Metaverse – A futuristic immersive virtual world where we can work, play, relax, socialize, and do more. The evolving digital universe rendered through Virtual Reality (VR) or Augmented Reality (AR) technologies is expected to seamlessly integrate the virtual world with the real world. “Metaverse” is becoming a meme, a buzzword for executives, analysts, and investors who are looking to secure a toehold in this emerging space.
Technologies such as Web 3.0, VR, AR, ubiquitous 5G high-speed internet, Blockchain, Crypto, NFTs, and others, along with the pervasiveness of remote work and online socialization, is making the advent of metaverse timely and exciting.
Disney’s Soarin’ Around the World at EPCOT; Universal Studios’ the Amazing Adventures of Spider-Man, Harry Potter and the Escape from Gringotts™; 3D movies at IMAX, and many more, for quite some time are already offering the global audience a view of the Metaverse.
Significant opportunities are being created for entrepreneurs, venture investors, and technology companies focused on getting a piece of this emerging pie. According to Gartner, Inc, by 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social, or entertainment. Total VR/AR spending worldwide is estimated to grow from $12 billion in 2020 to $72.8 billion by 2024, a CAGR of 57%. In a note to investors, Morgan Stanley analysts said the metaverse could represent an $8 trillion opportunity. In the blockchain-based virtual world of Decentraland, JPMorgan, the first major bank, has opened a lounge where one can shop with crypto and NFTs. The bank is expecting metaverse to be a $1 trillion yearly opportunity.