4 things you need to know about the metaverse this week

In a report published at the recent World Economic Forum Annual Meeting in Davos, McKinsey cites research predicting that the metaverse could create trillions of dollars in value for businesses. The metaverse will allow companies to engage consumers in entirely new ways while pushing brand innovation in new directions, the report says. There's evidence of an early rush to invest in the metaverse, McKinsey adds. "In 2021, metaverse-related companies reportedly raised upward of $10 billion, more than twice as much as they did in the previous year," according to the report.

The pandemic ushered in the biggest change in working practices in generations, with remote and hybrid work patterns becoming commonplace. The metaverse could provide the next significant shift, creating an opportunity for immersive working that goes beyond what's possible on Zoom and Microsoft Teams. The "Working It" podcast team at the Financial Times has been diving deep into the potential for the gamification of work, how the metaverse could change our relationships with our colleagues and how we can keep up productivity when working in avatar form. Professional services company Accenture says 150,000 of its new hires will spend their first day of work in the metaverse.

The World Economic Forum is embarking on an ambitious new journey to harness the potential of the metaverse as a platform for collaborative, inclusive and effective international action. The Forum, in collaboration with Accenture and Microsoft, is building a Global Collaboration Village as the virtual future of public-private cooperation. It will provide immersive spaces where stakeholders can convene, create and take action on the world’s most pressing challenges.

In the United Arab Emirates (UAE), routine functions like car licensing still involve an annual visit to a police station.

But that's changing according to a report in Gulf News, with officers at one UAE police station making themselves available in avatar form. The officers in Ajman communicate with members of the public in virtual spaces, with both parties using VR headsets to interact.