LET’S GET STARTED
- 1 What Does Metaverse Mean?
- 2 The Latest Data & Statistics About Metaverse
- 3 Metaverse Technology & Devices
- 4 Big Brands Playing In Metaverse
- 4.1 Some Notable Fashion Brands Are Entering Into Metaverse
- 4.2 Chinese Technological Giants Like Alibaba And Tencent Are Investing Heavily In Metaverse
- 4.3 Sony & Lego Invested $2 B In Epic Games To Shape Metaverse
- 4.4 Microsoft Bought Activision Blizzard For $68.7 Billion
- 4.5 Hiro Capital Invested $340 Million In Games & Metaverse
- 5 Upcoming Metaverse Events
- 6 Public Opinion About Metaverse
- 7 Metaverse In Manufacturing Market
- 8 Conclusion
Metaverse is finally here. I am saying this because the whole world is going to be metaverse soon. There are some predictions that Metaverse would reach $800 by 2024. This is the predicted market size of Metaverse and is expected to be the next big thing in technology.
And of course, if you have more data and information about the Metaverse, the more it will be beneficial for you.
Now, the question that might be buzzing in your mind is, why do I need to be prepared for it?
But the fact is, everyone has to be prepared for Metaverse especially if you are from the Marketing field. If you haven’t read the blog The Metaverse Marketing: Future Of Advertisement then, please click on the link and read the blog.
The data and statistics that I am going to provide you will help you get prepared for it.
So, let’s get started!
What Does Metaverse Mean?
The Word ‘Metaverse’ Means, “World Beyond The Universe”
The word “metaverse” is a portmanteau of the prefix “meta” (meaning beyond) and “universe”. That means the word Metaverse means, “world beyond the universe”
This symbolizes the concept of the future execution of the internet with virtual or 3D reality.
The term Metaverse conveys the idea of the transcendental world which is not physical.
The Latest Data & Statistics About Metaverse
Metaverse Market Size Is Expected To Grow To $678.8 B By 2030
In 2022, the Metaverse Market Size is expected to grow to 47.48 billion US dollars and 678. 8 billion dollars by 2030.
According to an American software company, Bloomberg, the Metaverse marketing would reach $783.3 billion in 2024.
The Metaverse was worth $47.69 in 2020 and Grayscale has predicted that metaverse revenue will soon cross $1 trillion
Metaverse Lost $10 B In Business Last Year
Metaverse related tokens of blockchain-based games Axie infinity(AXS), The Sandbox(SAND), and Gala(GALA) fell by 12% in February month which directly affected the Metaverse business.
Facebook Is Going To Invest $50 B To In Metaverse
Facebook has announced that it is going to invest $50 B to execute the Metaverse responsibly. The company says it is going to invest in the “programs and external research’ for 2 years.
Facebook calls the Metaverse, the ‘next computing platform’ and says the company will work with policymakers, researchers, and industry partners while building the Metaverse.
Also, the company will be partnering with organizations like Women in Immersive Tech, Africa No Filter, Electric South, and the Organization of American States.
Metaverse To Create 10,000 Jobs In The EU
Metaverse is going to create 10,000 jobs in the European Union in the next five years to execute its digital world, Metaverse.
“Europe is hugely important to Facebook,” Nick Clegg, Facebook’s head of global affairs.
Epic Games Raised $1 B For Long Term Metaverse Plans
Epic Games says the money will enable the support of future growth opportunities.
Metaverse Technology & Devices
AR/VR Devices Are Expected To Increase By 14.9 Million Units By The Year 2022
The data is also expected to increase by 18.8 million AR/VR device shipments and Oculus Quest 2 is one of the most popular AR/VR devices in the market.
Business Standard reports say that “This product is expected to expand the size of the high-end consumer AR/VR market. The commercial market is dominated by the HoloLens 2 which costs more than $1,000 and upwards of $3,500. Strong shipments of Oculus and Microsoft products will likely force Apple to release relevant products to join the competition this year”.
Big Brands Playing In Metaverse
Some of the big brands are also going to play in Metaverse. Some brands are investing heavily in that to get higher returns in the future.
Let’s see some of the data and facts below:
Some Notable Fashion Brands Are Entering Into Metaverse
Nike has been the very first to enter the Metaverse. It has even created a Digital Store. The CryptoKicks is the technology that connects the actual sneakers with the virtual representation of it.
Gucci Offered a wide range of virtual items for sale. In 2021, they sold a $13 virtual sneaker along with a Roblox handbag for $4,000.
In 2021, Balenciaga has also announced its collaboration with Fortnite, a gaming company to come into the Metaverse.
Chinese Technological Giants Like Alibaba And Tencent Are Investing Heavily In Metaverse
Alibaba made a statement this year that it is going to launch AR(Augmented Reality) glasses for virtual meetings.
The brand came up with a “virtual influencer” named Dong Dong for the Olympics in Beijing
In November 2021, Pony Ma made a statement that Metaverse is going to be a great opportunity for them and for the growth of the gaming industry.
Sony & Lego Invested $2 B In Epic Games To Shape Metaverse
Kenichiro Yoshida, chairman, president, and CEO of Sony made a statement, “As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time”
“As we reimagine the future of entertainment and play, we need partners who share our vision. We have found this in our partnership with Sony and Kirkbi,” said Tim Sweeney, CEO, and founder of Epic Games. “This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences, and creators can build a community and thrive.”
Two years ago, Sony made a $250 million investment in Epic games.
Microsoft Bought Activision Blizzard For $68.7 Billion
Microsoft bought Activision Blizzard for $95.00 per share, a total value of $68.7 billion (inclusive of Activision Blizzard’s net cash). After this transaction, Microsoft became the world’s third-largest gaming company after Tencent and Sony.
“Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms. We’re investing deeply in world-class content, community, and the cloud to usher in a new era of gaming that puts players and creators first and makes gaming safe, inclusive, and accessible to all.” – said Satya Nadela chairman and CEO of Microsoft.
“For more than 30 years our incredibly talented teams have created some of the most successful games. The combination of Activision Blizzard’s world-class talent and extraordinary franchises with Microsoft’s technology, distribution, access to talent, ambitious vision, and shared commitment to gaming and inclusion will help ensure our continued success in an increasingly competitive industry.”– said Bobby Kotick, CEO, Activision Blizzard.
Watch the video here:
Hiro Capital Invested $340 Million In Games & Metaverse
Hiro Capital says they are investing to back new gaming and metaverse. According to Hiro Capital, the latest fund will be invested in “early-stage games and metaverse innovators with global potentials” in Europe, the UK, and North America.
Luke Alvarez, managing general partner and one of Hiro Capital’s founders, said in a statement, “In 2022 we are at a pivotal moment in the very early phases of the metaverse, VR, AR, and Web3 — these revolutions will take at least a decade and much of the creativity and technology innovation will start in games. As a team, we have the experience and networks to support the incredible talent that we find across Europe, the UK, and beyond. Our new fund gives us more firepower to find and develop emerging stars and level them up to a global scale.”
Upcoming Metaverse Events
There is an event that is going to be held in Vancouver, Canada from 8th to 11th August 2022.
The event is going to bring out the most significant and leading people from Augmented Reality, Virtual Reality, and Mixed Reality (AR, VR, and MR). Also, the event is going to feature this year’s Top innovations in computer graphics, digital art, animation, visual effects, and Artificial Intelligence.
The event is organized to support the new innovators in Education, Information, and Artificial Intelligence.
This event holds lots of opportunities to network with other professionals. Also, you will get to know about new technologies too.
XR Fair Tokyo
This event is going to take place in Makhrai Messi, Tokyo Big Sight from October 22 to 28th, 2022. This is an event to give the stage to International Augmented, Virtual, and Mixed brands.
You can learn about all the things that are happening around the world regarding Metaverse technologies, trends, virtual reality, and mixed reality.
The event is going to show how these edge-cutting technologies are going to change the world. The event includes:
- 3rd AI Expo Tokyo
- 3rd Blockchain Expo Tokyo
- 3rd Quantum Computing Expo Tokyo
Immerse Global Summit
This event is going to be held in Fontainebleau Hotel in Miami, Florida. It is a must-visit event for all those who are interested in Augmented Reality or Mixed reality. More than 300 speakers and 20 verticals of technologies will be there.
Some reports say that more than 1000 attendees are expected to be present over there. The event is going to offer endless opportunities for growth and learning, especially in the field of technology.
The event has also organized some workshops on XR Topics like NFTs, Web3 Artificial Intelligence, Hologram, and much more.
Public Opinion About Metaverse
In US 38% Of Adults Haven’t Even Heard About The Term Metaverse
It was found in a survey conducted in November 2021, that 38% of adults have never heard about the term Metaverse. The same survey was conducted in January 2022, it was found that 31% of adults haven’t heard about Metaverse.
33% Of Respondents Are Curious About Metaverse
A survey was conducted in January 2022, and 33% of adults stated that they are very curious about this new shift, called Metaverse while 27% of respondents were not very enthusiastic and showed no interest.
55% Of Respondents Expressed Concern About Privacy In Metaverse
It was one of the major concerns of the respondents regarding Metaverse. They were afraid of their data getting misused as well as cyber-attacks and online abuse.
Whereas, 40% of respondents stated that environmental impact and energy consumption is not a major issue for them at all.
Metaverse In Manufacturing Market
Metaverse is soon going to take up the whole manufacturing market. It is expected to provide better project management, collaboration, 3D representation of products, and distribution.
It also has the potential to enhance the supply chain by providing transparency to the customers by allowing them to track their products through the whole production cycle.
Metaverse simulations can also make the manufacturers test the thousands of scenarios of the ecosystem and then choose the effective strategy accordingly.
A recent study found that Metaverse is expected to enhance the process in different segments like the manufacturing market, technological development, product development, growth strategies, and growth prospects, etc.
The same study identifies the big players in the Manufacturing market that would dominate the Metaverse are:
- Hyundai Motor Company
- BMW AG
- Microsoft, Inc.
The metaverse is going to dominate the manufacturing market for sure and these would be the big brands playing along with it.
I hope you enjoyed and grasp how the Metaverse is going to change the upcoming world! The data and facts that I have shared above will help you get the whole of the Metaverse.
The data that we have provided you about the Metaverse market size is not constant. It will change over time. It may rise or it may decrease.
Only time knows what Metaverse is going to bring for us. We don’t know whether it is going to be a boon or bane for us. Let’s see what it will bring for us.
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