The metaverse, a $1 trillion annual revenue opportunity, has increasingly attracted businesses seeking to boost growth in virtual spaces.
Despite not having an official definition, several businesses have already established their metaverse headquarters.
As more companies start operating in these shared virtual environments, several of our daily activities will occur online. For example, we already see shopping stores, museums, restaurants, festivals, conferences and real estate on different virtual reality platforms that ultimately will change our perception of and interaction with urban space.
Nevertheless, this exodus to the metaverse requires public policy by design to ensure that business engagement with virtual urban spaces safeguards privacy, safety, security and equity. It means businesses must increasingly consider and understand tech policy issues that are high priority on regulators’ agendas.
Many businesses have already established their digital twin or equivalent in these computer-generated environments, noting that tomorrow’s city dwellers may prefer the metaverse to physical urban amenities.