The World Economic Forum (WEF) has unveiled two landmark reports on the future of the metaverse, focusing on interoperability and value creation. Released during the WEF Annual Meeting 2023 in Davos-Klosters, Switzerland, these reports aim to guide the development of a safe, inclusive, and interoperable metaverse poised to disrupt industries and unlock immense economic potential.
The Metaverse: A New Era of Digital Interaction
Forecasted to become an $800 billion market by 2024, the metaverse represents the next phase of internet evolution. As an immersive, synchronous, and interoperable digital world, it is already reshaping how businesses, governments, and civil society interact. Unlocking the metaverse’s potential requires global coordination across sectors, addressing governance and economic value creation.
Key Findings from the Reports
- Governance: Interoperability in the Metaverse
- This report emphasizes the need to reduce user friction, allowing seamless movement between physical and digital worlds.
- Interoperability is critical for sharing data, assets, and identities securely and efficiently across platforms.
- Collaboration between technology developers, corporations, and governments is essential to establishing a universal framework for interoperability.
- Value Creation: Demystifying the Consumer Metaverse
- Focuses on consumer applications, foundational technologies, and new business models.
- Urges companies to transition from one-way service delivery to active participation within the metaverse.
- Highlights the economic potential of redefining brand strategies and monetizing products/services through immersive experiences.
Global Collaboration for a Better Metaverse
The reports were developed under the Defining and Building the Metaverse initiative, launched in May 2022, bringing together over 150 experts from the public and private sectors. Future workstreams will delve deeper into privacy, security, identity, and the social implications of the metaverse.
Key Voices from the Initiative:
- Cathy Li, Head of Media, Entertainment, and Sport, WEF:
“The metaverse is the next version of the internet, and it must be built by all, for all.” - Huda Al Hashimi, UAE Deputy Minister of Cabinet Affairs:
“Governments must proactively understand the opportunities and challenges of interconnected virtual environments.” - Peggy Johnson, CEO of Magic Leap:
Interoperability and accessibility are essential for fostering innovation in augmented reality.
Why Interoperability Matters
Interoperability ensures the free flow of information and assets, empowering users to maintain ownership across platforms. As Yat Siu, Co-Founder of Animoca Brands, noted,
Interoperability is fundamental to digital assets. True ownership and improved frameworks are key to advancing beyond Web 2.0.
Building a Sustainable, Inclusive Future
The WEF Annual Meeting 2023, themed “Cooperation in a Fragmented World,” called on global leaders to address urgent crises while laying the groundwork for a resilient, sustainable future. These reports highlight how the metaverse can play a pivotal role in achieving these goals, creating opportunities across industries while promoting equity and safety.
