Going Metaverse
Snow Crash, a 1992 science fiction book by Neal Stephenson, introduced the concept of the metaverse, where avatars of people interact with one other. In Stephenson's work, the term "metaverse" refers to a virtual reality-enabled digital cosmos. As a narrative, it's been seen in the Matrix movie and other works of science fiction. It also provided as inspiration for the creators of companies like Amazon.com and Facebook, among others. Mark Zuckerberg's constant allusions to the metaverse in 2020 and 2021 helped bring the notion to the attention of the world.
Facebook has renamed itself Meta
Facebook announced in October 2021 that it has renamed itself Meta Platforms. To better represent its expanding horizons beyond social media and the creation of a metaverse, Facebook has renamed its virtual worlds platform. Facebook and its other applications, such as Messenger, Instagram, and WhatsApp, will continue to exist, but under Meta's stewardship rather than Facebook itself. Reality Labs, the new name for the corporation's AR/VR division, generated $2.3 billion in sales for the fiscal year 2021 after the company reorganized its business sectors.
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In a broader sense, this is a view of collaboration among firms, innovators, and governments will be necessary for the metaverse's development. Investing in product innovation and IT skills is also essential: In order to construct the metaverse, Meta has announced ambitions to hire 10,000 highly trained workers in the EU over the next five years. Although Zuckerberg has indicated that no one corporation would control and run the metaverse, the name change on Facebook may look to be ownership of the metaverse at this early stage. In its place, it will serve as a public forum for everybody, much like the internet. It's already happening: Microsoft, Roblox, and Epic are investing in their own versions of the metaverse, underpinned by 5G, artificial intelligence (AI), the edge, and cloud computing technologies.
A.I. and VR
The metaverse, which merges augmented and virtual reality with our actual world, is on the horizon. At least, that's what the world's most powerful IT companies and engineers are aiming for. Microsoft, Meta (previously Facebook), Epic Games, and Nvidia all have a stake in the metaverse, thus its popularity is only going to rise in the years ahead.
Metaverse as a whole
Data for 2021, 2022, and 2029 show the metaverse's market size.
63,833 billion dollars will be spent in 2021.
By 2022, we expect to reach a total of $100.27 billion.
It will become $1,5 trillion by 2029
With so much potential for expansion, corporations are scrambling to adapt their business models to the needs of the metaverse.
Users of the Metaverse
Only 50,000 people are using Web 3.0 virtual worlds at the moment.
Only 50,000 people throughout the world are now using this newer area of the metaverse.
What is the size of the Metaverse industry?
In 2021, the worldwide metaverse market was estimated to be worth $6383 billion. From US$100.27 billion in 2022 to US$1,527.55 billion in 2029, a CAGR of 47.6% is expected in this industry, according to market research.
Increase in the number of people using the Metaverse
In 2021, 23 percent of VR users will spend at least a few hours a day in the metaverse. Only 15% of these VR users used the technology on a daily basis in 2018. The percentage of people who use virtual reality (VR) on a regular basis has increased from 20% to 31% in the last year.
Companies in the Metaverse
Design Software Industry
Autodesk
Ansys
Unity
Adobe
Online Gaming Industry
Tencent
NetEase
Nexon
Valve
Roblox
Epic Games
Microsoft
Activision Blizzard
Take-Two
Social Networking Industry
Tencent
Augmented and Virtual Reality Hardware Industry
Acer
Valve
Razer
Lenovo
HP
Logitech
Facts about the Multiverse
- goog_1351280987An estimated $2.5 million in market value was added to non-fungible tokens during the epidemic, which are major game changers in how digital assets are traded, sold and kept in the metaverse.
- The market value of the metaverse might reach $1 trillion before the initial goal date of 2029, due to the growing interest in virtual and augmented reality.
- Global sales of metaverse products are predicted to reach $800 billion by the year 2024, up from an initial value of $478,7 billion in 2019.
- It's estimated that 25% of internet users and 30% of businesses will be engaged in metaverse activities by 2026.
- Annual growth of 13.1 percent is forecast for the metaverse market
- Seventy-four percent of American people have joined or are contemplating entering the metaverse.
- More than $10 billion has been invested in the metaverse by Meta (Facebook).
- Web 2.0 metaverse firms have a market capitalization of $14.8 trillion.
