World Economic Forum to Create Metaverse

Credit: WEF

On Monday, the World Economic Forum announced it is building a metaverse. The virtual world titled the “Global Collaboration Village” will serve as a forum for public-private partnerships. The two lead partners for the project are tech companies Accenture and Microsoft.

The Global Collaboration Village will be an extension of the WEF’s other platforms and in-person meetings. It will provide a more “comprehensive” way for stakeholders to come together. Klaus Schwab, the World Economic Forum Executive Chairman, said “the metaverse will influence” how people, governments, and companies “think, work, interact, and communicate.”

One goal of the Global Collaboration Village is decidedly Web3: to imagine alternative futures and think of ideas in an immersive way. The WEF elaborated on the four key aims of the Global Collaboration Village in its announcement:

  1. Global cooperation
  2. Interactivity
  3. Inclusivity
  4. Impact

Julie Sweet, the Chair and CEO of Accenture, was bullish on the venture. She said the metaverse “holds great promise” for creating effective public-private partnerships. In her view, the metaverse has the potential to change the way organizations interact and function.

The World Economic Forum also announced it was launching an initiative to define the metaverse. The WEF is partnering with 60 companies to develop metaverse governance and policy frameworks for this effort.

Private Companies Especially Bullish on the Metaverse

While the World Economic Forum’s metaverse will cater to public-private partnerships, private companies overwhelmingly lead the charge in Web3. Two examples are the number of private companies that purchased metaverse land or registered trademarks in Web3.

Several companies have bought a land parcel or even become land barons in the metaverse. One of the former is Gucci, which purchased metaverse land months ago. There, the company will build Web3 experiences for users. An example of the latter is, which bought many Decentraland land parcels, which the company used for Metaverse Fashion Week.

And while companies purchasing land has not been rare, the number of companies registering Web3 trademarks dwarfs them. Victoria’s Secret, L’Oreal, Hooters, McDonald’s, Walmart, and many others are preparing for Web3 by protecting their assets. In the future, many of them may create Web3 products or have plans to already.

Time will tell how the WEF’s forum does and whether it helps foster better public-private partnerships. But even during a bear market, it’s another bullish sign for Web3.