The metaverse is coming: an immersive, interoperable and synchronous digital world that will change how we interact, work and play.
In May 2022, the World Economic Forum launched the Defining and Building the Metaverse Initiative, whose goal is to bring together major stakeholders from academia, civil society, government and business to advance consensus and create a metaverse that is economically viable, interoperable, safe, equitable and inclusive. The initiative is divided into two workstreams: governance and economic and social value creation.
The value creation track has produced its first report in the series titled Demystifying the Consumer Metaverse. The report focuses on consumer applications, presenting different use cases for consumer-facing organizations and applications in the metaverse. Written by the World Economic Forum in collaboration with Accenture, the report focuses on predicted opportunities and challenges, as well as suggested guidelines, for consumer applications in the metaverse.
The World Economic Forum has assembled a global, multi-sector working group of over 150 experts to co-design and guide this initiative. The hope is that this will lead to cross-sector global cooperation and the creation of a human-first metaverse. The metaverse has the potential to be a game-changer, but it must be developed in a way that is inclusive, equitable and safe for everyone.