We become the internet in the Metaverse. Generative AI will only accelerate the creation of the Metaverse.
As technology rapidly evolves, it is important to remove the boundaries of current state-of-the-art limitations and focus on the metaverse concept that is yet to be formed. This is why there is no exact definition of the metaverse but a description of how we can improve the world through its components development and ecosystem formation.
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What does the metaverse consist of?
The metaverse is currently comprised of four core building blocks - content and experiences, platforms, infrastructure and hardware and enablers - which users interact with through a range of devices, such as smartphones and laptops. Popular metaverse platforms include Decentraland, Fortnite, Minecraft, Roblox and The Sandbox. Spatial innovations are also being explored to further enhance user experience.
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“With the Metaverse, we are seeing a pattern similar to the adoption of mobile in the early 2000’s”
- Mark Forster, founder of Adello and Lab51 Inc and Chairman of the Metaverse taskforce at IAB Switzerland.
What are the driving factors of metaverse investments?
Interest in the metaverse is growing
Explore the Metaverse: Immersive, Customizable Spaces, Limitless Possibilities.
Of gamers have used the metaverse for non-gaming activities
Active users on the
different platforms
Did you know?
The companies like Nike, Gucci, Microsoft, and many others have already invested in the metaverse.
Booming interest has also made it difficult to separate hype from reality
We have been witnessing the cycle of technological innovation since the dawn of the internet. We have gone through periods of anticipation and hype over the potential of technology and its evolution. Though the first dot-com bust led to the demise of many companies, the internet remains a part of our everyday lives. It is a reminder that while some businesses may be lost, the internet is here to stay.
More than $120 billion has flowed into the metaverse space already in 2022
More than double the $57 million of 2021, as large technology companies, start-ups, and established brands invest increasingly large amounts of money in new technologies.
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Today
~$55 Million
Daily active users on Roblox
~$250 Million
Daily trading volume on NFT
~$500 Million
Metaverse real estate sales
+$10 Million
Invested in Meta for the metaverse development
Tomorrow
~ $5 trillion
The metaverse is slated to add to the global economy by 2030
~ $678.80 Billion
Metaverse’s global market value is expected to reach by 2030
~ $250 Billion
The global AR, VR, and MR market is expected to reach by 2028
~ 1.4 billion
The number of mobile AR users worldwide by 2032
The sectors leading metaverse adoption
The sectors leading metaverse adoption also plan to dedicate a significant share of their digital investment budgets to the metaverse with energy (18%); automotive, machinery, and assembly (17%); high tech (17%); tourism (15%); and media and entertainment (15%) among those leading the charge in terms of allocating a share of the digital budget to metaverse related activity over the next three to five years.
How is consumer and business behavior evolving?
of consumers are excited about the transition of everyday activities to the metaverse
prefer virtual work meetings over ones in person
of consumers who have experienced the metaverse, our survey found 80% appreciate shared virtual experiences with friends and family
of those using the metaverse had engaged with one or more branded virtual experiences, indicating the opportunity for companies to pursue those efforts
Did you know?
As the metaverse continues to expand, consumer spending on digital assets related to it will increase. Those using the metaverse are seeking a range of features, including content creation, corporate strategy, and cybersecurity.
How significant could the metaverse’s impact be?
Real business ventures within the virtual world of the metaverse are proving to be promising, with brands receiving highly positive feedback from their experiments. This suggests enormous economic potential for the metaverse.
The metaverse is also emerging as the biggest new growth opportunity for several industries in the coming decade
Fashion
Metaverse provides a digital platform to bring together the latest trends and styles from around the world, offering an interactive and engaging experience for users.
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Fintech
By leveraging the power of Metaverse, financial firms can gain real-time insights and make informed decisions, enabling them to better serve their customers.
Consumer packaged goods
Unlocking the power of virtual reality with Metaverse's immersive experiences makes packaging services more captivating and accessible.
Retail
Experience real-time insights and reach more customers with the power of Metaverse in retail.
Technology
With Metaverse, technology is transformed into a catalyst for social connection, collaboration, and creativity.
Gaming
With Metaverse, gamers can explore an ever-evolving gaming universe with endless possibilities.
Education
The metaverse combines physical and digital elements, allowing for interactive learning in a 3D space. Its benefits for education include enhanced engagement, access to resources, customized learning, overcoming physical limitations, and socialization. It has the potential to transform education and foster collaboration, creativity, and innovation.
E-Commerce
The metaverse offers a new platform for e-commerce businesses to connect with their customers in a more immersive and engaging way. With virtual storefronts and product displays, customers can browse and purchase products in a more interactive and personalized environment. Additionally, the metaverse can provide opportunities for businesses to experiment with new business models and revenue streams.
Marketing/Advertising
The metaverse offers new opportunities for marketing and advertising, allowing for more immersive and interactive campaigns that can better engage and target audiences. With the ability to create unique and customizable experiences, businesses can create more memorable and effective advertising campaigns.
Sport
The metaverse offers a plethora of innovative sport opportunities, ranging from virtual reality competitions and esports tournaments to immersive fitness experiences and interactive fan engagement, transcending physical limitations and connecting athletes and enthusiasts worldwide.