The metaverse is expected to have a wideranging impact on consumers’ attitudes and behaviours, impacting how, where and when they will want to play, learn, earn and socialize in their existing reality or newly established augmented and virtual realities. Consequently, organizations will need to redefine their brand image, shift their relationship model with consumers and change the way they monetize products and services in order to create true consumer value. They will likely move from offering products and services to being metaverse participants and providers, introducing engaging experiences and building communities in order to create meaning and fulfilment for their customers.

The World Economic Forum has launched the Defining and Building the Metaverse initiative to help explore and qualify the metaverse’s social and economic opportunities and challenges while aiming to explore and create a holistic governance framework.

The initiative does so within two tracks, the value creation and governance track.