In today’s world of business, high-end technology, and finance (especially digital currencies), the metaverse has become a very hot topic of discussion.
You can consider it the biggest buzzword of current times.
Exactly similar to other buzzwords, metaverse also doesn’t have a proper definition but has disputed and reshaped explanations by the people using it.
It is well known that the term ‘metaverse’ was first used by Neal Stephenson in the novel Snow Crash, published in 1992.
Neal explained it as an imaginary world of the future based on virtual reality that can be experienced by all of us, a 21st-century dystopia.
This virtual reality world, metaverse, is portrayed as a new market that is encircling a planet.
Here people can choose their 3D avatars according to their desires (wearing VR goggles) and buy things in the virtual world.
These things can be real estate and other assets (everything exists virtually). Are you getting a better understanding now about how big is the metaverse?
The modern-day concept of the metaverse is still revolving around these three significant aspects: digital possession, virtual reality interface, and avatars.
Well, all of them are not important for the whole idea.
Thinking as open as possible, the metaverse can be considered a graphically rich virtual space — this virtual space has some truth.
People can go to work, go shopping, and even make friends there.
This is precisely similar to the things we do in our real lives. It would be better to say that it is identical to the things we do on the internet.
The people supporting and promoting the metaverse always pay attention to the idea of ‘presence’ that defines the whole concept.
This idea is all about feeling that you are present in the virtual world along with other people.
Metaverse To Hit US$758.6 Billion By The Year 2026
Metaverse has captured the tech world’s fancy and has become the trending and major buzzword.
This concept has amazingly creative and essential potential to create many openings for people.
This has given tech giants a chance to provide their customers with an opportunity to experience a highly unconventional, immersive, and collaborative virtual world.
In simple words, the metaverse is the incorporation of existing in a virtual world that acts as a self-sustained ecosystem.
This ecosystem consists of networks, social media channels, a gaming world, augmented reality interface, VR technology, e-shopping, workplaces, and digital currencies.
Still wondering how big is the metaverse? Following information might give an insight.
The worldwide market value of metaverse was projected at $107.1 billion by the end of the year 2020 (following the coronavirus pandemic).
But that’s not it; the current growth rate of metaverse size ( almost 37.1%) is estimated to reach $758.6 billion by 2026.
The US metaverse market was projected at $58.5 billion in 2021.
This can give you an idea about how big is the metaverse, and that’s only one of the stats that explain the metaverse.
It is way bigger than this, growing at a tremendous pace. It has designed a virtual and digital world combining the real world with virtual reality and augmented reality concepts.
Online procedures and Non-fungible tokens (NFTs) have piled up so many opportunities in the metaverse.
Factors Inducing The Metaverse Market Growth
The enormously increasing acceptance of metaverse can transform the whole view of the gaming world.
Not only this, it is being forecasted that the concepts of augmented reality, virtual tech, and artificial intelligence are going for a revolution on a large scale.
All these concepts and technologies are fueling the growth of the worldwide metaverse market.
This is how big is the metaverse now, and you can imagine how big it will be in the near future.
New and innovative technologies are being developed and programmed every day. These developments are happening due to the investment of tech giants and companies.
For example, Mark Zuckerberg’s Meta has recently carried out an investment of about 10 billion dollars.
This investment was made to increase the focus on reality labs to develop a metaverse.
This was done in 2021, and it intends to produce a metaverse that will be full of new and advanced technologies.
Another factor contributing to the growth of the metaverse is the concept of the forecast that the metaverse might open new opportunities to enhance the education sector.
This can also be used as a fuel to speed up the rocket of worldwide metaverse value.
The Landmark Of $800 Billion
Though the metaverse is not clearly defined and understood by people, many forecasts are circulating on the market.
These forecasts are being projected relating the global metaverse market’s present and possible future value.
Some of these forecasts say that metaverse value might touch the landmark of $800 billion by 2024.
It looks so soon, but amid the current value of the metaverse market, it seems easily achievable.
Assuming the concepts it covers and innovations it is bringing to the tech world, some people are already guessing its worth to be $500 billion.
Considering this true, you can imagine the answer to how big is the metaverse. With this current value, reaching the landmark of $800 billion seems like a small hurdle.
This may be the sole reason why the parcels of land are being sold for about 2.4 million dollars in the metaverse space.
Jumping Into The Prospects
The scope of opportunities and the prospects of the metaverse market has grown enormously big.
Because of this factor, most big tech-related businesses are fighting to be number one in the metaverse.
Facebook (Meta) and Microsoft are among the top and early leaders of the metaverse world.
The involvement of Facebook in this virtual reality world is very clear as Mark Zukerberg recently changed the name to Meta.
They believe that the metaverse is going to serve as the natural evolution of the digital world, linking it to imaginative virtual reality.
Similarly, Microsoft is working to build an innovative platform named Mesh.
This platform will generate a virtual reality world powered by Hololens augmented reality headsets to help workers interact in a virtual world.
They also claim that this platform can be used in the education sector.
All these virtual reality-based concepts may revolutionize the world for good. Big names in the tech industry are already investing enormously in this concept.
The metaverse is proliferating rapidly and can be said to become one of the most extensive sections of the digital world and economy.