17 July 2023
The metaverse is expected to reach a value of $1 trillion in the next three years, driven by rapid uptake and technologies like generative AI.
This report is published under the Defining and Building the Metaverse Initiative, whose goal is to bring together major stakeholders from academia, civil society, government and business to advance consensus and create a metaverse that is economically viable, interoperable, safe, equitable and inclusive. The initiative is divided into two workstreams: governance and economic and social value creation.
In this report, the governance workstream emphasizes the need for worldwide collaboration among various stakeholders, including academics, regulators, policy-makers and design teams, to nurture understanding of the metaverse and establish protective measures. The paper highlights the importance of privacy, responsible data handling and inclusive design. It encourages stakeholders to start discussions about the ethical navigation of the metaverse.
An accompanying release from the social value creation workstream presents a holistic understanding of the implications of metaverse adoption on individuals, economies and societies.