Metaverse Market Booms Exponentially as The Technology Engulfs Almost Every Sector – Report by Market Research Future (MRFR)
Metaverse: A Technological Revolution To Look Forward To
During the pandemic, social media and the internet helped us get in touch with our friends and family during the moments of extreme quarantine. But was it enough? Even though it was possible to see and talk to people, it still felt impersonal and distant. And even though we could get everything at home, the need to go out and explore was still there. That’s where the rise of the metaverse took place. With the rapid technological evolution, the MRFR analysis report anticipates the metaverse market to flourish at a healthy CAGR of over 45.2% during the review timeframe. The report further predicts the market will acquire approximately USD 105,597.5 million by the end of 2030.
If you must ask what the metaverse is, here’s the answer. It is barely a brand-new concept, but the headlines it is making with the speed with which it is gaining popularity is commendable. And its actual meaning is changing daily as more recognizable businesses and brands integrate it into their long-term plans. Even though all celebrities to global brands such as Nike have gotten involved, Facebook is accountable for setting the metaverse buzz in motion. The firm, a forerunner in social media, recently went through a significant rebrand. It is now known as Meta, and the company has announced its plans to make substantial moves in the metaverse world in the years to come. This all again implores the question: what exactly is the metaverse?
The answer is a little complicated and something everyone already knows without even realizing it. Social media, online shopping, video games, and the internet all rolled into one. To give a proper definition, a metaverse is a virtual world in which users, digital platforms, and businesses can exist and interact. It involves everything from virtual gaming and social platforms to NFTs, a.k.a. non-fungible tokens.
The metaverse refers to a long-time science-fiction dream brought to reality. Films like Ready Player One and Tron have long imagined digital worlds that hold just as much power as real ones. The metaverse concept is just that — a digital world available via virtual reality headsets, occupied by real people and full of endless possibilities.
It may seem like a new idea, but the concept of a multi-platform digital world has been there for years. The world has already witnessed it take form in everything from social media to video games. From Runescape and World of Warcraft to MySpace, the initial editions of the metaverse have been a segment of our world for quite a while. The 2020s metaverse merely develops these ideas and takes them to the next level.
The Story Of Facebook Turning Into Meta
Mark Zuckerberg, the CEO, announced, in October 2021, the rebranding of social media titan Facebook to Meta. Facebook has remained Facebook. It’s the parent company that changed its name to Meta. The reason is straightforward. Zuckerberg said they are mainly moving from being Facebook as a company to being metaverse first. Meta has now flowed billions into building out the metaverse. The company plans to integrate every corner of the metaverse into its plans. Cryptocurrency, NFTs, and Oculus are part of the company’s long-term vision. It is too soon to tell the fruits of their efforts, but with the money and time they’re investing already, it won’t be long before we do.
What’s Possible In The Metaverse?
Apart from the high-level definitions, let’s get to know some particular activities you can already perform in the metaverse.
- Network: Meta’s metaverse will be a social platform foremost and first. After all, it was the first ever that made everyone use virtual “reality” by natural means. Of course, this relates to NFT purchases and crypto exchanges, but it also includes socializing in a more classic sense.
- Investments and businesses: Unless you’ve been completely isolated from society for the past two years, you’ve possibly heard the terms “cryptocurrency” and “NFT.” Both are vital building blocks in the metaverse and fantastic examples for businesses and users to invest in the platform.
- Shop: It is now possible to utilize cryptocurrency to buy about anything in real life. Heck, Eric Adams, the mayor of New York City, even received his first paycheck in Ethereum and Bitcoin. So in that sense of that area of the metaverse, the shopping possibilities are unending.
The pace with which metaverse is gaining attraction is simply marvelous. The players across the global market are making massive investments in research & development activities to launch innovative technologies. For example, play-to-earn gaming startup Atmos Labs, in June 2022, announced funding of USD11 million to boost the development of its sports metaverse. The firm announced its plans to develop blockchain-backed sports-themed games, including parameters of collectible NFTs, cryptocurrency, and virtual reality. NFT-centered investment company Sfermion preceded Atmos’s seed funding round that also involved investments from companies such as CoinGecko Ventures and Animoca Brands.
Humans have been manipulating the way we have known our universe for thousands of years, NVIDIA’s Lebaredian points out. For example, we have been managing our senses to build virtual realities via literature, art, and music for millennia. Next, add the ability to collaborate and Interactivity, he says. Mixed-reality devices like Microsoft’s Hololens, head-mounted displays like the Oculus Quest, and better screens are all steps toward fuller concentration. The metaverse concept is basically how we can distribute those experiences more evenly. It guarantees to weave humans, robots, and AI together in extraordinary new worlds.