From the course: HR Leadership in the Metaverse

What is the metaverse?

From the course: HR Leadership in the Metaverse

Start my 1-month free trial Buy for my team

What is the metaverse?

“

- The Metaverse is expected to generate $800 billion by 2025 and $2.5 trillion by 2030. According to a recent Gartner report, by 2026, 25% of individuals will spend at least one hour every day in the Metaverse for work, retail, education, social networking, and leisure. However, research indicates that although most of us have heard of the Metaverse, only 15% can explain it. While the Metaverse is still in the infancy stage, it leverages Web3 technologies like blockchain, cryptocurrency, NFTs, and VR and AR in game changing ways that enable brands to deliver 3D immersive experiences. These experiences blur the lines between physical and virtual worlds and enable customers to interact with them in new and compelling ways, from shopping for real and virtual products, to attending concerts, purchasing real estate, meeting people from around the globe, attending conferences and trade shows, selling digital art and other actions and activities that have real value in the physical world. Some of the world's biggest brands have already established their place in the metaverse, like Coca-Cola, Nike, P&G, Louis Vuitton, Ferrari, McDonald's, Chipotle, Stella Artois, Microsoft, Meta, and Accenture. Also, to connect with customers in novel ways, financial institutions like JP Morgan Chase have staked their claim in the Metaverse. The country of Barbados was the first sovereign nation to set up an embassy in the Metaverse to expand its diplomatic mission. As an immersive extension of remote learning, colleges and universities around the country are launching metaversities. Even workplace experiences are moving into the metaverse. Recently, Accenture announced that 150,000 new hires would spend their very first day of work in the Metaverse. The Metaverse is poised to transform industries, business models, the development of products, services, customer experiences, and the workplace. As the metaverse continues to evolve and interoperability is enabled to the extent that we can navigate and move about the metaverse with the same level of ease in which we navigate the internet today, the possibilities are limitless. The future of work is for everyone, and whether you are an HR leader in a small to medium enterprise or a global organization, it is time to start the conversation about how the Metaverse will transform work.

Contents