By 2026, a quarter of the global population will spend at least an hour a day in the metaverse for work, education or play, according to research firm Gartner.
Already, companies have built ways for users to pursue aspects of life in an alternative reality, from virtual-reality, or VR, gaming to attending business meetings, gaining education and even viewing real estate. At present, these experiences take place on separate platforms. The metaverse will bring these activities into a single environment, allowing users seamless access to infinite destinations and experiences.
This will create a virtual economy, enabled by digital currencies and non-fungible tokens, or NFTs – digital ownership certificates registered on a blockchain that can be traded for cryptocurrency. This emerging economy means organizations, having already adapted their activities for the internet era, will need to pivot again from a digital business to a metaverse business. It’s what many are calling a transition from “web2” to “web3.”
In the next four years, Gartner predicts 30% of the organizations in the world will have products and services ready for the metaverse, across sectors from retail to gaming and entertainment.