The metaverse is a term coined by Neal Stephenson in his 1992 book Snow Crash. It can be seen as a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space.
The term is used to describe a hypothetical shared universe which would exist in both the physical world and in cyberspace. The word ""metaverse"" was originally coined to refer to the idea of an Internet-based virtual reality but has since been used for other types of virtual universes that are not necessarily connected to the Internet.
Metaverse: A Virtual Space
A metaverse is a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space. It can be seen as a combination of augmented reality, artificial intelligence, computer-generated graphics, and data from many sources including geographic information systems (GIS)satellite imagery, live video feeds from security cameras or mobile phones, radio frequency identification (RFID) tags and sensors on objects such as clothes or equipment.
Infographics by GO Globe
NFTs (Non-Fungible Tokens) are used to represent a variety of items in the metaverse. NFTs have a value tied to them and can be traded with other users. Metaverse is set to revolutionize the ways of doing business by creating an open platform where people can create their own avatars and own properties.
The Metaverse is the next stage of the internet and will allow businesses to create their own virtual world where they can interact with customers. The metaverse is currently in its infancy, but experts are estimating it will take off in coming years. There are many different ways to enter the metaverse, with some of the most popular being social media platforms, 3D animations, virtual reality and augmented reality.
| Overview |
The market size of the metaverse is over $38.5 billion.
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By 2030, the global metaverse market will be worth $1.607 trillion, growing at a rate of 43.3%.
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Web 3.0 metaverse virtual worlds have over 50,000 all-time users
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53% of companies investing in the metaverse invest in cryptocurrencies.
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There are over 470 million metaverse monthly active users.
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Roblox is the biggest virtual world in the metaverse with 200 million monthly active users.
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Roblox accumulated over 11.8 billion hours worth of user engagement in Q1 2022.
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51% of the metaverse userbase is 13 or younger.
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10.7 million players saw Marshmello perform live in a Fortnite concert.
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There are more than 5,000 apps available for SteamVR
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| Metaverse versus Web 3.0 | Metaverse is a virtual world | |
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Web 3.0 is the next step forward from Web 2.0
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- Web 2.0 is a centralized internet controlled by industry giants like Google, Facebook
i.e Fortnite |
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- Web 3.0 will bring forth decentralized, user-owned, and controlled internet assets
i.e Decentraland |
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| Tech and Devices |
VR gear sales are estimated to generate around 10 billion dollars in revenue in coming years
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Global shipments for AR/VR devices in 2024 will reach 76.7 million
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By 2024, there will be over 34 million VR headsets installations worldwide.
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The number of mobile AR users is going to increase by 1.5 billion, from 200 million in 2015 to 1.7 billion by 2024.
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Mobile AR market will be worth over $26 billion in 2025
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Oculus VR is the most popular virtual reality headset on the market.
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Importance of Metaverse in the E-Commerce Sector
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Immersive shopping experince with virtual stores | |
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Interactive online shopping in the social virtual enviroment, to interact with other csutomers & friends
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Consumer ability to create their virtual metaverse shopping mall and select items
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| Provides secure transaction platform | ||
| Provides a worldwide reach | ||
| Personal shopping experience | ||
| enables to create virtual worlds for branding | ||
| 30% of companies will have products or services to sell in the virtual worlds | ||
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Brands in Metaverse
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Gucci | |
| Balenciaga | ||
| Nike | ||
| Louis Vuitton | ||
| Disney | ||
| Coca-Cola | ||
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Events and Shows
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10.7 million people have attended Fortnite concerts | |
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A digital Gucci bag was sold for more than $4,100, outbidding the item's actual price in real life.
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| On Roblox, 33 million people saw Lil Nas X's show. | ||
| 45.8 million people saw Travis Scott's Astronomical show. | ||
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Why Users are Joining Metaverse
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52% of people would join the metaverse for job opportunities (networking, digital workspaces, etc.)
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| 48% for entertainment and art (live virtual concerts, exhibitions, movies) | ||
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44% for investment opportunities (crypto investing, staking, NFT trading, etc.)
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| 40% for education (online courses, virtual classes) | ||
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29% for gaming (playing games with friends in the metaverse, competitive tournaments, etc.)
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Metverse Development & spending
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Over 160 companies are actively working on developing a metaverse | |
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Meta’s Reality Labs division invested over $10 billion in 2021, and they expect to invest even more.
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| Sony invested $200 million into Epic’s metaverse | ||
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Microsoft bought Activision Blizzard for $68.7 billion to enter the metaverse
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Hiro Capital created a €300 million metaverse technology fund to invest in smaller projects in Europe
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| $1.8 billion of crypto fundraising went to the Web 3.0 & NFT sector | ||
