Metaverse Takes Center Stage at Davos as Adoption Questions Loom

Augmented reality, virtual reality and artificial intelligence are central to widespread adoption, panelists said

article-image

"The Possibilities of the Metaverse" panel at the World Economic Forum annual meeting in Davos | Source: World Economic Forum

share

key takeaways

  • Companies including LEGO Group are working on augmented reality technologies to grow metaverse usage
  • LEGO, alongside Sony, invested $1 billion into Fortnite’s developer to scale their metaverse dealings

The metaverse took center stage at much of Davos this week. 

The consensus: It’s still early days for digital realms that proponents say will one day replace much of our daily lives, from work to play. 

One panel at the annual gathering of the world’s elite, hosted by the World Economic Forum (WEF), “The Possibilities of the Metaverse” gathered thought leaders including Philip Rosedale, the founder of High Fidelity and Second Life, Magic Leap CEO Peggy Johnson, as well as Edward Lewin, vice president of government and public affairs at the LEGO Group.

Asked to define the metaverse, Johnson described it as the digital infrastructure of the internet, a network of different — sometimes overlapping — virtual worlds accessible via a phone or computer. 

Johnson, who heads enterprise augmented reality platform Magic Leap, said corporations will drive widespread metaverse adoption — including tapping emerging technology to develop training for firefighters and medical students. 

The future of the metaverse is going to be “inspired by our inner child,” Lewin said. One in three internet users is a child or young adult well-positioned to design virtual worlds that work for them, he added. 

The LEGO Group’s parent company, KIRKBI, recently invested $1 billion with Sony into Fortnite developer Epic Games as it grows its metaverse ambitions. He added their main goals are to promote the safety and well-being of kids and families, as well as promote privacy and ensure choice when it comes to sharing data. 

Rosedale’s avatar-based virtual platform, Second Life, meanwhile, has been around for almost two decades and has its own economy. But it’s not built on the blockchain. 

He described the million person user base to be on average 40 years or older, and they “come together, get to know each other or work together.”

Asked his views on digital privacy, he said it’s a “tremendous challenge” to balance security, privacy and freedom of speech.

Unlike in the real world with safeguards like passports, in Second Life, he added: “There must be a balance between preserving your identity so you can truly be someone else if you wish to, while still being able to connect with others in a way that creates responsibility and consequence.”

The WEF released a poll Wednesday that gauged public opinion of the metaverse. More than two-thirds of respondents from China, India and Peru were bullish, while only a third of those surveyed from Great Britain, Canada, Japan, Belgium, France and Germany were keen on a hyper-connected metaverse.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

🚀 Build What’s Next — Permissionless IV Hackathon Join us June 22–23 in Brooklyn for the Permissionless IV Hackathon — a 36-hour sprint hosted by Cracked Labs and Blockworks where top builders turn ideas into real products. Come to launch, not just […]

recent research

Research Report Templates (10).png

Research

Kamino has evolved into a full-stack asset scaling suite with V2: unlocking new markets, improving capital efficiency, and catering to various risk profiles. We believe it is best positioned to become the credit backbone of Solana as the ecosystem matures. Simply put, KMNO remains our highest-conviction bet in the Solana ecosystem. This report lays out our thesis.

article-image

This isn’t the worst hack to ever hit Mt. Gox, but it could be the most entertaining

article-image

Crossover’s CEO discusses institutional interest and how over-the-counter (OTC) trading has picked up in crypto

article-image

Sponsored

This collaboration signifies a major leap forward in expanding the reach and utility of Web3 gaming within the vibrant Asian market

article-image

Asymmetric information is threatening crypto the same way it once threatened equities. Disclosure might be the fix.

article-image

Rate cuts drift into Q4 limbo as markets pretend everything’s fine

article-image

The FOMC held interest rates steady for the fourth-straight time on Wednesday