United States: Metaverse Opportunities And Risks: What Your Business Should Know

WHETHER YOU—OR YOUR CUSTOMERS—ARE ACTIVE IN THE METAVERSE TODAY, THE CHANCES ARE VERY GOOD THAT THE METAVERSE WILL HAVE AN IMPACT ON YOUR BUSINESS. THOSE WHO UNDERSTAND THIS NEW LANDSCAPE FOR BUSINESS WILL HAVE AN ADVANTAGE WHEN IT COMES TO SEIZING OPPORTUNITIES AND AVOIDING PITFALLS.

As investment in the metaverse grows, so does the number of business opportunities. Gauging this opportunity can be a challenge because the metaverse essentially represents a new market, and according to some, a new economy. This is a digital space that can replicate—or create—as many products and services as individuals and businesses are ready to support.

Perhaps for this reason, growth forecasts vary widely. The market opportunity for the metaverse could approach $800 billion by 2024, up from approximately $500 billion in 2020, according to Bloomberg Intelligence. McKinsey says the metaverse could even reach $5 trillion by 2030.

Regardless of the growth forecasts, there are developments in the metaverse today that your business should monitor. Many industries are already in the metaverse, and early adopters may have a competitive advantage. If you're unsure about how your business can participate in the metaverse, or if you're already there, Benesch understands how to navigate this unique landscape and can help you manage risk and maximize value.

Business opportunities

The metaverse presents a wide range of business opportunities, reflecting its existence as a brand-new digital marketplace. Any product, service, or activity you can think of may already have its digital counterpart in the metaverse. For example:

Gaming. This is one of the best-known aspects of the metaverse. As noted by EY, gaming companies built early prototypes of the metaverse in popular games such as Minecraft, Fortnite, and Roblox. Meta's Horizon Worlds is also primarily a video game.

Download >> Metaverse-White Paper.pdf (beneschlaw.com)

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