The term “metaverse” was used over 1,100 times in regulatory filings during the first half of 2022. A record high when compared to the 260 mentions in 2021 and less than a dozen mentions in the two decades before that. We don’t need to tell you that the metaverse as a concept has now become firmly cemented in the cultural psyche. And in the world of business, it seems every CEO feels the need to talk about the metaverse and, of course, how it naturally complements their business’s capabilities more than those of their competitors. But how much of this simply talk, and what does the future really hold for the metaverse?
BCC Research estimates the global metaverse market will increase from $52.9 billion in 2022 to reach $231.0 billion by 2027, at a compound annual growth rate (CAGR) of 34.3%. The financial expansion of the market is inevitable – particularly as NFT vendors continue to commercialize the concept of the metaverse.
Numerous NFT vendors have already made it possible to utilize non-fungible tokens (NFTs) in metaverse games like clothing and footwear, and more are planning to do the same. NFT players are also becoming increasingly aware of the possibility of purchasing virtual lands on these games with the intention of renting or selling them for a profit. The future metaverse can also be a huge help in the growth of the virtual economy, which depends on video games and virtually peaceful environments.
There have been countless articles about Facebook’s name change to “Meta” and, more significantly, the more than $10 billion it loses annually to its metaverse endeavors. But six more of the top publicly traded firms in the world—Amazon, Apple, Google, Microsoft, Nvidia, and Tencent—have been busy preparing for the metaverse. Internal reorganizations, job description revisions, product reconstruction, and preparation for multibillion-dollar product launches are all currently in motion.