Whether you’ve bumped into Mark Zuckerberg’s mysterious digital replica of the natural world (as he revealed the rebranding of Facebook as Meta), a digital art gallery in Decentraland, or live concerts in the immersive Fortnite universe, you can’t escape the internet’s favorite term the “Metaverse“.
But, what is the Metaverse? Is it an internet world with unlimited possibilities or just an elegant way of allocating extended reality?
And how big is the Metaverse in 2024? In this article, we’ll solve your questions. Here’s a brief description of the Metaverse.
What is the Metaverse?
Although the term “Metaverse” has been knocking around for the past few years, it was actually penned in by author Neal Stephenson in his sci-fi novel Snow Crash in 1992.
Neal referred to the term as an all-inclusive virtual universe that is almost similar to the natural universe.
Cut to 2022, and experts still aren’t sure if the Metaverse IRL can turn into something similar. Many experts consider Metaverse as a three-dimensional (3D) model of the internet.
More precisely, a place parallels the real world, where users can spend their digital lives.
It is a place where they’ve avatars and can interact with each other via their avatars. However, others believe that there doesn’t exist any specific definition for the term.
Even though Metaverse is a vague concept, there are signs that it could offer a vast opportunity for developers, corporations, and investors.
Let’s have a closer look at how big the Metaverse is today and how big it’ll be.
How Big is the Metaverse?
The Metaverse is the next large technology platform, drawing the attention of social networks, online game makers, and other technology leaders.
Its market has never been this big before.
Now we need to look at its market opportunity to get a clear answer of “how big is the Metaverse.”
In 2021, the social media leader Facebook rebranded itself as Meta Platforms. This clearly indicates that Mark Zuckerberg (founder of Facebook) feels the company’s future lies in Metaverse.
In fact, the Reality Labs segment of Facebook has already invested $10 billion into the Metaverse, a number which experts are expecting to go forward.
Okay, before discussing how big the Metaverse is going to be in the future, let’s first answer the question: How big is the Metaverse at this moment?
The Metaverse is currently valued at $500 billion based on all the available data.
The Metaverse was valued at $47 billion in 2020, which was almost as large as the home services industry in the United States.
Looking at those figures, some experts have predicted that its value will reach $800 billion in 2024.
However, others feel that the Metaverse will get the $800 billion mark in a shorter period as its market worth is already $500 billion.
Opportunities in Metaverse
The Jeffries Group, an independent investment bank, has recently stated that the Metaverse will have a more significant impact on how we live than we’ve ever witnessed.
Businesses are seeing it as a great opportunity. Here are some unique business opportunities in Metaverse.
Virtual events are one of the first business opportunities of a Metaverse.
It offers massive support for providing better and more comprehensive solutions with virtual events.
In fact, virtual event organizers, with the help of experiences in the Metaverse, can carry out events where guests feel like they’re attending the event physically.
Virtual events undoubtedly have become quite popular these days. One example of how big the Metaverse is and its potential with virtual events is Fortnite.
Famous pop artists Ariana Grande and Travis Scott have performed in a virtual concert on Fortnite with a fanbase of 12 million audiences.
The next significant entry that offers reasonable grounds for a lot of Metaverse business opportunities is social media.
Its advanced technology can be the perfect basis for the latest social media channels with engaging experiences.
In fact, users could interact with one another as digital avatars in digital space.
The plans of Mark Zuckerberg for the Metaverse with rebranding Facebook to Meta clearly show a better tomorrow for social media platform’s growth.
Another frontier that presents an extensive base for exploring business opportunities for the Metaverse is the retail sector.
Retail businesses can take advantage of immersive shopping experiences with the Metaverse.
Moreover, they can use Metaverse as an ideal platform for new and complex products.
Brands in the retail industry like Zara, Louis Vuitton, Nike, Alibaba, and Balenciaga have already initiated experiments with the Metaverse.
Companies that Are Tapping Into the Opportunity
Knowing “how big is the Metaverse and its opportunity,” it comes as no surprise that some big companies are already in a battle for dominance.
Here’s a list of some reputed names who are betting on the Metaverse technology.
Roblox is an American Gaming and Game Creation company that was established in 2004. It is currently focusing on developing a Metaverse world.
It plans to build a Metaverse platform where users can do much more than just gaming.
In addition, they can build homes, try new clothes on their virtual avatars, and chat with their friends.
The American Gaming company aims to develop a social platform where individuals can socialize.
In fact, it aims to create 3D virtual experiences that are close to real-life experiences.
Roblox has recently launched a new feature, “spatial voice chat,” which allows users to voice chat with one another just like in real life.
The social media giant Facebook is a platform where individuals can build communities, interact with one another, and socialize while at home.
It has broken down countries’ barriers and has allowed people worldwide to interact with others who live in different countries.
Mark Zuckerberg has already changed Facebook’s name to Meta and is now trying out the Metaverse technology.
Its objectives are to change everyday living from physical stores to creating 3D workrooms and virtual offices.
Moreover, Meta has some bigger plans for its Metaverse goals; it’s working on Horizon workrooms and VR headsets.
Founded on 26 January 1964, Nike is an America-based MNC that is developing the future of apparel and footwear.
The company offers footwear, equipment, clothing, and services; however, it is well-known for its footwear range (both sports and casual).
Nike is trying out the Metaverse technology in partnership with Roblox.
It has developed a virtual world named “Nikeland” on Roblox. It’s an open place to explore games, and players can try new sports shoes and race marathons in Nikeland.
The Nike digital world will have digital avatars, and individuals who will successfully win a competition will be rewarded with “blue bands.”
The idea of the Metaverse is engaging and is rapidly becoming one of the most significant segments of the economy.
In this write-up, we’ve answered a vital question “how big is the Metaverse?
Moreover, we’ve seen that big companies are using Metaverse technology as a business opportunity.