Metaverse Market is estimated to be US$ 947.118 billion by 2030 with a CAGR of 38.8% during the forecast period

 

Virtual reality (VR), augmented reality (AR), and NFT-savvy firms have a plethora of lucrative prospects in the metaverse. Many of these virtual worlds are supported by blockchain technology similar to that which powers cryptocurrencies and NFTs, allowing users to exchange virtual assets. Because of the NFT boom and Mark Zuckerberg's recent endorsement, Metaverse Market has also gotten a lot of attention in recent months. NFTs worth USD 2.1 billion have been traded globally, according to Nonfungible.com. Other well-known brands, such as Adidas, which appears to be functioning on its own NFTs, are also looking to create waves in the metaverse. A cryptocurrency is the metaverse's currency, and each metaverse has its own collection of coins. They're used to paying for NFTs, virtual real estate, and avatar shoes. Cryptocurrencies are utilised to bridge the gap between the real and virtual worlds. They enable us to calculate the value of digital assets in terms of government-issued currency, as well as their returns over time. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse refers to the creation of new online environments in which people's interactions are more multidimensional and they can engage more meaningfully with digital information rather than traditional media.

Region Analysis:

North America is expected to account for the greatest revenue share in 2021 due to the increasing clients and users adopting new and more complex technologies. Another factor expected to boost the regional market revenue growth is the growing number of start-ups working on the construction of metaverse platforms for commercialization. Furthermore, the region's strong presence of gaming and metaverse enterprises such as The Sandbox, Nvidia Corporation, and Epic Games, Inc., which focus on embedding metaverse into games, is driving market growth. For example, Nvidia Corporation announced agreements with Blender and Adobe that will expand the reach of NVIDIA Omniverse, the world's first collaboration and simulation platform, to millions of people.

Key Highlights:

  • TaleCraft Majuro announced the launch of their medieval-themed NFT gaming metaverse on November 11th, 2021. Gamers can use the mediaeval game settings and constructed NFTs for gaming. TaleCraft's new grounds, where users can create their own cards rather than minting pre-produced cards and NFTs from gaming developers. In Tale Make's gaming, there are approximately 150 Alchemist cards that will be utilised to craft NFTs. The difficulty and rarity of the card's manufacture determine the level of each card. The game metaverse also has cross-chain capabilities and a marketplace where users can sell their handcrafted NFTs.
  • The Sandbox announced a partnership with Warner Music Group in January 2022 to develop The Sandbox metaverse's first music-themed realm. With this agreement, Warner Music Group (WMG) will take its first steps into the metaverse and NFT sector.
  • Tencent Holdings, Ltd established a partnership with The Asian Institute of Digital Finance in November 2021. To boost Asia's fintech industry, the corporations will collaborate in the areas of education, research, and entrepreneurship.
  • Epic Games, Inc purchased Harmonix Music Systems, Inc in November 2021. The Harmonix team will collaborate closely with Epic Games, Inc to build musical adventures and gameplay for Fortnite while continuing to support existing products such as Rock Band 4.

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Key Market Insights from the report:

Global Metaverse Market accounted for US$ 36.58 billion in 2020 and is estimated to be US$ 947.118 billion by 2030 and is anticipated to register a CAGR of 38.80%.The Global Metaverse Market report segments the market on the basis of component, device, technology, application and region.

  • Based on Component, Global Metaverse Market is segmented into Hardware, Software/Platform, and Services.
  • Based on Device, Global Metaverse Market is segmented into Desktop, Mobile, Console and Others.  
  • Based on Technology, Global Metaverse Market is segmented into Blockchain, Virtual Reality (VR) & Augmented Reality (AR) and Mixed Reality (MR). 
  • Based on Application, Global Metaverse Market is segmented into Online Shopping, Gaming, Social Media, Content Creation Conference and Others. 
  • By Region, the Global Metaverse Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Global Metaverse Market:

The key players operating in the Global Metaverse Market includes Unity Technologies Inc., Lilith Games, Roblox Corporation, Facebook, Tencent Holdings Ltd., ByteDance, NetEase, ZQGame, Nextech AR Solution Cop., Nvidia Corporation and others.

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