Key Takeaways from the Economist Metaverse Summit

This week, we had the privilege of participating in the second Economist Metaverse Summit, hosted in the sunny city of Los Angeles. This event not only lived up to our expectations but also continued to set the gold standard for metaverse conferences and deep tech gatherings alike.

With an audience of enterprise-qualified attendees driven by business outcomes, the summit provided a platform for high-quality networking, engaging panels, fireside chats, and product demonstrations—all enveloped in the prestige that Economist Impact brings to its events.

The Metaverse Summits curated by the Economist Impact team have consistently demonstrated their ability to make complex deep tech paradigms like the Metaverse accessible to a broad audience. In an era marked by confusion and uncertainty, this ability to demystify the Metaverse is precisely what the industry needs.

One prominent theme that echoed throughout the event was the call for a human-centric approach to the Metaverse. Whether through enabling technologies like mixed reality that prioritize human comfort and accessibility or the appeal to governments to ensure that the Metaverse is both ethical and safe for its users, the focus on the human element was clear.

Organizations like the Metaverse Standards Forum have been doing commendable work to ensure that these standards are heard, but the time has come for governmental bodies to step up and take responsibility in shaping this emerging landscape.

Maturity is another vital aspect of a thriving industry, something the Metaverse has been striving to achieve for some time. As the initial hype surrounding the term “Metaverse” has gradually subsided, so has the extraneous noise. This is a positive sign of an industry maturing. There is now a greater emphasis on industry and enterprise, with the social Metaverse shifting towards the creation of high-quality experiences influenced by traditional gamified approaches.

Games such as Fortnite and Roblox, as opposed to web3 “video games” like The Sandbox, are emerging as the foundational elements of what a social Metaverse can resemble. This is not to diminish the significance of web3 technology, but rather to emphasize that those web3 experiences that gain prominence will be the ones that incorporate traditional methods alongside blockchain technology to fuel their adoption and growth. While we have yet to witness a standout example of this hybrid approach, it’s entirely possible that a web3 game could soon capture the mainstream gamer’s imagination.

In light of these developments, it’s evident that the Metaverse is maturing, and not solely due to the efforts of industry leaders who continually push boundaries. Events like the Economist Metaverse Summit play a crucial role in fostering this growth. As we reflect on the summit, it’s clear that the Metaverse is on a promising trajectory, guided by a human-centric ethos and a commitment to maturity and innovation. The journey toward a fully realized Metaverse is both exciting and profound, and the Economist Metaverse Summit is at the forefront of this transformative movement.