Recently, Globant, a global tech giant, believes that the metaverse’s potential will be tested this year, and whether it sinks or swims is yet to be seen.
The firm’s report said that investments in billions have been made into the promising technology, and markets are “eager to see some truly impactful and real applications of this new promise.” According to the report, there are signs of mass adoption on the horizon- with companies like Meta hugely investing in the metaverse; however, it is a matter of time before the barrier to entry is lowered, and overall costs are reduced.
Globant adds that the proliferation of metaverse technology will create new roles and jobs needed to sustain its growth and advancement.
Agustin Huerta, SVP Studios and VP of Technology IoT Studio at Globant, believes that gaming is the main driving force behind metaverse technology, and the development in the sector is already affecting other industries in “profound ways.”
He added that the foundations the sector builds in the metaverse would eventually be incorporated into almost every industry imaginable. Huerta also opined that educational technology and life sciences are already looking at how to use the space to innovate learning experiences.
Companies are also looking at using the metaverse to train employees and improve customer interaction. Huerta added that every company eventually needs to find its place in the metaverse.
What I do know is that metaverse today is what the internet was in the early 2000s, or late 90s. We’re making the first steps on something that will change a paradigm of how we live digital experiences.
Diego Tartara, CTO, Globant Global
Globant’s report also explicitly commented on blockchain technology and said it had proven its value and utility over the years. Brands are now exploring how to utilize technology to create new experiences for the younger generations.
The report predicted that the industry will use non-fungible tokens (NFTs) in new ways as the world moves past the “jpeg era.” It said that the NFTs would no longer be synonymous with digital art as brands are expected to develop “nuanced, personalized and commercial” ways to use the technology to engage users.
Globant expects the gaming, financial services, and entertainment industries will be affected the most by blockchain technology over the next two years. However, the report mentioned that education and awareness of Web3 still need to be improved among professionals. According to a 2022 survey, 60% of managers consider themselves “unfamiliar” with Web3 technology and applications.
In the past year, entities from diverse backgrounds adopted blockchain technology. Several financial institutions, including banks like J.P. Morgan, have already tried using technology for advancement and efficiency.
Reportedly, Brynly Llyr, head of the blockchain and digital assets at the World Economic Forum (WEF), in a media interaction, said that the passion and vigor in the blockchain space hadn’t been hindered by the happenings of the past year. She explicitly said that although the interest of financial institutions in cryptocurrencies might have declined, there is still interest in investing in blockchain as a technology in 2023.
It is no surprise that the potential of the metaverse has gained the attention of tech giants. In early January, a McKinsey & Company analysis underlined the technology’s potential to generate up to $5 trillion in value by 2030, considering the many consumer and business-centric use cases it may cater to.