How should CEOs view the metaverse? Is it a big opportunity or a big risk? Our answer: the opportunity is enormous-and the risk is not what you think it is. 3 Harriet Agnew and Richard Waters, “Meta shareholders vent anger at Zuckerberg’s spending binge,” Financial Times, October 31, 2022.

Yet investors are asking questions of metaverse companies about when they can expect tangible, near-term results from these companies’ investments.

And others are investing Meta continues to spend at least $10 billion annually on metaverse development. 2 “October 2022 – welcome to the metaverse,” Mapleblock, Novem Mitchell Clark, “Fortnite made more than $9 billion in revenue in its first two years,” The Verge, May 3, 2021. while Fortnite had more than 20 million in 2020 and generated more than $9 billion in sales between 20. Everyone has heard about the successes racked up by some big gaming companies: Roblox reported more than 58 million daily active users in 2022, 1 Roblox Corporation, September 30, 2022. Investment more than doubled in 2022 powered by big moves (such as Microsoft’s $69 billion acquisition of Activision Blizzard, now under antitrust review) and small ones (about $12 billion to $14 billion of venture capital and private equity investment). Suddenly, the metaverse is in the zeitgeist, for better or worse.

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