Metaverse boom

 

What the numbers say: Based on a 2022 Sortlist survey of companies that have invested in the metaverse, nearly 70% of respondents expressed confidence in the metaverse experiencing substantial growth within the next five years. However, a cautious 2.9% of participants projected a longer timeframe of over ten years for the technology to take off fully. The surveyed companies came from Belgium, Germany, Spain, France, the U.K., and the U.S.  Relevance: The metaverse space is expected to reach ~$426.9B by 2027.  Brands' confidence in the metaverse is overwhelmingly high, with less than 3% expressing a belief that it will take more than 10 years to achieve global adoption. However, the same survey reveals that cybersecurity stands out as the leading doubt companies have with the metaverse, with 38% of brands worried about their business' security and data and those of their customers.  Where to see the impact: In February, Interpol announced its commitment to combating criminal activities in the virtual world. It revealed its plans to establish a secure server for law enforcement officers to investigate the metaverse.  Addressing the cybersecurity challenge, the Hong Kong Police Force has taken a proactive step. They've launched CyberDefender, a metaverse platform to educate the public about the risks associated with Web3 and the metaverse.