The global metaverse market is forecasted to experience substantial growth, reaching a value of $322 billion by 2030, as indicated in a report by ResearchAndMarkets.
A significant surge in demand for immersive experiences, the rapid expansion of the blockchain gaming sector, and the continuous adoption of blockchain technology are expected to drive this growth, according to ResearchAndMarkets.
The report segments the metaverse market based on type (mobile and desktop metaverses), technology (blockchain, virtual reality (VR), augmented reality (AR), and mixed reality), application (gaming, online shopping, content creation, social media, etc.), and region.
The increasing desire for immersive and interactive experiences is identified as a major factor fueling the development of the metaverse. The gaming industry, in particular, is playing a crucial role in advancing the metaverse market.
Despite its potential, the metaverse faces several challenges that need to be addressed. Technical hurdles such as data storage, bandwidth, and computing power require significant infrastructure and technology investments. Moreover, the lack of regulations in this space creates uncertainties for companies looking to innovate and invest in the metaverse market.
Venture capitalists and other investors are showing keen interest in the metaverse market, driving the development of new products and services within the virtual world. Real-world companies like Animoca Brands Corp and Walmart Inc. have recognized the potential of the metaverse and are actively exploring opportunities in this space.
FIFA has also made strides into the metaverse by submitting trademark applications related to this digital realm as part of its “WE ARE” initiative, showcasing a growing interest in virtual reality (VR).
Cryptocurrencies play a vital role in the metaverse ecosystem, with projects like internet computer (ICP), The sandbox (SAND), render (RNDR), decentraland (MANA), and axie infinity (AXS) leading the way in market capitalization. The global metaverse market cap is currently at $6.83 billion, according to CoinGecko.
For more information on the metaverse and blockchain’s impact on the North American digital gaming markets, continue following us on Google News.