The World Economic Forum (WEF) is putting its weight behind the metaverse, Web3, and the transformation of the XR landscape.
At the annual meeting in Davos 2022, the WEF launched a new initiative called “Defining and Building in the Metaverse”. The purpose of this initiative is to bring together leaders from diverse sectors to create a new strategy for digital interactions.
WEF envisions a more purpose-driven, inclusive future for the metaverse, where future interactions in XR are safe, interoperable, and economically viable. WEF’s vision has captured the attention of leading XR brands, including Microsoft and Accenture, who partnered with WEF to construct the new “Global Collaboration Village”. The village aims to bring together people through XR experiences focused on collaboration and innovation.
WEF is not the only group invested in shaping the future of Web3 and the metaverse. The latest WEF initiative aims to address some of the key concerns related to XR innovation as we move towards a Web3 future, such as governance, policy control, and inclusion. WEF’s focus on building a safe and modern Web3 environment stems from its increasing research into the digital landscape.
The WEF team shared the insights from a McKinsey study that highlighted that many younger consumers will spend around 5 hours per day in metaverse environments.
This research is on par with the amount of time that most consumers spend interacting with their television sets. Additionally, WEF believes that Web3 innovations will transform the workplace as we know it.
The impact of NFTs, cryptocurrency, and blockchain technologies is disrupting the world and creating new monetization options for the creator economy, changing how employers reward and compensate staff.
WEF sees incredible opportunities in the development of “industrial metaverses”, designed to strengthen the interactions between humans and the machines they work with. Web3 and XR technologies will pave the way for safer, more collaborative workplaces for industrial professionals.
WEF’s vision of the metaverse is inspiring and driving action from members of the XR landscape. Many groups and governments are implementing their own strategies for Web3 and the metaverse. As the age of Web3 emerges, many government groups are looking for ways to make interactions in the metaverse more secure and reliable.
Through continued research, partnerships, and innovation, WEF plans to create a future where Web3 technologies, XR, and even cryptocurrency can work together to transform the world we live in.
Effective metaverse experiences are on the horizon for many of us, but only if we can create environments that are safe, inclusive, and accessible. Other leading XR groups, such as the XR Association, are doubling down on their commitment to assist developers and technology leaders in the creation of a new Web3 landscape.
In 2022, we even saw the introduction of the new Metaverse Standards Forum, built to help formulate the interoperability standards required for an open digital landscape.