What is the Metaverse?
The Metaverse is a virtual reality space that allows people to interact with each other, as well as the Metaverse itself. This digital reality combines different aspects of social media, augmented reality, virtual reality, and online gaming to create a futuristic kind of reality that exists even when you are not playing. This concept is expected to revolutionize pretty much every aspect of human interaction, including the way in which we play games, communicate, and enjoy online entertainment.
As of the moment, there’s not a single owner of the Metaverse concept as a whole. Instead, there are many different corporations and individuals who have created their own versions of the Metaverse – Mark Zuckerberg being one of them, as he has a clear vision of what he wants to achieve. As for how this term originated, it’s essential to know that there wasn’t a single person that created this type of virtual reality. Instead, a few people and companies have provided the necessary ingredients, creating the Metaverse we know today.
- The Metaverse market size is estimated at $47.48 billion with the potential to reach $783.3 billion in 2024.
- The 2022 potential consumer expenditure is estimated at $8.3 trillion, with a significant portion of the money being spent on virtual real estate (30.4%).
- The virtual gaming revenue is estimated to rise up to $500 billion in 2025.
- There are 60,000 users of Metaverse virtual worlds.
- The price for a single NFT can range from $0 to $94 million.
- The gaming market was worth 159.3 billion US dollars.
- Roblox reports having 58.8 Million active users.
- The most expensive piece of art in the Metaverse was sold for $91.8 million.
- The Metaverse advertising industry is expected to reach $800 billion in 2024.
- 160 companies are currently developing their own metaverses.
- The market size is expected to grow by 13.1% every year.
- There are 400 million active users of different metaverses.
- 74% of US adults are thinking of joining the Metaverse.
- Predictions are that by 2026, 30% of companies will offer products and services that are in relation to the Metaverse.
Metaverse Market Size & Industry Predictions
The Metaverse is going through a rapid expansion, and it’s expected to grow even faster in the years and decades to come. Currently, the market size is estimated at $47.48 Billion, which shows a significant rise compared to 2021, when the market size was $38.85 Billion.
And the predictions for the future are even more astounding, as some go as far as to say that the market size could reach $783.3 billion in 2024. Some are even more optimistic, claiming that we can expect it to reach $1.61 trillion in 2030. Others are far more conservative in their estimates, predicting that 2030 is more likely to result in a market size that sits at $678.8 billion.
It’s no wonder that the market size is expected to reach such heights considering how much an average person spends on the Metaverse. Take the US metaverse market as an example. The potential total consumer expenditure for 2022 was estimated at $8.3 trillion for 2022, with 30.4% of that money being spent on virtual real estate.
Metaverse games are not far behind. In fact, they might be leading the bunch, with the virtual gaming world revenue sitting at $180 billion in 2020, with the estimates that it will rise up to $400 billion in 2025. Metaverse games oftentimes collide with Metaverse casinos in the sense that players enjoy experimenting with both. The latter requires purchasing Metaverse NFTs, after which the world of web 3.0 casinos opens up. Decentraland, which is a browser-based Metaverse, has reported revenue of $7.5 million for its metaverse casino. And that kind of revenue took place over the course of three short months.
To some, making money from the metaverses sounds like science-fiction – but it’s everything but. There are quite a lot of opportunities for monetizing your metaverse-related activities, regardless of the industry. Average earnings can range from $10 per month, and they can rise up to thousands of dollars each month. Refer to the table below as a way to get a better grasp on where each industry stands and how good of an opportunity you have for monetizing your Metaverse-related knowledge.
|The industry category||The valuation||The prediction|
|Retail||8.3 Billion USD||2 to 2.6 Trillion USD|
|Real estate||821.9 Million USD||5953.6 Million USD|
|Entertainment||2.7 Billion USD||221.7 Billion USD|
|Education||4.39 Billion USD||32.39 Billion USD|
|Cryptocurrencies||27.5 Billion USD|
|Gaming||36.81 Billion USD||710.21 Billion USD|
Metaverse NFT has become one of the frequently mentioned buzzwords in the world. They allow a user to truly purchase the digital asset that they are buying after which they have complete control over it, allowing them to trade it, store it, or use it. Metaverse NFT projects have been in the making for quite some time, and we can even go as far as to say that they go back to the time when this buzzword wasn’t even slightly familiar to the general public. Many metaverses have resulted from NFT projects, including:
- Axie Infinity
- The Sandbox
- Star Atlas
Currently, there are 60,000 users of metaverse virtual worlds, which represents a tenfold increase in comparison to 2020. Now, determining the actual worth of NFTs isn’t as easy as it seems. The easiest answer is saying that an NFT is worth whatever the buyer is willing to pay for it. But the more complicated answer is to say that NFTs can range in price from $0 to $94 million. That’s right. The real trick, though, is not in estimating how much an NFT is worth in the present moment – the trouble lies in correctly estimating its value in 6 months, 12 months, and five years from the present moment. The only way to be successful at this is by taking a deeper look into the project, the founders, the following, and the hype surrounding an NFT project. Looks alone won’t get you far – in fact, they won’t get you anywhere.
When it comes to estimating the ROI of NFTs, it’s impossible to do it by looking at the concept as a whole.
The top NFTs have an impressive return on investment, with World of Women having an astounding ROI of 5,267%.
When it comes to being able to put a future price on your NFT, understand that this might not be possible. There’s no parameter that allows you to value NFT tokens in the same way that you can value a traditional investment. Instead, to estimate the cash-out value of your token in five years’ time, you need to look at its current value. There are five things you want to take into account if trying to put a price on your NFT – its rarity, utility, interoperability, social support, and cash flow premium. Likewise, you might be tempted to rely on different value calculators if trying to predict the value of your NFT in the future. Don’t – you might be able to get a rough estimate, but you should still trust your own research more than a random calculator.
Games (Play-to-Earn), iGaming
Making money in the metaverse is certainly one of the things people find most interesting about this concept. The system behind the Play-to-Earn concept is a simple one – you collect cryptocurrencies or NFTs, after which you can generate income by selling in-game NFTs or earning cryptocurrency rewards. Both iGaming and Play-to-Earn games can pay out a pretty penny, with crypto casinos in the metaverse allowing you to collect significant rewards. Some of the games that allow you to make the most money include Lucky Block, Alien Worlds, Decentraland, Star Atlas, and Battle Infinity.
Keep in mind that the Gaming sector is among the leading ones in the world of metaverses. Therefore, there are as many as 54.1 million daily active users of Roblox games, which is only the tip of the iceberg when it comes to the collective number of users. The fact is that people are willing to pay eye-popping prices for NFTs, which is why this market was worth 2 Billion USD in 2021.
If one wants an experience that’s truly out of this world, he or she needn’t look further than the metaverse art galleries. NFT galleries allow you to enjoy art while providing the artists with a way to break free from societal stigmas. Big names in the art world have recognized the infinite potential of the Metaverse project, and even Sotheby’s auction house has their replica in Decentraland. Speaking of which, SciArt is also a part of Decentraland – and quite an important one, we might add. Other metaverses feature other art galleries, and Multiverse is home to the 9/11 Memorial and WildSkil Gallery.
The NFT digital art king Mike Beeple Winklemann is responsible for some of the most expensive pieces of art the metaverse has ever seen. However, it’s PAK’s ‘The Merge’ that takes the title of THE most expensive piece of art in the metaverse after being sold for $91.8 million.
People are investing some serious money into metaverse art, which is why we hear of stories where a person bought an NFT for $50 a few years ago and sold it for millions of dollars in the present moment. At least, that’s what happened with a Bored Ape NFT. Keep in mind that many artworks start to appreciate in value with time, and the same goes for NFTs. Although, if there’s anything the recent years have shown, it’s that the entire metaverse project is only going to keep on rising.
Advertising and billboards/posters/signage in the digital worlds
Just like regular marketing agencies help you establish your business, the ones existing in the metaverse will help you build your presence in virtual spaces. Moreover, it’s estimated that by 2024, the market size will reach $800 billion. If you are planning to transition your business into the metaverse world, it would be wise to work with one of the many prominent marketing agencies that are already established in the field. They include:
- Publicis Poke
- Takeaway Reality
- Virtual Brand Group
Logically, these agencies can boast some impressive net worth and quite a long list of well-known clients. Take Publicis Poke as an example. It currently has a rumored net worth of $1.04 million, but the exact number is yet to be determined. The second example is Virtual Brand Group, whose co-founder Justin W. Hochberg has built intellectual property into innovative consumer businesses resulting in revenue of more than $500 million.
Music venues and events
Since it seems like the whole world has shifted into the online realm, it’s only logical that people will rely on online music concerts to hang out and spend some time together. Those who have attended metaverse music events claim that the experience is unlike anything they have seen. Some major metaverse events in the world that you can attend are:
- Ariana Grande and the Rift Tour
- Warner Music and the Sandbox
- Justin Bieber Virtual Concert
- Roblox’s Virtual Festivals
- Facebook’s First Metaverse Concert
The views for online concerts are reaching record highs, with Ariana Grande attracting 78 million players. With the pop industry in the Metaverse going viral, we can expect more artists to recognize the potential of the metaverse projects, as millions of dollars await those who venture into VR concerts.
How many metaverses are there exactly?
At the moment, there are more than 160 companies that are developing their own metaverses. Think about how many different websites exist nowadays. Asking how many metaverses are there would be the same as trying to count how many websites there are on the Internet – talk about mission impossible. With more companies immersing themselves in the world of the Metaverse (and everything that it entails), we can expect the cumulative number of metaverses to grow. And just like every website has its own purpose and niche, the same can be said for metaverses.
And when it comes to the Metaverse as a concept, the future is definitely bright. It is estimated that the market size will grow by 13.1% every year. Another noteworthy prediction is that the market will be worth $800 billion by 2024. Likewise, by 2026, it is estimated that 30% of companies will offer products and services that are somehow related to the metaverse.
With 400 million active Metaverse users, it’s no wonder that the market is expected to be on a steep rise. The experts suggest that by 2026, all active users will be spending an hour on their metaverse of choice. And with 74% of US adults thinking of joining this mesmerizing world, that adds up to quite a lot of hours. That being said, different metaverses have different numbers of daily active users. Roblox, for example, reports having 52 million active users. And Second Life has 200,000 users per day on average, even though they have around 70 million registered accounts.
|The name of the metaverse||What each metaverse specializes in||Users each metaverse has|
|Decentraland||Buying or selling virtual land, in-game assets, and other NFTs||8,000 active users|
|The Sandbox||Building, owning and monetizing gaming content||9,640 active users|
|Axie Infinity||Play-and-earn gaming||548,030 active users|
|Roblox||Gameplay and creation system||200 million|
|Fortnite||RPG game||80 million|
Table with main data
There’s a lot of debate about the precise number of Decentraland Metaverse’s active daily users, with some reports showing that there are only around 30 or so people who spend their time and money in Decentraland per day. However, most reports will show you that the number is far greater than that, and it sits at around 8 000 active users per day. As a metaverse virtual reality world, Decentraland lets its users purchase the in-game MANA currency, which they can later trade in for fiat currency. Therefore, the users have a win-win situation on their hands, as they can connect with other Decentraland users while having the opportunity to earn some money.
Decentraland costs $150k per user, with the metaverse itself being valued at $1.2 billion. Currently, 1 MANA (Decentraland’s cryptocurrency) is worth 0.38 USD. The prediction is that this number will hit $16.65.
The SandBox Metaverse and Decentraland Metaverse are oftentimes compared one to another, as they certainly share many similarities. However, these two metaverses are definitely not the same, as SandBox offers more land plots that are more affordable to buy. On the other hand, Decentraland’s land is more valuable as it is scarce, which is why it’s generally considered to be a better asset to sell virtually. SandBox is a metaverse that’s big on RPG gaming, with games such as Red Dead Redemption and Minecraft being among the top choices for those who live for this kind of game. Sandbox’s currency, SAND, is currently worth 0.55 USD, with the price changing on a somewhat daily basis. The predictions state that in 2028, SAND will be traded between $5.68 and $6.92, remaining to be seen.
If you want to get yourself a piece of NFT real estate of the most basic kind, you might want to focus your attention on Aurora. Unlike Decentraland and The SandBox, you can’t construct buildings and launch games, but you can get a piece of NFT real estate in an affordable way. As a virtual world that allows its users to interact with each other, Aurora is a metaverse that uses a variety of avatar customization options to help create a realistic user experience. While it’s still in the developmental stages, this platform has generated a lot of interest from both the public and the developers. With one AURORA currently being worth 0.34 USD, it’s your chance to purchase a good deal of AURORAs and possibly cash in some money. After all, it’s predicted that by 2030, 1 AURORA will be worth between $1.51 and $3.29.
Popular games in the Metaverse
If you want to enjoy the digital real, Metaverse games are definitely the way to go. They are the best way to combine the social aspect of gaming with interactive gameplay and stunning graphics. Besides, they are also among the most efficient ways to make money from metaverse projects.
The best metaverse crypto games allow the players to purchase NFTs and later on earn more than a mere portion of their investment back. That being said, some games are inherently more popular than others. Here’s a table listing how well different games do with different people.
|The name of the game||Game Category|
|Decentraland||3-D virtual games|
|Horizon Worlds||VR worlds|
|Slot games||iGaming/Casino games|
|Roulette games||iGaming/Casino games|
|Popular titles for RPGs||The number of players|
The future of metaverse entertainment
If there’s one thing we can say with certainty, it’s that the future is bright when it comes to the Metaverse as a whole. iGaming, being an essential part of the entertainment industry, has made a huge portion of the money-making business in the Metaverse. Take global VR gaming and its predicted path into account as a stellar example of the growth of this segment. The VR industry was worth $0.4 billion dollars in 2017, and it is estimated that it will rise up to $2.4 billion in 2024. And the predictions are just as bright when it comes to AR. Together, Metaverse Augmented Reality and Metaverse Virtual Reality are expected to increase by $162.71 billion.
Some of the biggest names in the industry, like Decentraland, have given gambling and crypto casinos their rightful spot. After all, having a chance to walk into a virtual casino with your own Avatar might have you feeling like you have just walked into a real-life casino. And with the key players in the iGaming industry, such as Atari, Decentraland, and Meta, showing no signs of slowing down, we can only expect that the games will become more versatile and appealing to Gen Zers and Millennials.
Questions and Answers
What is the Metaverse?
The metaverse is a whole new ballgame, my friend. Imagine a world where you can break free from the constraints of reality and let your wildest dreams come to life. It’s a virtual playground where you can build, play, and connect with people from all over the globe. It’s a place where you can be whoever you want to be and do whatever you want to do.
It’s not just a game; it’s a whole new way of living. It’s a place where you can let your creativity run wild and where you can make new friends and collaborate on new projects with people from all over the world.
Think of it like a virtual world where the only limits are your imagination. It’s the next big thing, and it’s coming soon. So, get ready to rebel against the status quo and join the metaverse revolution!
It’s not just for tech geeks or gamers; it’s for everyone. It’s a place for the bold, the bright, and the rebellious—a place where you can make your mark and leave a lasting legacy. So, come and join the party; it’s going to be wild!
What are the potential applications and uses of the metaverse?
The metaverse is a game-changer, my friend. It opens up a whole new world of possibilities, and the potential applications and uses are endless.
Think about it; you can use the metaverse for entertainment, socializing, education, business, and so much more. Imagine being able to attend a concert, a conference, or a party with people from all over the world without ever leaving your living room. You can also create and sell virtual goods or even own virtual real estate.
It’s also a place where you can let your creativity run wild and build whatever you can dream up. The possibilities are endless, from virtual theme parks to virtual malls to virtual art galleries.
And let’s not forget the business aspect; the metaverse is poised to change the way we work, shop, and interact with brands. Companies will be able to create virtual storefronts and engage with customers in new and exciting ways.
In short, the metaverse is a new frontier, a place where the only limits are your imagination. It’s a place for the bold, the bright, and the rebellious. So, come and join the revolution, the future is here, and it’s looking bright!
What is a defining feature of the metaverse?
The defining feature of the metaverse is its ability to create a shared virtual space where people from all over the world can come together and interact with each other and digital objects in a seamless and consistent way.
It’s a place where you can break free from the constraints of reality and let your wildest dreams come to life. It’s a virtual playground where you can build, play, and connect with people from all over the globe. It’s a place where you can be whoever you want to be and do whatever you want to do.
It’s not just a game; it’s a whole new way of living. It’s a place where you can let your creativity run wild and where you can make new friends and collaborate on new projects with people from all over the world. It’s a place where the only limits are your imagination, and that’s what makes it so exciting.
The metaverse is a place where you can be whoever you want to be and do whatever you want to do. It’s a place for the bold, the bright, and the rebellious. So, come and join the revolution, the future is here, and it’s looking bright!