- Experts at the 2023 World Economic Forum (WEF) in Davos think that the metaverse has some industrial potential
- Some think that industrializing the metaverse can boost productivity in the healthcare industry
- Leaders in the Web 3.0 world see the metaverse as an ongoing digital transformation and not a destination
Experts at the 2023 World Economic Forum (WEF) in Davos, Switzerland, think that an industrialized metaverse can boost productivity in healthcare among other industries, dismissing common perceptions that the virtual world seeks to confine the physical world into a game. Saudi Arabia IT minister Abdullah Alswaha noted that the current version of the metaverse is far from its full potential. However, leaders in the Web 3.0 world consider the metaverse to be a work in progress toward achieving a digital transformation.
Traces of the Physical World in the Metaverse
According to Peggy Johnson, an executive at Magic Leap which focuses on augmented reality, the vision of an industrialized metaverse can only be achieved when there’s solid evidence that some aspects of the physical world have moved to the virtual world.
Ericsson’s SVP Asa Tamsons observed that the technology can help boost productivity in the automotive industry adding that companies in the retail space are already exploring how to tap into the metaverse for employee training.
Siemens Healthineers CEO Bernd Montag noted that the healthcare sector has a long way to go before it fully embraces the metaverse since safety and trust issues must first be addressed.
The Metaverse is a Journey, not a Destination
On the same forum, leaders in the Web 3.0 space noted that the metaverse is not a destination but rather a continuous journey to achieve full digital transformation. According to Animoca Brands co-founder Siu Yat, the next phase of the metaverse will depend on how digital property rights are handled, adding that the virtual world will create new economies.
Yat’s observation aligns with a recent report that the metaverse can reach up to $5 trillion in value by 2030. Web 3.0 domain creator Unstoppable Domains recently created cross-platform metaverse identities, further confirming a future where the metaverse is a duplicate of the physical world.