The global metaverse market is projected to grow massively, reaching $322 billion by 2030, according to a report by ResearchAndMarkets.
Massive growth potential
According to ResearchAndMarkets’ latest report, the metaverse market was valued at around $42.05 billion during the 2021 bull market. However, the report notes that this figure is expected to grow to $322 billion in the next seven years.
The growth will happen due to the current increase in demand for immersive experiences, the rapidly growing blockchain gaming industry, and the continuous increase in blockchain adoption, ResearchAndMarkets suggests.
Segmenting the metaverse market
The global metaverse market is categorized based on type (mobile and desktop metaverses), technology (blockchain, virtual reality (VR), augmented reality (AR), and mixed reality), application (gaming, online shopping, content creation, social media, etc.), and region in the report.
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It further notes that the increasing demand for immersive and engaging experiences is a major driver of the development of the metaverse.
As people seek new ways to interact with digital environments and each other, the metaverse provides a platform to fulfill these desires. Notably, the gaming industry plays a significant role in propelling the metaverse market forward.
Technical hurdles and regulatory uncertainty
Despite the metaverse’s potential, the researchers have made it clear that several challenges must be addressed. Technical obstacles such as data storage, bandwidth, and computing power are crucial hurdles requiring substantial infrastructure and technology investment.
Additionally, the metaverse operates in an unregulated space, creating uncertainties for companies aiming to develop and deploy products and services. Regulatory clarity and guidelines are needed to foster innovation and encourage further investment in the metaverse market.
The metaverse market is still attracting significant investments from venture capitalists and other investors, fueling the development of new products and services within the virtual world, despite the current market conditions.
Various real-world companies have recognized the potential of the metaverse and are actively exploring its possibilities. Hong Kong-based venture capital and software developer company Animoca Brands Corp, for instance, recently completed a funding round for metaverse projects, raising $1 billion.
In September 2022, Walmart Inc. established immersive metaverse experiences on Roblox, introducing Walmart Land and Walmart’s Universe to Play, engaging customers in interactive virtual space.
FIFA, the worldwide soccer authority, is stepping into the futuristic world of the metaverse. As part of its “WE ARE” initiative, FIFA has recently submitted trademark applications related to this digital realm. Showing their growing fascination with virtual reality (VR), the Federation Internationale de Football Association (FIFA) has sought trademarks in nine new categories.
Metaverse project rankings
Cryptocurrencies play a crucial role in the metaverse ecosystem. According to CoinGecko, the top five metaverse crypto projects by market capitalization include internet computer (ICP) with 1,802,920,767, The sandbox (SAND) with $779,364,602, render (RNDR) with $722,932,538, decentraland (MANA) with $711,773,440, and axie infinity (AXS) with $675,653,244 in market capitalization, with the global metaverse market cap reaching $6.83 billion at the time of writing.
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