According to global management consultancy McKinsey, in the next eight years, the metaverse is expected to generate $4- $5 trillion in value, roughly the size of Japan’s economy, the third largest in the world. This is a staggering increase from the current size of $200 -$300 billion. This growth is expected on the back of several factors like consumers’ readiness to spend on metaverse assets, openness to adopting new technologies and companies’ heavy investment in the required infrastructure.
The sheer size of the opportunity is too big for CEOs to ignore it and speaks volumes about adding metaverse to marketing mix of the company. In fact, some companies have started doing so and are making their presence felt in virtual worlds like Roblox, Fortnite, and the Sandbox. The fashion brand Nike is a case in point. It has made waves by hosting more than 26 million visitors at Nikeland, its space in Roblox, and has sold over $185 million of NFTs for digital sneakers and other such products. Another brand Gucci is also hosting its own metaverse experience in The Sandbox. In a survey conducted by McKinsey, in April 2022, some 95 percent of business leaders expect the metaverse to have a positive impact on their industry within five to ten years, and 61 percent expect it to change the way their industry operates.