Home / Improvements to teams in the metaverse will include things like 3D avatars and other metaverse-friendly features.

Improvements to teams in the metaverse will include things like 3D avatars and other metaverse-friendly features.

Tech  
28th September 2022

In 2020, the global metaverse market was valued at $48.12 billion, and it is expected to increase at a CAGR of 44.1% between 2020 and 2025. Demand for virtual assets, use of Non-Fungible Tokens (NFTs) for trading digital assets, focus on developing metaverse platforms by tech behemoths, and the rapid development of Decentralized Finance (Defi) applications are all expected to continue to drive market revenue growth over the forecast period.

Real land, structures, and even custom-made avatars can all be bought and sold with digital currency in a highly fluid virtual environment called the "metaverse." People in the metaverse can visit many famous locations, make new acquaintances, build up virtual assets, conduct virtual business, and engage in a wide variety of virtual activities. Due to the COVID-19 pandemic and subsequent lockdowns, remote working and Work From Home (WFH) became increasingly popular. This allowed more people to engage with the concept of the metaverse as they experimented with different online virtual environments for entertainment, commerce, and other purposes. The metaverse is seen as the next frontier by many of the world's leading technology businesses.

The concept or idea of the "metaverse" gained traction after Facebook, Inc. announced that the firm would change its name to Meta Platforms Inc., or simply "Meta," starting immediately. The company's main focus would be developing the so-called "metaverse" of virtual environments. It's used extensively as a real-time virtual setting to generate and capitalize on numerous brand connection chances.


Here Are the Report's Most Important Findings:

Facebook, Inc., Tencent Holdings Ltd., ByteDance Ltd., NetEase, Inc., Nvidia Corporation, Epic Games, Inc., Unity Technologies, Inc., Roblox Corporation, Lilith Games, and Nextech AR Solutions Corp. are just a few of the important players profiled in the global market study.

Implications of COVID-19

Despite the industry's rapid growth over the past few years, demand spiked quickly in the wake of the COVID-19 pandemic. Over ninety-two percent of those polled in April 2022 by J. Clement agreed that the worldwide COVID-19 epidemic accelerated the growth of the metaverse and related technologies. Even after the number of COVID-19 instances began to diminish in late 2021, the demand for metaverse platforms remained high due to the surge in work-from-home culture and social isolation norms brought on by the lockdowns. Many companies saw this as an opportunity to expand their reach by offering their wares in the metaverse.

A motivating factor is the expanding use of NFTs for the exchange of digital assets.

NFTs are a subset of virtual assets that represent data such as digital photos, videos, or game assets that are owned by blockchain users. NFTs can now be collected and traded like any other kind of digital capital. Some people value them for their cultural significance, while others treat them as investment opportunities. Businesses are turning to NFTs and virtual goods to attract a younger audience and grow their customer base. Warner Bros. Fox, Lionsgate, Dolphin, and ViacomCBS are just a few of the well-known entertainment companies exploring the potential of NFTs.

Professional wrestling and MMA promotion companies like WWE and UFC are also entering the NFT industry. New developments in Defi applications, along with the proliferation of enterprises providing virtual currency financial services, will soon drive market revenue expansion. The vast majority of these firms are dedicated to developing Defi apps that make use of blockchain technology. These kinds of digital financial ecosystems will be the backbone upon which the operations and transactions of the metaverse are built.

Perspectives from the System (Revenue, USD Billion; 2018-2028)

Outlook, Desktop Version, Mobile (Revenue, USD Billion; 2018-2028)

  • Instruments for Making Software Assets
  • Computerized Languages
  • Hardware
  • Reality Simulation (VR) Glasses and Virtual Reality Headsets (AR) Headsets
  • Exhibit Virtual Reality (XR) Hardware
  • Sensors, Haptic Technology, and Omni-Training Treadmills
  • Toward a Future of Smart Glasses (Revenue, USD Billion; 2018-2028)

The Future of Blockchain-Based Virtual, Extended, and Mixed Reality Services (Revenue, USD Billion; 2018-2028)

Future of Financial Services Technology in the Era of Avatars (Revenue, USD Billion; 2018-2028)

Online Shopping Social Media Aircraft Upkeep and Maintenance Conference Content Creation
Possible Future Applications of a Virtual Runway (Revenue, USD Billion; 2018-2028)

Cultural Productions
Space and Military Hardware
Global Perspectives in the Fields of Fashion and Education (Revenue, USD Billion; 2018-2028)

  • America, North
  • East and South Pacific Regions of Europe
  • This is Latin America
  • Africa and the Middle East

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