“It’s too big to ignore—yet its future is far from certain. Companies need to dip a toe in the water and plan to take the plunge should developments warrant.
Suddenly, the metaverse is in the zeitgeist, for better or worse. Investment more than doubled in 2022 powered by big moves (such as Microsoft’s $69 billion acquisition of Activision Blizzard, now under antitrust review) and small ones (about $12 billion to $14 billion of venture capital and private equity investment). Everyone has heard about the successes racked up by some big gaming companies: Roblox reported more than 58 million daily active users in 2022, while Fortnite had more than 20 million in 2020 and generated more than $9 billion in sales between 2018 and 2019. And others are investing; Meta continues to spend at least $10 billion annually on metaverse development. Yet investors are asking questions of metaverse companies about when they can expect tangible, near-term results from these companies’ investments.”
“How should CEOs view the metaverse? Is it a big opportunity or a big risk? Our answer: the opportunity is enormous—and the risk is not what you think it is. (…)”
What CEOs could do now
Start with the “Why?” – not what
Now the next step comes – get practical and find the “what”
Champion the cause – the “how”
“With the real world beset by problems (such as war, COVID-19, inflation, and inequality), the metaverse offers an escape. That’s probably part of the attraction for the millions of customers who are flocking to early-stage metaverses. CEOs should ensure they are meeting their customers where they live—both virtually and IRL.”
Read the complete comprehensive post here on McKinsey
I found this post rather interesting – about why identity matters. Especially looking at the wild-wild-west-cowboy-anarchy several areas of the web are (still) in. Looking forward this is needed – identity, authenticity, KYC, etc. Otherwise the “Metaverse” will be a place with limited trust and no peace of mind, which would certainly hamper a scaled mass adoption.
“Amid the hype and potential, there’s a lot of work to be done to establish the fundamentals that will make the Metaverse a safe experience for all. In particular, access must be underpinned by verified identities. Without verified identities in the Metaverse, anonymous bots can wreak havoc. For businesses, business people and celebrities, impersonators can cause damage to their brand and reputation, not to mention the new opportunities it creates for scammers and fraudsters. Ensuring trusted identity will therefore be fundamental to the safety and success of the Metaverse.”
Got interested? Follow me here in order to read the full post from Matt Peake on onfido.
“With technological change accelerating, companies need to make four fundamental shifts.”
Four interconnected tech trends shaping the future of IT
Innovation at the edge
What incentives will best encourage engineers and domain experts to develop, maintain, and tap into their networks?
What processes are in place for tracking and managing VC activity at the edge?
What capabilities do you need to identify innovation opportunities and “industrialize” the best ones so they can be shared across the organization?
A perpetual-learning culture
Do you have a list of the most important skills your business needs?
What is the minimum level of learning needed for advanced users of analytics and manipulators of data?
How do you track what people are learning and whether that learning is effective and translating into better performance?
IT as a service
Do you have a vision for how the role of the IT organization will change to enable democratization of technology?
How will you elevate the role of the technology product manager, and do you have a road map for developing that role?
What systems will you need to put in place to manage and track the use, reuse, and performance of code?
Expanded trust boundaries
Who is responsible for the enterprise-wide trust and risk landscape?
How have you integrated your efforts around customer trust with overall cybersecurity processes?
What privacy, trust, and security processes are in place to manage the entire life cycle of your data?
It is inevitable that the pace of technological change will continue to accelerate. The successful technology leader of the future will not simply need to adopt new technologies but to build capabilities to absorb continuous change and make it a source of competitive advantage.”
Much more information and details can be found in the original post at McKinsey here.