Goldman Sachs reported the Metaverse is estimated to be a $12 trillion opportunity.

According to JP Morgan, direct-to-avatar sales of virtual goods have amassed a $54 billion market. Gucci sold a digital version of its Dionysus bag for $4,115 –more than the price of the physical item itself. Clinique has recently rolled its “Metaverse Like Us” campaign, which includes a collection of female and non-binary profile picture avatars, that aims to be more inclusive. 

Technology research and consulting firm Gartner, Inc. has predicted 25% of consumers in the U.S. will spend one hour daily in the metaverse shopping, socializing, being entertained and learning by the year 2026. Although it is an exciting venture there are still many concerns to account for: Safety and privacy of the users information. The idea is that each avatar will be connected to a blockchain, which will protect your financial and personal data. 

According to McKinsey’s and Company, marketers and the metaverse represent an opportunity to engage consumers in entirely new ways while pushing internal capabilities and brand innovation in new directions. Now is the right time to adopt a test-and-learn mindset, to be open to experiments in the metaverse, and to move on quickly from failure and capitalize on success. 

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