The metaverse is still in development, and to assess the metaverse market size, we need to understand the metaverse itself. The concept itself is somewhat hard to define — everybody has their own definition. Furthermore, many people conflate it with VR, which already exists.
It can be seen as a completely virtual world, one where you can play games, interact with people, shop, and even work. Some see it as a platform that can entirely replace the internet. In other words, while virtual reality lets you experience different artificial worlds, the metaverse lets you enter a new reality.
Another important aspect of the metaverse is that it allows you to leverage the blockchain, giving you decentralized control from “IRL” economic systems. So, it can be seen as a self-sufficient world with its own functioning economy.
Others believe that it already exists on different platforms. These basic economies and online virtual hangout spots are already here on Minecraft, Roblox, and Fortnite platforms. You can hang out with your friends and even make money in the metaverse.
In this article, we will dive into the data behind the market and the metaverse expectations from this emerging market — at least in its current form.
What Is the Metaverse's Market Size 2022?
The metaverse market size in 2022 was 61.8 billion - in 2021, it had a total value of $22.79 billion. These numbers are from multiple markets, which include:
Banking, insurance, and financial services
Media and entertainment
Retail market
(GlobalData)
The Metaverse, Retail Markets, and Big Brands
Big brands are already investing in some form of the metaverse, making metaverse investments, and building relationships with platforms. One example is Gucci.
The fashion brand created a Gucci garden. Within this virtual garden, players played games that allowed them to win prizes in the form of limited-edition Gucci accessories. Furthermore, the brand sold a bag within the virtual world of Roblox for virtual money. Said bag was sold for $4,100 (when converted from Robux, Roblox’s currency).
(GlobalData)
The Metaverse Within Media and Entertainment
Entertainment is already dipping its toes in the metaverse, and it’s a big part of the metaverse market map. You can check out a concert and enjoy it in a completely unique way with more involvement and a more immersive experience.
For example, Fortnite has started hosting virtual concerts. Enjoying a concert in VR is already an immersive experience. However, you can't really interact with people who are there, and you are confined to your room and the space you have around you.
Within this nascent metaverse, you can use your avatar to interact with people, talk to them, and play games while waiting for your concert to begin.
(GlobalData)
BFSI Market Diving Into the Metaverse
Even banks have begun entering the metaverse and are part of financial metaverse trends. For example, HSBC has already purchased a plot of virtual land in Sandbox. On this virtual plot of land, HSBC intends to let its customers play sports and games. On the other hand, JP Morgan opened its own lounge, named “Onyx,” within the Decentraland to let its customers socialize.
Then, there is MetaverseLife. A subset of trading startup eToro’s Smart Portfolio, it provides investors with exposure to crypto assets, as well as stocks and projects tied to the metaverse.
(GlobalData, eToro)
Top Metaverse Platforms and Their Attributes
In order to be considered a metaverse platform, in its current form, said platform needs to have several defining characteristics. It needs to allow for interaction, and it has to be immersive and interoperable (i.e. not device-dependent). However, the most important point is that it needs to support the creator economy.
Currently, the top metaverse platforms that (mostly) fulfill the above requirements are:
Roblox
Meta
Sandbox
Second Life
BlueJeans
(Techtarget)
Roblox Stock
As we've mentioned already, Roblox is strengthening its ties to the metaverse. We can safely assume that if Roblox grows, so will its version of the metaverse.
Roblox stock predictions show an expected median growth of 14.1% for the following 12 months (at the time of writing this article). Its price is expected to reach $35 per stock. However, note that some analysts predicted growth as large as 76.1%, while others went as low as a drop of 38%.
(CNN Business)
Conclusion
So, is the metaverse big business or not? In its current form, definitely. All the data shows that it will grow and that many big brands from multiple sectors are already investing in it — and plan to continue doing so. But what its final form will be and what the financial landscape will look like, only time will tell.
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