Exploring the Metaverse’s Impact on the World Economic Forum

MetaversePlanet January 19, 2023Last Updated: February 1, 2024

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The Metaverse has been capturing global attention, evidenced by its prominence at the World Economic Forum in Davos, where it was a headline session. Time magazine, one of the world’s leading publications, highlighted the Metaverse on its January cover.

The World Economic Forum, convening physically for the second time post-pandemic, began earlier this week and will conclude on January 20. The summit in Davos, Switzerland, sees over 2,700 participants, including politicians, business leaders, academics, and NGO representatives from 130 countries. Among them are 50 heads of state and government. A key session topic at the summit is the Metaverse, a subject also featured in Time magazine under the headline “Davos Gathers in the Metaverse”.

The focus on the Metaverse at Davos and in Time magazine is due to several critical reasons. Foremost is the projection that the Metaverse will experience rapid growth in the coming years. Gartner, a global research firm, has recently published a report suggesting that all developments to date are “pre-Metaverse”. Gartner divides history into before and after the Metaverse, with ‘M’ symbolizing the Metaverse rather than a traditional milestone.

Gartner predicts that by 2030, technology will reach maturity and the Metaverse market, currently valued at nearly $500 billion, will soar to $5 trillion. The growth in Metaverse technology is expected to accelerate from this year, with significant advancements anticipated by 2026. By 2030, the Metaverse is expected to be easily accessible to everyone and become an integral part of our lives.

In 2022, the Metaverse saw the establishment of many significant platforms, hosting events, meetings, and activities. A new generation is emerging, one that is growing up with the Metaverse. It is anticipated that this generation will integrate the Metaverse more effectively into their lives in the coming years.

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$120 billion investment in the first half

Exploring the Metaverse's Impact on the World Economic Forum

According to a report by McKinsey, a renowned U.S.-based international investment consultancy firm, the Metaverse world successfully fostered a new sector, attracting over $120 billion in investment in the first half of 2022. JP Morgan, traditionally known for its skepticism towards decentralization, has acknowledged these developments.

The financial giant embraced the Web3 revolution, establishing its “Virtual Lounge” in Decentraland, one of the most prominent open Metaverse platforms. Furthermore, last year saw The Sandbox and Decentraland gain significant traction in the blockchain market, extending their influence across both centralized and decentralized Metaverse platforms. Concurrently, tech giants like Facebook (now Meta) and Microsoft have been developing their own virtual universes.

Those who want to be a leader will set up their strategy according to Metaverse

Many institutions and businesses are now strategizing to secure a leadership position in the highly competitive field of the Metaverse in the coming years. Among them, Black Studio in Turkey is making significant strides. The company, known for bridging numerous global and Turkish brands with NFT infrastructure and the Metaverse, is ramping up efforts to bring a major event to the Metaverse across Turkey.

In 2022, Black Studio developed its new platform, Intent Land, which introduces interactive entertainment to the Metaverse. This platform will allow participants to experience the event virtually without leaving their seats. Ata Güneş, the founder and CEO of Black Studio, commented, “We aim to make concerts, theater, and sports events accessible to everyone, regardless of time and place. In 2023, we are set to embark on projects and collaborations that will have a global impact.”