The many reasons why the metaverse could be a great place to finally get DEI right

A parallel can be drawn between the advent of the metaverse and the early days of the internet in the 1990s. Even though DEI wasn’t a priority when the internet was young, businesses can work to change that for the metaverse.

Given the rapid pace of technological and cultural change, immediate action is essential. Customers, candidates for employment, and potential financiers all have lofty anticipations. In fact, within the next five years, 59% of American consumers anticipate a significant impact from the metaverse.

The benefits to individuals, communities, and businesses of creating a metaverse that reflects the breadth of human experience are clear. There are three reasons why it is not just the responsibility of developers to ensure that the metaverse is inclusive in its design.

Future economic growth can be attributed to the metaverse.

Companies across sectors are already developing novel product lines, operational models, and branded entertainment in the metaverse. They’re changing the game by doing things like virtualizing products for sale in the metaverse instead of just selling them in stores and online.

Businesses that plan ahead and design for a diverse metaverse will be in the best position to reap the economic benefits of this new environment. Businesses attract customers when their values align with theirs, and for younger generations like Gen Z and millennials, diversity ranks high on that list. As the next generation matures, these views are expected to have an even greater impact on their spending habits.

Generation Z is used to and advocates for a more diverse and open metaverse, having grown up with games like Fortnite, Roblox, and Decentraland. Our U.S. consumer survey of people in their twenties found that personalization of avatars, accessibility for people with disabilities, and the recruitment of diverse talent to design metaverse experiences and characters are the most important factors in fostering diversity in the metaverse.

Future jobs will be dependent on the metaverse.

The virtual and hybrid methods of work that emerged during the pandemic inevitably led to the development of the metaverse. It can be used as a platform for virtual teamwork in the office, employee training, and new hire orientation. A vast majority of those we polled in the United States (89%) believe that metaverse technology has the potential to improve education and training programmes, including vocational education.

However, there can’t be a single approach to the workplace that works for everyone. They need to reflect the preferences and needs of a diverse workforce, which includes people with varying educational and occupational backgrounds, learning styles, and methods of expressing their individuality in the workplace. It is crucial to prioritise diversity in the metaverse from the earliest development phases, which are currently underway, because the decisions companies make could very well influence where top talent decides to work in the future.

In the near future, investors will be looking to the metaverse.

The future economic impact of the metaverse can be gauged by observing investor behaviour. KPMG’s survey of investors in the metaverse reveals widespread optimism. Ninety percent of people polled consider the metaverse to be the internet’s next evolutionary step, and they foresee a future in which it plays an increasingly important role in professional communication, education, and training. Over the next five years, investments in the metaverse are projected to grow from their current 45 percent of venture capital and institutional investor assets.

Seventy-three percent of those we surveyed are concerned about how DEI issues will be addressed, despite their keen interest in the metaverse. Investors were asked what they thought were the most important factors for fostering diversity in the metaverse, and they cited easy access to low-cost technologies, the ability to create avatars that accurately represent a wide range of identities, and effective governance through encoded rules and social norms.

In addition, investors are allocating resources to promote inclusiveness in the metaverse. For instance, in 2018, Ready Player One raised $56 million. The service provides users with a unified identity across the metaverse by means of interoperable avatars. The company has launched a programme to solicit user feedback on the various aspects of avatar customization that are in the works, including gender-neutral body types, diverse body shapes, and age presets.

The principles of DEI are woven into the very fabric of contemporary life, and businesses have spent years rectifying wrongs and retrofitting DEI strategies across their digital properties. Both monetary and public relations losses have been substantial. Now fast-forward to the present day, and you’ll see that the metaverse provides a once-in-a-lifetime chance to re-establish DEI. Since the metaverse, the internet’s next iteration, is currently being developed, businesses have the unique opportunity to design with universal accessibility and inclusiveness in mind from the outset.