Life in a virtual metaverse will soon become just as important as real life, according to experts.
The Metaverse is becoming a reality – adapt to meet it
Although the term resists single definition, the metaverse can broadly be described as a virtual world where users can meet, work, play, shop and socialize in real-time within simulated scenarios.
The theme has gained traction following Facebook’s rebranding to Meta, prompting enterprises to consider how they can seemingly develop economies, trade with other companies, and form alliances in new and imaginative ways as the metaverse use cases and applications grow broader. This is subsequently encouraging businesses across sectors to begin developing capacities related to the metaverse experience, foundation, tools, and user interfaces.
Simultaneously, the impact of the COVID-19 pandemic has accelerated the technology adoption rate, thereby increasing the expectations of stakeholders. Amid all such developments, the metaverse is projected to influence multiple sectors with user engagement, collaboration, training, and learning being touted as some of its early use cases.
GlobalData examines how the innovative adoption of emerging technologies can accelerate the advent of the metaverse ecosystem. This report explores our in-house data to provide our clients with insights into how various companies are driving the immersive ecosystem’s growth with their innovative solutions.
Thank you.Please check your email to download the Report.
The news comes as the metaverse is set to become a $13tn opportunity with five billion users by 2030, according to research from investment bank Citi Bank.
Research firm GlobalData defines the metaverse as a virtual world where users share experiences and interact in real-time within simulated scenarios.
It is against this background that Gary Bracey, chairman of non-fungible token (NFT) marketplace Virtua, told Verdict he believes life in the metaverse will become just as important as real life.
“Your virtual life will bring in every form of entertainment, education, communication, potentially even commerce and work, and bring it altogether into the metaverse,” Bracey said. “You will be able to perform every function that you do in the real world but in a much broader shape and a much grander scale. It’s going to change everything.”
His sentiment echoes that of other market watchers. Charlotte Newton, analyst at research firm GlobalData, recently suggested in a podcast that the lines between gaming and videos streaming will blur by 2030.
The news comes as interest in the metaverse has propelled funding into this market segment to new heights in 2022.
So far in the 2022, 571 venture financing deals have injected a combined $10.4bn into metaverse companies, according to data from GlobalData. That is a significant increase compared to 2021 when metaverse companies secured 438 deals, with a combined worth of over $6.1bn.
While interest in the metaverse has skyrocketed this year, there are signs that interest in the digital realm may be wearing off.
Supporters of the metaverse have suggested that the next stage of the evolution of the internet will make digital media experiences more immersive, inclusive and accessible than today.
However, others have warned that the metaverse will raise social concerns ranging from data privacy to other forms of online harm.
These concerns and the fact that the hype around the metaverse has yet to bear fruit have already dampened the optimism around the sector
For instance, Meta, the social media giant arguably spearheading the metaverse push, was recently told by investors to spend less on the metaverse amidst eye-watering losses.
The Metaverse is becoming a reality – adapt to meet it
Although the term resists single definition, the metaverse can broadly be described as a virtual world where users can meet, work, play, shop and socialize in real-time within simulated scenarios.
The theme has gained traction following Facebook’s rebranding to Meta, prompting enterprises to consider how they can seemingly develop economies, trade with other companies, and form alliances in new and imaginative ways as the metaverse use cases and applications grow broader. This is subsequently encouraging businesses across sectors to begin developing capacities related to the metaverse experience, foundation, tools, and user interfaces.
Simultaneously, the impact of the COVID-19 pandemic has accelerated the technology adoption rate, thereby increasing the expectations of stakeholders. Amid all such developments, the metaverse is projected to influence multiple sectors with user engagement, collaboration, training, and learning being touted as some of its early use cases.
GlobalData examines how the innovative adoption of emerging technologies can accelerate the advent of the metaverse ecosystem. This report explores our in-house data to provide our clients with insights into how various companies are driving the immersive ecosystem’s growth with their innovative solutions.
Thank you.Please check your email to download the Report.
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