Hailed as the most significant digital invention since the internet, the Metaverse continues to evolve with an increasing user base.
The digital universe, whose development we are witnessing, is attracting significant interest from both brands and users in our country. The current economic scope of this universe and its future potential are subjects of great curiosity.
Questions arise: What exists beyond gaming in the Metaverse? How rapidly is this digital universe expanding?
What is the current transaction volume of Metaverse real estate, which has been purchased with high expectations? And what does the future hold for the Metaverse economy? For insights into these and more, Ajans Digital Pen offers comprehensive answers.
The world of the Metaverse is far beyond the “game”
In the report titled “Metaverse and Money, Decrypting the Future,” published by the US-based Citigroup, it is forecasted that the Metaverse economy could reach a staggering $8 to $13 trillion by 2030.
This report also predicts that approximately 5 billion active users will be engaged in the Metaverse universes.
Furthermore, the report suggests that the scope of the Metaverse will extend beyond gaming. It is expected to encompass diverse fields such as art, media, advertising, commerce, and health, indicating a wide-ranging impact on various aspects of society and economy.
The projected growth in 2022 is 20 percent
In a report published by Technavio in August 2022, the Metaverse economy is forecasted to achieve a market value of $50.37 billion by 2026. Titled “Metaverse Market in Finance by Component and Geography – Forecast and Analysis 2022-2026,” the report analyzes the impact of the Metaverse concept across various geographical regions, examining both hardware and software perspectives. The anticipated growth rate for the Metaverse sector this year is indicated as 20.11 percent, reflecting significant expansion in this emerging digital domain.
Metaverse economy exceeds $21 billion
The Metaverse, seen as a significant investment opportunity by many users, has gained substantial economic momentum through investments from major brands such as Facebook, McDonald’s, Disney, and Gucci.
As of now, the value of today’s Metaverse economy has surged to over $21 billion. Experts predict that its total valuation could escalate to around $800 billion within the next two years, showcasing the rapid growth and potential of this digital landscape.
Real estate transactions crashed in Metaverse!
Data from The Information indicates that the average price per parcel of virtual lands in Metaverse projects has seen a significant decrease, declining by more than 66 percent in the first half of 2022. Additionally, the report highlights a downturn in the monthly transaction volumes of real estates across six major Metaverse platforms. This decline in activity is notable, with transaction volumes experiencing a 90 percent drop over the past six months. These figures suggest a cooling in the previously booming Metaverse real estate market.
“The future will bring opportunities”
The Metaverse, hailed as a pivotal digital invention post-internet era and promising a more liberated environment with Web 3.0, has seen rapid development in a relatively short period. However, recent reports indicate a downturn in transaction volumes and a decrease in the value of parcels across six major Metaverse platforms.
It is anticipated that the Metaverse economy will regain momentum with the introduction of Horizon World, which Facebook has released in beta in the USA and Canada. Moreover, as the first communication agency in the Metaverse universe continues to evolve, significant transformations in the communication sector are expected.
Particularly, the collaboration between marketing and IT teams is likely to intensify, leading these two distinct disciplines to become increasingly interconnected in the future. The Metaverse economy is undeniably projected to attain high market values in the coming years.
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