How the Metaverse Could Bring Us Closer to a Lasting Reality

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The Metaverse is poised to transform the way we interact and conduct business, with the potential to impact all facets of business and the customer experience.

But this will have implications for our physical environment. There is no doubt that the patterns of commerce that are currently being established around the metaverse are problematic for our planet.

Today, a single Ethereum transaction consumes on average 60% more energy than 100,000 credit card transactions, while an average Bitcoin transaction consumes 14 times more energy. The average NFT transaction produces 48 kilograms (105 pounds) of CO2, which is equivalent to burning 18 liters (4.75 gallons) of diesel. Despite this, the answers to the climate crisis in the real world could be found in a virtual world.

The metaverse promises substantial reductions in carbon emissions, whether through replacing physical goods with digital ones, replacing real-world presence with virtual interactions, or digital twins that will help us optimize the physical world — from the planet to individual humans. The immersive nature of metaverse experiences could also help overcome our behavioral barriers to climate action.

MetaBeat 2022

MetaBeat will bring together thought leaders to advise on how metaverse technology will transform the way all industries communicate and do business on October 4 in San Francisco, CA.

Furthermore, we cannot lose sight of the need for social sustainability, making the metaverse accessible, inclusive, and equitable.

As business leaders invest, develop new customer strategies, and transform to harness the potential of the metaverse, better climate and social outcomes must be at the center of planning efforts. We need to take a broader view to ensure that we close the gap between the costs and benefits of using the metaverse.

As adoption increases, it will become increasingly difficult to implement changes to make trading sustainable in the metaverse. Whether it requires action from regulators, investors, consumers, stakeholders or other business leaders, time is running out before exponential growth makes the job that much harder.

The immersive nature of the metaverse offers alternatives to resource-intensive physical goods that could drive consumer demand, leading to sustainability benefits.

Customers may shift their budgets for certain products to sustainable virtual options that require fewer resources to create and reduce waste. This could be a remarkable development for waste-heavy industries, such as fast fashion, which contribute to overproduction and overconsumption.

One of the most promising benefits of the metaverse could be found in business travel. Before the pandemic, air travel accounted for 2.5% of global emissions. Yet people quickly realized they could hold meetings virtually. In the future, business meetings could be hosted in the metaverse, recreating some of the same benefits of in-person meetings while reducing air travel emissions for discretionary travel.

Perhaps the biggest sustainability benefit of the Metaverse will be the ability to leverage technology to better identify and implement carbon reduction plans. T digital...