Investments in the metaverse surged to $12 billion in 2021 from $5.9 billion in 2020 to more than$5.9 billion in 2020 to more than. The metaverse could grow to $13 trillion – more than half the size of the entire U.S. 2022 economy – by 2030, according to Citi Bank estimates.
Continued growth of the metaverse economy depends on normalizing the luxury features of web3’s into standard fare, much as air conditioning in cars went from a expensive novelty in 1968 to a basic feature by 1978. Or the transition of cell phone-based banking from a curiosity in 2005 to a ubiquity in 2022. Today web3 is mostly a luxury good, such as metaverse concerts by Ariana Grande and Justin Bieber. It’s these novelties that captivate the media now. But, soon enough, metaverse features will become standard utilities for airline tickets, spa reservations, and dentist appointments.
This is exactly what has started to happen. More and more, consumer services are being delivered by online tokens and other web3 tools.
But transitioning everyday activities into digital spaces includes an inherent risk: the loss of community and relationships between companies and their customers, as well as their suppliers and staff. Without being able to run your fingers across the softness of a cashmere sweater or look a waiter in the eye or hear an executive explain his returns to his shareholders, and a thousand other similar quotidian things, something vital is lost between a company and the people it depends on. Too easily, the intangible becomes abstract and remote.
Full story here