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How will the metaverse impact boards?
While the metaverse is still evolving, it’s already having a big impact on business. In a recent PwC survey, two thirds of company leaders tell us their companies are already actively engaged in the metaverse. Eighty-two percent (82%) expect metaverse plans to be part of their business activities within three years.
With the possibility of significant growth and opportunity in this area also comes risk. The metaverse will need rules of engagement for users, rules for how the metaverse itself can change over time, and enforcement mechanisms, including for tax collection, data governance, and regulatory compliance. Security will be paramount, as a decentralized digital world may offer malicious actors a new world of entry points for attack. Authenticity—and trust more broadly—will be a key concern.
The board will play a critical role in overseeing investment in the metaverse, strategic decisions about its implementation and direction, and monitoring of the risks it could pose to the company and its customers and clients. Our 2023 metaverse predictions outline that the hottest metaverse topic will be responsible use because people and organizations need to trust it in order to use it.
