Highlighting the critical nature of decisions by technology, media, and telecom (TMT) companies regarding investments in the Metaverse and the importance of initiating action this year, Stewart mentioned, “While it’s not too late currently, those who fail to act by 2025 will find themselves at a disadvantage.”
Duncan Stewart, the Director of Technology, Media, and Telecommunications (TMT) Research at Deloitte Canada, discussed the promising prospects of the Metaverse, which is heralded as the next big innovation following the smartphone. Stewart, who visited Istanbul to unveil the ‘TMT Predictions 2022’ report by Deloitte, shared that investment bank forecasts suggest the Metaverse presents an $8 trillion opportunity for businesses.
Despite the Metaverse being somewhat distant from the concept envisioned by the public, Stewart noted that numerous companies continue to seek collaborations and partnerships to secure a foothold in the Metaverse.
Numerous virtual worlds now exist where millions of individuals engage with their avatars, playing games, forming new friendships, attending parties and concerts, shopping, and trading. While most of these platforms are game applications, the avatars, products, services, and social groups available for membership are confined within the ‘walled gardens’ of these apps.
This segmentation doesn’t align with the ‘virtual universe = metaverse’ concept originally envisioned by American author Neal Stephenson in his 1992 novel ‘Snow Crash’. Stephenson’s metaverse allowed for seamless transition between points with all possessions intact, leading Duncan Stewart to observe that what exists today is more a collection of ‘Miniverses’ (small universes) rather than a unified Metaverse.
Highlighting the imminent investments into the development of the Metaverse, with technology companies set to spend billions, Stewart pointed out that Meta (formerly Facebook) is channeling at least $10 billion this year into its Metaverse division, Facebook Reality Labs, focused on AR and VR hardware production. Stewart emphasized that companies looking to enter the Metaverse should start by exploring opportunities within this virtual universe and conducting experiments, including preparing their workforce for the Metaverse.
Stressing the urgency for technology, media, and telecom companies to decide on their Metaverse investments and initiate actions this year, Stewart warned that delay until 2025 would mean missing out on significant opportunities.
Moreover, Stewart advocated for legal authorities to quickly develop necessary regulations to ensure the Metaverse is safe for all users, particularly minors. He called for comprehensive legal frameworks addressing issues like currency, taxation, money laundering, content management, and censorship, to safeguard participants within the Metaverse.
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