The metaverse: four things you should know

  • This regular roundup brings you a selection of the latest news and updates on the development of the metaverse.
  • Below you’ll find insights and opinions on how this emerging technology could transform the way we work, make purchases and spend our leisure time.

Citi says metaverse economy could be worth $13 trillion by 2030

The investment bank Citi has put a valuation on the metaverse, suggesting it’s potentially a $13 trillion opportunity by 2030. The eye-catching valuation was made in the bank’s Metaverse and Money report.

Citi predicts as many as 5 billion people will be regular users of the metaverse once it reaches maturity. The report predicts a range of prominent use case for the metaverse including healthcare, entertainment, smart manufacturing and virtual tourism.

Microsoft security lead calls for protection from metaverse hackers and cybercriminals

Microsoft’s new security chief has warned the metaverse must have security built in from the ground up to protect systems and users from criminals. In a blog on Microsoft’s website, Charlie Bell – Executive Vice President, Security, Compliance, Identity, and Management wrote: “We have one chance at the start of this era to establish specific, core security principles that foster trust and peace of mind for metaverse experiences. If we miss this opportunity, we’ll needlessly deter the adoption of technologies with great potential for improving accessibility, collaboration and business. The security community must work together to build a foundation to safely work, shop and play.”

Meta signs partnership for 3D ads in step toward the metaverse

Meta Platforms will make it easier for brands to run three-dimensional ads on its Facebook and Instagram social media platforms through a new partnership with an ecommerce technology firm. The integration with VNTANA will allow brands to upload the 3D models of their products to Facebook and Instagram and easily convert them into ads.

Strutting cats and flying models at the first metaverse fashion week

Highlights included “virtual cats, in place of models strutting on the Dolce & Gabbana catwalk. All of the models on the Unxd-curated runway could fly after emerging out of model-sized blooming lotuses, and walked in a vast venue that resembled an Olympics opening ceremony arena with music-coordinated light shows to match.”

Simon Torkington, Senior Writer, Formative Content

This article is republished from the World Economic Forum.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of ET Edge Insights, its management, or its members

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