The Metaverse is quickly becoming one of the most important places for companies and individuals looking to expand their reach. New findings from research firm MarketsandMarkets predict that the Metaverse market size will grow from $61.8 billion in 2022 to $426.9 billion by 2027.
In addition, a recent report from Juniper Research links nonfungible token (NFT) growth to metaverse use cases. According to these findings, metaverse-related NFTs will experience an increase from 600,000 transactions in 2022 to 9.8 million by 2027.
Given this potential, a number of regions across the globe have started to establish a virtual presence. For example, the emirate of Dubai announced the launch of the Dubai Metaverse Strategy in July this year. As Cointelegraph previously reported, the Dubai Metaverse Strategy aims to attract companies and projects from abroad while also providing support in metaverse education aimed at developers, content creators and users of digital platforms.
While the concept may sound futuristic, industry experts believe that this is a logical progression. Hrish Lotlikar, co-founder and CEO of Superworld — an augmented reality content platform — told Cointelegraph that as Web3 technology becomes integrated into everyday lives, future-forward regions, governments and organizations will capitalize on communication, gamification and monetization opportunities in the Metaverse.