The Metaverse has been picking up traction in the last couple of years, with an increasing number of individuals and companies embracing the breakthrough technology.
In fact, data revealed by BanklessTimes.com indicated that there are currently 400 million metaverse monthly users, which puts into perspective just how large the market for the metaverse really is. It is also reported that a further 74% of American adults are joining or considering joining the metaverse, which will see the already large market of over $38.5 billion grow exponentially over the coming years.
The metaverse demonstrates great potential for companies looking to profit
In regards to the profitable potential of the metaverse, the virtual world provides several ways in which this achieved by companies that have entered the market, from real estate to ecommerce. For example there has been a reported $500 million worth of real estate purchased thus far, with a prediction of a compound annual growth rate of 31% a year by 2028. It is also revealed that 35% of users are willing to spend a staggering $700 and $1,000 on VR gear that allows them to physically feel everything they experience in the metaverse. Big names such as Sony and KIRKBI have already invested $1 billion each in Epic Games to support its metaverse projects and a digital Gucci bag was sold for $4,115 on Roblox.
The importance of staying ahead of the curve and catering to the Metaverse audience
However, whilst many brands are experiencing great success from their move into the metaverse market – it is quite a different story for Meta, with more than $20 billion lost so far in investments into Reality Labs recorded since its inception. Despite Meta’s best efforts, 68% of US adults remain uninterested in their version of the Metaverse.
The research has highlighted that the metaverse has peaked the interest of the younger generation with 51% of users aged 13 or under, 78.7% aged 16 and under and 83.5% aged 18 and under. This suggests companies looking to enter the market should follow suit of brands such as Roblox to cater to their younger audience. Roblox is the biggest virtual world in the metaverse, amassing 230 million monthly active users and has accumulated over 11.8 billion hours worth of user engagement in Q1 2022. Their virtual world has hosted performances by Lil Nas X, which gained 33 million views in just two days and Marshmello, which saw 10.7 million viewers tune in.
As companies look to enter the metaverse, as they inevitably will with it’s growing success, it is important that they keep ahead of the curve in order to avoid great losses.
Read the report with statistics here: https://www.banklesstimes.com/metaverse-statistics/
