* rose 7,200% in 2021. Those
aren’t media mentions. That’s individual curiosity, a clear signal of how
much people want to understand the term. The metaverse* is* a confusing
term, because at this point it isn’t just one thing. For now, the metaverse
is a combination of elements
https://email.mckinsey.com/business-functions/mckinsey-digital/our-insights/what-is-the-metaverse-and-what-does-it-mean-for-business?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcce&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=c7dd6a2411654e0f85183e22ab01af27&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
with the potential to create a vast virtual environment where new kinds of
interactions and new kinds of B2C *and* B2B commerce are possible.
This integrated physical and virtual experience will have three core
characteristics: immersive, interactive environments that use technologies
such as virtual reality and augmented reality to give a sense of presence
and mimic the realism of the real world; a modifiable but persistent state
where you can build, create, and interact similar to the way you interact
in the physical world; and a digital identity that is as valuable and
unique as your physical identity.
People sometimes confuse the metaverse with the technologies that enable
it. For instance, the metaverse is not virtual reality
https://email.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/augmented-and-virtual-reality-the-promise-and-peril-of-immersive-technologies?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bccf&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=e182d893b26046278b2aab0716b8cc11&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c.
Virtual reality is just a part of the metaverse tech stack, which has a lot
of existing technologies and some that are incipient. For instance, 5G is
essentia
https://email.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/breaking-through-the-hype-the-real-world-benefits-of-5g-connectivity?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcd0&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=b54d60b8eda54ad68455d9abec0bbbc0&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
l for the metaverse. Great connectivity, particularly low latency, is your
ticket to board the flight in, as it were. But you also need payments
technology, cloud and edge infrastructure, 3-D developer tools, creator
tools, security and identity platforms, virtual worlds and content, and
even better devices and peripherals.
One big issue is that there’s no portability. What passes for the metaverse
today is actually a set of microverses—you can’t move your avatar, social
graph, virtual assets, and data seamlessly from, say, Fortnite to Roblox.
That’s no good for the over 200 million monthly active users who spend an
average of 2.5 hours per day on the services. That will have to change.
Those gaming platforms are giving people—especially young people—new
expectations for how they can interact online. They assume that they’ll be
able to connect, create, and buy and sell in similar worlds. We’ll need a
better trust architecture (which may be decentralized and very different
from current models) if they’re going to do all that seamlessly across
multiple platforms.
For now, I’d say we have just the glimmer of the metaverse. Given that,
companies are asking tough questions: Is this all hype and a distraction?
Should I pilot an experiment to learn about it? Is this an investable
thesis that I should take seriously now? Is it such a serious pivot that I
should worry about my core business? And if I can’t answer those questions
with confidence, what should I do now?
For almost everyone, learning about the potential of the metaverse
https://email.mckinsey.com/business-functions/mckinsey-digital/our-insights/innovative-and-practical-applications-of-the-metaverse?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcd1&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=79090010b4d14050ae746504897aa72f&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
is a no-brainer. One great way to do so is to follow venture-capital (VC)
funding. For example, Goldman Sachs estimated that there was $10 billion in
venture funding for gaming and virtual worlds in 2021, more than twice the
previous year. Seeing where the VC money goes can give companies a helpful
perspective on what the metaverse might look like as it scales into
something bigger.
*200 million* monthly users spend an average of 2.5 hours a day on Fortnite
and Roblox
Experimentation can also be a great way to learn. To date, the experiments
we have seen fall into three categories: brand integrations to extend
existing experiences such as buying a virtual asset or NFT; ephemeral
experiences such as the Gucci Garden; and persistent metaverse experiences
such as we see in gaming. In the past few months alone, we have seen brands
like Tommy Hilfiger, Forever 21, Ralph Lauren, Nike, NASCAR, and Warner
Brothers launch metaverse plays. Experiments can be a way to open the
window to the art of the possible—we may not fully know where they lead us,
but we’ll certainly learn a lot in the process.
For experiments in the metaverse
https://email.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-promise-and-peril-of-the-metaverse?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcd2&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=f44e92b2b64344288700dfafb20e9b5e&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
to work, companies may need to embrace open-ended investments, even small
ones. In many cases, the people pushing for metaverse experimentation, who
often come out of IT, haven’t tied the effort to a business case. Leaders
may have to give them some leeway by expanding their tolerance for small
failures. But the experimentation crowd must make more of an effort to
think through the potential business value.
In addition, a lot of these technologies require expertise that most
companies have in short supply. At this moment of sharp talent shortages,
companies may not have the mix of engineering, software, analytics, and IT
talent required to execute some of these ideas. Partnering with platform
providers like Roblox or Decentraland can alleviate some, but not all, of
this problem.
There are many obstacles and much uncertainty. It may well take a decade or
more to fully build out the potential of the metaverse. There’s no
hard-coded road map. For example, while today’s hype is about consumer use
cases, enterprise or B2B cases may be the ones to scale first. Just like in
the early days of the internet, it was not clear where it would go and how
long it would take to develop, but we knew it was an exciting direction of
innovation.
This feels like that kind of moment. Once again, technology is driving
innovation
https://email.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-top-trends-in-tech?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcd3&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=6f8a2be497e94dce96413db874fcc1d8&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
into something that’s just around the corner, that could transform our
experience in some unforeseen way. It reminds me that the potential of
technology is infinite. That’s so humbling, and so inspiring.
*ABOUT THE AUTHOR*
*Lareina Yee*
https://email.mckinsey.com/our-people/lareina-yee?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcd4&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=fe7fe51b6b794565850d51a69d3929e5&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
is a senior partner in the Bay Area office.
*MORE FROM THIS AUTHOR*
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*Confronting the early-career gender gap*
https://email.mckinsey.com/business-functions/people-and-organizational-performance/our-insights/confronting-the-early-career-gender-gap?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcd6&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=80dadba5e6734542b3dd961644974c49&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
To achieve workforce parity, businesses should apply the same practices
they are using against the glass ceiling.
More →
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https://email.mckinsey.com/featured-insights/diversity-and-inclusion/ten-things-to-know-about-gender-equality?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcd8&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=83fdd3149d7847a4819b1440d7e12561&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
*Ten things to know about gender equality*
https://email.mckinsey.com/featured-insights/diversity-and-inclusion/ten-things-to-know-about-gender-equality?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcd9&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=1cd1b110625345bca93ce1eb120db242&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
Since 2015, progress has been marginal, and now COVID-19 has hit women
hard. We offer ten facts about gender equality that everyone should know.
More →
https://email.mckinsey.com/featured-insights/diversity-and-inclusion/ten-things-to-know-about-gender-equality?__hScId__=v7000001800064136a9a9d0df4bbe5c898&__hRlId__=4beaeb2f3a33404a0000021ef3a0bcda&__hDId__=4beaeb2f-3a33-404a-aab3-e907ec33ea1c&__hSD__=d3d3Lm1ja2luc2V5LmNvbQ==&hlkid=9ed63cd17bcb4c9ab51c414acb11c6ce&hctky=13291189&hdpid=4beaeb2f-3a33-404a-aab3-e907ec33ea1c
*IN TWO WEEKS*
Shelley Stewart on diversity commitments
In the aftermath of George Floyd, companies made enormous efforts to
diversity. Here’s how they can deepen those commitments.
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