The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. The metaverse can be considered a future iteration of the internet. It will allow users to work, communicate, entertain, and socialize together in these 3D spaces using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices. You can already see some aspects of the metaverse in existing virtual video game worlds, with each user controlling a character or avatar. Besides supporting gaming or social media, the metaverse will combine economies, digital identity, decentralized governance, and other applications. Even today, user creation and ownership of valuable items and currencies help develop a single, united metaverse. All these features provide blockchain the potential to power this future technology.
Metaverse market revenue worldwide from 2021 to 2030
Source: Statista
According to Statista, in 2021 it was estimated that the global metaverse market size stood at 38.85 billion U.S. dollars. In 2022, this is expected to rise to 47.48 billion U.S. dollars, before surging to 678.8 billion U.S. dollars by 2030.