Arval Mobility Observatory Focus – Is the metaverse still so fashionable? Difficult to form an opinion, as the (ample) literature on the subject advocates conclusions at the antipodes of each other.
If we are to believe Mc Kinsey’s predictions, revealed last June during VivaTech’s recent high-profile event, by 2030 the metaverse could generate between $4,000 and $5,000 billion, the equivalent of Japan’s GDP. . “The socio-economic potential of the metaverse is vast, ranging from employee engagement to customer experience, omni-channel sales and marketing, product innovation and community building.“, estimate the authors of the study, who interviewed 3100 end consumers and about 350 business leaders around the world.
Also according to the same study, nearly six out of ten consumers say they prefer, for at least one of their activities, to do it in the immersive world rather than the physical one. Similarly, 57% of companies are now deploying initiatives in the metaverse, while for a quarter of executives, “Metaverse will generate at least 15% of their company’s revenue in five years“.
Renault in any case, it is relying on this new concept of virtual reality to optimize its industrial tool. He has just introduced at his factory in Flins in Yvelines, an industrial metaverse project that he does not hesitate to describe as “world premiere“. To put it simply, the carmaker’s plants all have a digital twin, with more than a billion pieces of data uploaded daily to a European cloud (See JA of 27 October 2022). A project that could lead to more than a billion euros in savings in production costs or even in inventory management. According to the carmaker, all activities (both upstream and downstream) can be directly or indirectly affected by the metaverse. Therefore, a virtual world without borders, no borders.
Except maybe the money…. In an “independent” newspaper article echoes Don’t hesitate to ask the nagging question: “Can the metaverse survive the winter? (1).
“In a year, everyone has heard about the metaverse, but few know how to define it, above all, very few frequent it and, worse, even fewer love it.“, writes the economic daily for which, “headline brought to the spotlight by Mark Zuckerberg (Editor’s note, head of Facebook / Meta) it would no longer be bankable ? »
The war in Ukraine, the explosion of inflation, the end of “easy” money and the collapse of the NFT (Non-Fungible Token that serves as a currency of exchange), an integral part of the architecture of the metaverse, have probably put a stop to this phenomenon with which has already included famous brands of fashion, mass distribution or even entertainment. Between July and September, total NFT volume reached $1.7 billion, up from $10 billion in the first quarter. Since January 2022, this market has fallen even by 97%, he recalls Le Figaro (2).
Will politics come to the rescue of this new economy? Paris has opened a site near the Pompidou Center entirely dedicated to NFTs, while the government has just received, from two researchers and a lawyer, “the first exploratory report on the Metaverse“.
The objectives of this report? “Provide the keys to understanding to clarify the debate, seize emerging opportunities, better understand the risks posed by metaverses and unite French actors around a common horizon“. A dozen proposals for action are presented by the authors, with the line of sight, the extraordinary media showcase provided by the Olympic Games Paris 2024. Let’s hurry slowly in a way.
Arval Movement Observatory
(1). Can the metaverse hibernate? | echoes, Thomas PontiroliOctober 29, 2022.
(2). After the “NFT madness”, the market returns to reason (lefigaro.fr), Ingrid VergaraOctober 18, 2022.
(3). Rapport-interministerial-metavers.pdf (economie.gouv.fr) from Adrien Basdevant, Camille Francois AND Remy Ronfar. October 2022.