The number of businesses and consumers interacting and engaging with the metaverse – a futuristic network of 3D virtual worlds – is growing across content creation, gaming, media, entertainment, retail, and the start-up sector. Now, a number of other sectors and industries are looking to tap into the metaverse market, which is projected to reach a valuation of $716.5 billion by 2027.
In conversation with Arabian Business, the Chairman and Group CEO of the Nexchange Group, Juwan Lee, turns the spotlight to all things Metaverse, delving into the benefits for businesses and consumers; concerns around control, governance, and regulation; the volatility surrounding cryptocurrencies and NFTs; as well as the use of personal data, and more.
“We need to change our perception of what volatility means. Volatility is good. It means that the industry is evolving, and in some cases, the price discovery in terms of valuation and the direction of the industry isn’t certain. If we didn’t have hype, none of these industries would ever get noticed. Because of hype and volatility, this industry gets the attention it deserves,” Lee said.
“If I had to put a number to it, we are three to five years away from these 3D worlds – metaverses – communicating with each other and interoperating to become functional metaverses.”
(Source: ArabianBusiness YouTube channel)
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