he metaverse technology is the next big platform that has managed to attract social networks, online game makers, and various technology leaders all around the world. Social, shared, virtual, persistent 3D worlds, this technology is the convergence of the digital and physical realms within the next evolution of not only the internet but social networks as well, with the use of real-time 3D software. Metaverse Market Size to reach USD 105,597.5 million, growing at a compound annual growth rate of 45.2% by 2030.
Metaverse offers an opportunity to the top online social media and entertainment companies to leverage the emerging revenue streams. With video game developers working on elevating the existing titles into the 3D online space that are similar to social networks, their business opportunity will rise to encapsulate live entertainment including sports events and concerts and also trying to capture a share of the social-media advertising space.
Metaverse is a virtual world where the users can go to work, shop, experience virtual trips, play games, establish communities, and also host numerous activities. Modern technologies including 5G should accelerate the power and speed needed for the digital worlds to carry on, which would encourage metaverse market growth.
Market USP Exclusively Encompassed:
Market Drivers
The massive popularity of NFTs (non-fungible tokens), 3D avatars, immersive gaming and cryptocurrencies will create lucrative opportunities for the leading firms in the metaverse industry. To illustrate, Roblox lets anyone form their own worlds within its extensive metaverse space as an online gaming platform as well as game creation system. Sony Music, Hot Wheels and Nerf are some of the brands that are Roblox’s partners and are creating their own immersive worlds that helps them elevate customer engagement. Microsoft, Facebook, Google and Zoom are making significant investments in the development of the metaverse technology.
The surging emphasis on the integration of the physical and digital worlds using the internet, combined with the increasing traction of mixed reality, should foster the metaverse market size. Various businesses across North America are extensively using advanced 3D simulation, augmented reality and virtual reality to enhance their operations. Technologies like 5G, AI and Extended Reality will be making the metaverse technology futuristic, from business intelligence standpoint.
What are the Primary Applications of Metaverse?
The metaverse technology has a series of significant applications, some of which are online shopping, gaming, social media, content creation, and more.
Metaverse Applications in Online Shopping
Metaverse in the e-commerce sector has been a major hit. The technology’s adoption continues to mount, ushering in new advanced features that integrate online shopping with offline shopping. The huge demand for the augmented reality technology enables the consumers to be completely assured of the fit and quality of the product before purchasing. This allows the shoppers to have a convenient experience while helping the merchants to enhance their returns and expand their customer base.
Product discovery as well as personalization are fostered by the metaverse technology as well, as it allows the brands to provide the shoppers a personalized digital experience. Metaverse facilitates a seamless shopping experience, making it easier for the shoppers to get what they want exactly, and when exactly they want it. Unlike the limitations associated with digital shopping experiences, metaverse will allow the companies to customize the customer’s shopping experience to enhance their presence in the market.
Metaverse Applications in Gaming
One of the major sectors using Metaverse is gaming, with people engaging in a highly competitive game arena. The gamers are able to have an immersive experience without requiring a flat screen, and can adapt as per their environment. It is a world where the user can connect, study, earn money, work, and even go to concerts virtually. Metaverse makes it even easier to attend online concerts, play games and business meetings within the virtual environment, which is an extension of the external reality.
Metaverse helps in captivating a large number of users, giving them the impression of reality without actually being there. Replacing a two-dimensional screen, metaverse helps gather numerous possibilities to a higher level by immersing the gamers in a three-dimensional environment. In the three-dimensional environment, games are able to interact on a personal level with numerous elements surrounding them. It remains one of the best techniques to produce augmented reality while gaming, play-to-earn gaming with NFTs trading and minting, live game streaming, and value exchange with the use of crypto that includes a higher connection with the world.
Recent Developments in Metaverse Technology
March 2022:
HTC, the Taiwanese consumer electronics firm is working on launching a metaverse-centred smartphone called Viverse in April 2022. Viverse offers a seamless experience, is reachable on any type of device and offers high-speed connectivity, augmented and virtual reality, blockchain and AI technologies that the brand has invested in for numerous years.
March 2022:
TerraZero Technologies Inc., a reputed vertically integrated Metaverse technology firm has acquired a substantial estate in Decentraland for building the premiere entertainment spot in the Metaverse. The company claims that this spot will include immersive experiences such as film screenings, shopping, virtual concerts, educational and cultural experiences.
Metaverse Market Trends
Metaverse can be described as a digital entity that allows the user to interact and connect with three-dimensional items in virtual reality. Using virtual reality headsets, metaverse allows the users to interact with other objects and users within the virtual space.
Meanwhile, web 3.0 is primarily the evolution of all the key approaches via which users are able to manage and control the digital assets along with online identities. With web 3.0, the users are able to create their choice of content in addition to monetizing and controlling that content. As a result, web 3.0 is for the next generation or the next stage of the internet that allows the users to exercise their ownership over whatever they create.
Metaverse Market Trends
Decentralised government, digital identity and remote labour are the significant aspects of metaverse. The emergence of networked virtual reality headsets as well as glasses could potentially make virtual reality highly multidimensional, facilitating users’ movement to explore all the 3D settings. Social networking, gaming, job training and education are the major examples of metaverse’s real-world use-cases.
In several ways, artificial intelligence has emerged as one of the top metaverse market trends. The AI technology will allow the creation of various metaverse elements such as landscapes, people, character routines, buildings, and various assets. Augmented reality, machine learning, virtual reality, artificial intelligence and blockchain technology all form the Metaverse and are the major trends. Metaverse is permeating everyday life in numerous ways that games cannot, introducing methods to purchase services and goods, connect with family and friends, and work with coworkers.
Metaverse Crypto Coins
Decentraland
Decentraland is the leading crypto coin in metaverse that is developed on Ethereum blockchain’s top and offers users an immersive virtual gaming experience. Users are able to customize and create their characters, have conversations with other users, and even explore the burgeoning Decentraland world.
Axie Infinity
Axie Infinity is a major Metaverse crypto coin used for play-to-earn gaming. The play-to-earn games allow the users to receive rewards after the completion of certain tasks including reaching a particular level. The coin incentivizes the user for engaging with the wide Axie Infinity ecosystem as well.
The Sandbox
The Sandbox enables the users to earn, trade and build in-game items. Similar to Decentraland, it includes the capacity to purchase virtual land and develop real estate. The real estate can then be sold in the open market.
Ethereum
Ethereum is the top smart contract blockchain in the world, a vital technology that enables the virtual Metaverse worlds to operate in a secure and decentralized manner.
Web 3.0 Market Status Quo
The Web 3.0 Market Size shall continue to soar at a healthy rate in the next few years, as the technology has become the new hot spot worldwide. Web 3.0 allows the developers as well as users to make use of the decentralized blockchain technology. In short, the decentralized blockchain technology helps promote Web 3.0, social media platforms, search engines, markets, and more.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
