The World Economic Forum (WEF) is leading investments in the metaverse’s future, Web3, and the evolution of the XR industry. The WEF introduced a new programme dubbed “Defining and Building in the Metaverse” during the group’s annual conference in Davos 2022. To help define the future of digital interactions, this programme aims to bring together important players from the policy, academics, business, and civil society sectors. In order to see more, you can visit Immediate Code 360
The WEF’s objective is to build an inclusive, goal-driven metaverse that ensures a secure, interoperable, and profitable XR landscape. Major XR brands have already expressed interest in the concept, with Microsoft and Accenture joining together with WEF to establish the “Global Collaboration Village.” This cutting-edge area focuses on utilising experiences in XR to foster interpersonal collaboration and creativity.
The Rising Focus on Web3 and the Metaverse
WEF has a significant impact on the future of the economy even though it is not the only organisation talking about Web3 and the metaverse. The programme seeks to address major issues with XR innovation, such as governance, policy control, and inclusivity. The WEF is focusing on developing a secure and modern Web3 environment since, according to its research, younger consumers from Generation X, Z, and Millennials will spend a large amount of time everyday in metaverse environments, comparable to traditional media consumption.
Additionally, there is increasing evidence that the metaverse and Web3 technologies will transform the nature of work in the future. Blockchain, cryptocurrencies, NFTs, and Decentralised Autonomous Organisations (DAOs) are just a few examples of concepts that have the potential to connect businesses and communities on the internet, fostering better innovation, inclusion and cooperation.
Paving the Way for New Economies
The core mission of the WEF is to recognise and assist global economies. It is undeniable that blockchain technology, cryptocurrencies, and NFTs have the potential to upend traditional businesses and provide new revenue streams for creators. The WEF forecasts a variety of industries, including tourism, will be significantly impacted by Web3 advances. XR and metaverse technologies may make it possible to take virtual trips to far-off places and enhance the post-pandemic environment.
According to WEF, the development of “industrial metaverses” in the workplace will promote professional environments that are safer and more collaborative. While tackling data and security issues, these technologies also give brands the chance to investigate new revenue streams. Nevertheless, challenges including data management and customer experience still remain.
WEF’s Vision is Already Emerging
Players in the XR market are taking action as a result of WEF’s vision for the metaverse. Market-leading AR company Magic Leap established a cooperation with Globant to accelerate the adoption of XR in businesses during the 2022 WEF event. Governments are also getting engaged, with Barbados and Dubai establishing their own metaverse experiences and INTERPOL revealing a metaverse law enforcement policy.
Building a Strategy for Web3
The approach taken by the WEF involves constant research, collaboration, and invention to create a world where technology such as web3, XR, and digital currencies are used to improve society. To achieve this shift, though, only environments that are safe, comfortable, and accessible will be able to. The Metaverse Standards Forum, along with other well-known XR organisations like the XR Association, is committed to fostering the development of a fresh Web3 ecosystem and developing interoperability standards for an open digital world.
Investments made by the World Economic Forum in Web3, XR, and the metaverse show how forward-thinking the organisation is about shaping the future of future digital interactions. In order to develop a purpose-driven and inclusive metaverse that will have a substantial impact on global economies and how we work and interact in the years to come, WEF hopes to stimulate collaboration among many stakeholders and address key challenges.
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