The Metaverse will bring a 3D internet that merges our current world with augmented and virtual environments (AR and VR). At least, that’s what business magnates and engineers aim to do. In 2023, we anticipate the Metaverse to become increasingly popular due to the efforts of companies like Microsoft, Meta (formerly Facebook), Epic Games, and Nvidia.
Roughly half of all tech experts and corporate executives anticipate full functionality and immersive virtual experiences in the Metaverse by the year 2040. Half of the people believe that the Metaverse will only partially materialize.
Monthly metaverse users number over 470 million. This covers Web 3.0 crypto-based applications and Web 2.0 non-crypto virtual worlds like Roblox (210 million), Minecraft (140 million), and Fortnite (80 million). Web 3.0 numbers disagree.
The metaverse will reach 700 million individuals by the end of the decade, with South Korea having the highest penetration. Gaming is expected to dominate 2030 metaverse revenue.
Roblox has 230 million active players, followed by Minecraft, Fortnite, Zepeto, and Avakin Life. 1.73 billion will use mobile AR by 2024.
Key Metaverse Statistics & Facts in 2023
- About $38.5 billion is a fair estimate for the Metaverse industry.
- In 2020, the value of the metaverse market was $478.7 billion, and by 2024, that number is projected to rise to $800 billion.
- By 2030, the Metaverse may have contributed $5 trillion to the global economy.
- There are currently 400 million people using the Metaverse.
- Two-fifths of Internet users will spend at least an hour in the Metaverse by 2026, and a third of businesses will support the medium.
- Yearly projections indicate a 13.1% increase in the value of the metaverse market.
- An estimated 74% of all adults in the United States are already participating in or considering participating in the Metaverse.
- One hundred twenty-plus billion dollars will be invested in the Metaverse in 2022.
- In the Metaverse, 79% of consumers have made a purchase.
- There is a $14.8 trillion market for Web 2.0 metaverse businesses.
How Big is the Market for the Metaverse?
Multiple sources were found, each providing a different range of possible outcomes:
In 2021, the global metaverse market was valued at $38.85 billion, and by 2022, it is anticipated that this number will have increased to $47.48 billion.
According to a 2021 study, Grayscale, a crypto management firm, predicts that the Metaverse will generate $1 trillion in revenue (Grayscale).
On the other hand, some forecasts are less upbeat.
- According to Emergen Research, the global metaverse market value will hit $1,607 trillion by 2030, expanding at a compound annual growth rate (CAGR) of 43.3%.
- The Metaverse is expected to be a multitrillion-dollar industry shortly. Whether or not we do so quickly is the only open question. However, other analysts predict a shorter time frame, Emergen Research (Emergen Research).
Bloomberg predicts that by 2024, the market will be worth $783.3 billion.
Matthew Kanterman and Nathan Naidu, two Bloomberg industry analysts, drew on information from these sources: Bloomberg’s internal database; Newzoo; IDC; PWC; Statista; and Two Circles. They estimated a figure very close to $800 billion (Bloomberg).
In 2028, global revenue from the Metaverse is expected to reach $872.35 billion, according to a report by ReportsAndData.
According to reports and data, the market is expected to expand at a CAGR of over 40% (ReportsAndData).
According to Grand View Research, the value of the metaverse market will reach $678.8 billion by 2030.
To be more precise, Grand View Research issued a more conservative forecast in March 2022.
Consumers and Metaverse Users Worldwide
- It is estimated that 400 million people are currently logged into the Metaverse.
- Roblox, with its 230 million monthly active users, is by far the largest virtual Metaverse world, followed by Minecraft (165 million), Fortnite (85 million), Zepeto (two million), and Avakin Life (10 million).
- By 2024, 1.73 billion people will have used mobile augmented reality.
- Most Americans (74%) are either already active in the Metaverse or seriously considering doing so.
- Twenty-five per cent of people will spend at least one hour a day in the Metaverse by 2026.
- In 2022, 64 million people in the United States will use VR devices.
- From 2018 to 2022, VR adoption doubled.
- Five-nine per cent of all Metaverse users are male.
- A third (38%) of all metaverse users are under twenty.
- Virtual worlds on the Web 3.0 platform have 50,000 users.
Also Read: How Many Metaverse Projects are There
How Many People Want to Join a Metaverse?
- Most American adults, 74%, are thinking about creating a metaverse profile.
- Most Americans, according to a survey by NordVPN, are interested in or considering participating in a metaverse (NordVPN).
- Individuals in the Metaverse tend to associate with those with similar interests and values.
Despite concerns about the safety of online social interactions, researchers found that making friends in virtual spaces is similar to offline settings. In the real world, people tend to select the same characteristics they value online (Forbes).
The Metaverse Platforms
There are many virtual universes, but seven major stocks are expected by 2023. More than 160 companies are working on the Metaverse right now. Most large corporations are investing in the Metaverse in some way. The potential for companies to succeed in the AR/VR industries is practically limitless.
- The developer of the smash hit Fortnite; Epic Games, has raised $1 billion.
- Meta is developing virtual reality’s technological and social infrastructure (or “metaverse”).
- To the tune of $300 million, Niantic, the company behind Pokemon Go, has recently benefited.
- Microsoft spent $67.8 billion on Activision Blizzard to enter the video game industry.
- In 2017, Decentraland made its first virtual property sale for $2,400,000.
- According to the report, many multinational corporations see the Metaverse as an exciting new opportunity to forge a closer, more imaginative bond with their clientele and discover novel avenues of revenue generation. Organizations, large and small, have figured out ways to participate, with some taking novel approaches.
As many as 19 million Roblox users visited Gucci’s virtual Gucci Garden.
Nike created its virtual world called “Nikeland,” where users could interact in various ways and customize their virtual selves with Nike merch like Air Jordans and Blazers.
When setting up a virtual showroom in the online world of Decentraland, Acura was an early adopter.
Alongside their high-end, hand-made clothing, Italian fashion house Dolce & Gabbana released a line of nine NFTs.
At Decentraland’s MetaVerse Fashion Week, Estee Lauder made a big splash by showcasing avatars equipped with NFTs that gave them a “magical glow,” much like their best-selling night cream.
Also Read: How Many Metaverse Platforms Are There
Fun Facts About the Metaverse
- An estimated 12.3 million people watched a show that Travis Scott produced in 2020.
- People spent $501 million on VR equipment in the same time frame.
- On its first release day, Snoop Dogg’s “Snoopverse” earned $14 million.
- Just under a quarter of all internet users in the United States are interested in trying out augmented/virtual reality before making a clothing purchase.
- Only one in five Americans disagree that living in a virtual world, or “metaverse,” would be preferable to living in the real world.
- By 2030, one billion people will require new or different training, and the Metaverse may be able to help with this.
- Ninety per cent of C-suite executives believe their countries’ current educational systems need to be revised.
- Twenty-three per cent of grownups in the United States wish they were someone other than who they are.
- Only 28% of Americans say they can even begin to imagine the possibilities for higher education in the Metaverse.
Data was compiled from numerous credible publications; these include Statista; Metaversed; Gartner; eMarketer; New Zoo; Bloomberg; McKinsey; Reports and Data; Citi; JPMorgan; App Annie; Forkast News; XR Today; Footwear News; Fool.com; Variety; CNBC; The Crypto Times; Rolling Stones; Insider Intelligence; Harvard Business Review; World Economic Forum; Accenture; The New York Times; CNN Business.
The Metaverse and the industries based on it are flourishing and finally beginning to realize their full potential. Many major corporations are investing huge sums of money in them even though they are still in the early stages of development.
Right now, the most popular metaverse platforms are geared towards gamers, but that could change soon. Adopting the Metaverse will skyrocket once VR gear sells at more affordable prices, opening up many opportunities for various types of apps.
How Many People Use Web 3.0 Metaverse?
While there is currently no information available regarding the number of unique users accessing Web 3.0 metaverse platforms each month, it is anticipated that:
More than 50,000 people have ever logged into a Web 3.0 metaverse virtual world. Grayscale estimates this was a tenfold increase from the population in 2020, when there were only about five thousand users. Users in Web 2.0 metaverse projects tend to be more numerous, given the immaturity of the underlying technology (Grayscale).