How to capture the $5 trillion opportunity that will create tremendous generational wealth. Don’t take it from me; take it from McKinsey, the world’s leading consulting and thought leadership co. They estimate value creation in the metaverse to be $5 trillion by 2030.
Now a good question you may be asking yourself is; what exactly is the metaverse? The definition is fluid but it is the next iteration of the internet. It is something which we will be immersed rather than just view right now. We are already experiencing this. s/o to
008.eth
The full vision of the metaverse will include the following; interoperability, concurrency for thousands if not millions of users, and use-cases far beyond gaming. From these definitions and the trajectory of human enterprise; it is clear that we are moving closer to this outcome.
At the very base layer, there are multiple problems to solve of which money, identity, and security/self-sovereignty are the most pressing right now.
Money has mostly been solved due to the ability of the blockchain to transfer value frictionlessly and cheaply. However, a full payment stack like stripe for crypto is yet to be developed. We need a credit card and payment processors with IRL point of sales for easy transactions.
Solve this & scale throughout the metaverse and the entrepreneurs to do so will capture tremendous value simply by fees and analytics. Advertising, inventory book management, profit and loss reporting, and fees/ analytics will be a huge profit pool to drink from in the metaverse.
Identity and security likewise have not yet been solved fully. At the very least a standard has not yet been fully accepted or adopted. Hence, we need an identity/ naming system that can operate trustlessly and in a decentralized fashion without fear of censorship.
Enter ENS which solves perfectly for these problems. Most see it as a domain service or simply a wallet name. I see it as the true entry to the metaverse. Without trustless self-sovereign web 3 identity, security and authenticity will forever be a problem in the metaverse.
I had the pleasure to speak to Nick.eth on spaces and he shared that his ultimate vision for ens was to be the naming system for everything. That in itself shows that ENS could ultimately be the passport into the metaverse; because without identity, we cannot participate.
The next layers to focus on will be for creators, both in 2d and 3d platform development. There will be great value to be captured in platform or aggregation services and to ensure interoperability as a standard.
OthersideMeta and RTFKT are both positioning themselves here.
Finally, we will need content, applications, and a never-ending creation of various and diverse virtual worlds to indulge every imagination and idea already had and yet to be had.
What is your path to capturing this HUGE opportunity?
Are you a content creator/ educator?
Are you an investor?
Are you an entrepreneur/developer focused on creating solutions?
Or are you a participant simply trying to build your own web3 brand? Comment below!
MYC