In this Credit Suisse Global Connections Series report, our research team discusses the  dawning of the metaverse era and its transformational implications for the global technology,  media and telecom (TMT) sectors. The meaning of the metaverse is still being debated; in this  note we lay out what the metaverse is, what its likely use cases are, and how it will transform  the TMT sector, providing our global TMT analysts’ views on the metaverse’s impact for  semiconductors, infrastructure, consumer electronics, telecom, software, internet companies,  video games, and media.

What is the metaverse, and what is it for? We view the metaverse as a more spatially  immersive, compelling, and frictionless internet which comprises five essential components:  infrastructure, hardware, content, platforms/communities, and payment mechanisms. We  discuss the metaverse conceptualisation of several leading platforms (Meta, Microsoft,  Google, Apple, NVIDIA, and Niantic) and industry commentators. We also outline potential  use cases and hardware and infrastructure requirements to build out the metaverse.