New McKinsey research estimates that the potential economic value of the metaverse could generate up to $5 trillion by 2030. In its “Value Creation in the Metaverse” report, the firm also found that 57% of metaverse-aware companies said that they are adopters.

It’s still hard for most people to wrap their heads around what “metaverse” even means.

The metaverse will likely contain, well, multitudes:

• Connected 3D, immersive, virtual worlds

• Web3 integration, powered by blockchain

• Both consumer and business applications, distinct from each other

While Meta and others talking about the future of the metaverse are envisioning a single, completely integrated virtual ecosystem that reflects reality, most metaverse instances will likely be integrated, yes, but only encompass a facility, an organization, a distinct world. 

McKinsey found that more than $120 billion was invested into metaverse companies in 2022, more than double the $57 billion invested in 2021.

There are plenty of consumer applications where the metaverse is popping up—ecommerce shopping experiences, games, entertainment—but enterprises are building their own virtual worlds.

• Boeing is designing, building, and testing new aircraft in its metaverse

• Industrial internet of things (IIoT) assets are being connected to the metaverse

• Meta, Microsoft, and others are working on ways to bring remote workers together in a metaverse

• ExxonMobil is on its journey to creating a digital reality ecosystem

• Digital twins in the metaverse are being called “metafactories”

If you’ve ever watched Mulan, your brain will finish this with “...to defeat—the Huns.”