Ever since Facebook rebranded itself as Meta, the metaverse has emerged as one of the trending technology platforms. It is attracting business leaders and social networks as well as online game makers to step in and make their presence felt.
The metaverse was estimated to be worth about USD 38.85 billion in 2021. According to a market analysis report by Grand View Research, the global metaverse market size is expected to expand at a CAGR of 39.4% from 20222 to 2030, with a revenue forecast of $678.8 billion. The report highlighted the metaverse to be a fast-growing trend that can be used for various applications such as social interaction, content creation and online virtual shopping etc.
The metaverse has the potential market opportunity estimated at more than USD 1 trillion in yearly revenues. The report noted a number of end-user players, mainly Nike Inc, Atari Inc, Walmart, Adidas, and Hulu entering the metaverse in different ways. Grand View Research says the use of the virtual space to buy digital assets using cryptocurrency is gaining traction. The firm described the emergence of the metaverse as fresh online settings wherein people’s interactions are highly multidimensional. The users can participate more meaningfully with digital content than just reading or browsing information.
The report pointed out that investors can make money by selling metaverse coins and non-fungible tokens directly to the buyers. It noted the vastly increased access to the marketplace for consumers in emerging and frontier economies as a promising prospect of the metaverse. The report noted that it could be possible through the metaverse for workers from low-income countries to find work in western corporations without emigrating.
Grand View Research highlighted that the metaverse can modify nearly everything from client meetings, commercials, customer service to product demos, trade exhibitions, and governance.