Few topics have made its way into the international conversation quite like the metaverse has in the last year or so. The metaverse is a network of 3D virtual worlds focused on social connections. The concept and potential of the metaverse is huge, as there can be an infinite number of games, collectives, shopping, events, and more that people with a variety of interests can participate in.
Major brands like Coca-Cola and Nike are getting involved in the metaverse to sell things like digital sneakers, and Disney is even considering creating a virtual theme park in the metaverse. The metaverse is still a concept that is confusing to many people but as more and more premium brands get involved and people continue to explore its potential, it can be a more permanent part of the global culture.
“The overall revenue generated from the metaverse stands at approximately $40 million dollars a year, and when you stop and think about how untapped it is, I wouldn’t be surprised if that figure grew to about $400-$500 million in the next 5 years, which would represent a staggering 1,000%,” said Steven Czyrny, of The Analyst Agency, a market research firm.
“As the applications and use cases develop and the technology improves, more and more people will check it out, and then get hooked given how fun it will be to play games on it, or how easier it makes their lives as they look at items to buy in the metaverse, or improve their health with interactive and immersive exercise, and more,” Czyrny said. “It will have a lot of use down the road in the construction and real estate industries, as well as manufacturing, and defense because it can replicate real buildings, products, places, and more and allow decision makers to analyze situations without having to rely on traveling or getting a partial picture of video.”
The future of the metaverse will include things like social gatherings, interactive learning, virtual malls and shopping complexes, and dating, and more. It will certainly be exciting to watch the development of the metaverse and participate in it in the coming years.