I’m mega bullish on the METAVERSE! Here’s why?
by The metaverse, which is built around immersive 3D worlds and online communities where people engage utilizing virtual reality headsets and augmented forms of reality, is sometimes referred to as a development of the current internet.
People will create the metaverse, not corporates
Vitalik Buterin
Buterin saw the creation of the metaverse as a relatively inevitable stage in the development of current technology, even though he isn’t quite sold on how companies see it.
“The ‘metaverse’ is going to happen, but I don’t think any of the existing corporate attempts to intentionally create the metaverse are going anywhere.”
Buterin said
Playboy to build a ‘MetaMansion’ in the metaverse
Playboy is collaborating with The Sandbox (SAND) to create Playboy’s “MetaMansion” within the metaverse, giving the party mansion’s famous design a home in the virtual world. Playboy is an internationally known lifestyle brand.
In fact, as it continues to establish a strategy around what fans refer to as the next generation of the internet, the media industry intends to provide a virtual equivalent of the real-life building on the metaverse platform known as The Sandbox.
By investing in the metaverse, Dubai hopes to generate 40.000 jobs
The statement claims that VR and AR have boosted the UAE’s economy by $500 million and added 6,700 jobs. Real estate sales in the metaverse exceeded $500 million last year, and venture capital and private equity funding in the metaverse collectively reached $13 billion in value in 2021.
The Dubai Metaverse Strategy calls for research and development (R&D) partnerships to increase the economic contributions of the metaverse, the use of accelerators and incubators to draw foreign businesses and projects, and support for metaverse education geared toward programmers, content producers, and users of digital platforms in the metaverse community.
Meta depends on losses in its Metaverse R & D department
In order to integrate Meta users using its numerous social platforms, such as the Metaverse, with the Oculus range of VR headsets, Reality Labs creates VR and augmented reality (AR) apps.
In addition to the losses, Reality Lab’s revenue and operating margin have also been heading downward since 2021 and 2020, respectively.
The Q2 2022 sales of $11.1 billion and the margin of 29 percent reported were the lowest in the previous seven quarters
Reality Labs reported Q1 losses of $2.9 billion.
According to Grand View Research, Inc. The global metaverse industry would be valued at USD 678.8 billion by 2030.
By 2030, the metaverse market is expected to be worth 678 billion dollars.
Grand View Research
Over the forecasted period, the market is expected to expand at a CAGR of 39.4% due to the increased demand from a number of industries, including education, media and entertainment, military, and aerospace.
A $5.37B market will be created for metaverse real estate.
According to Grand view research, INC. From 2021 to 2026, it is anticipated that the market share of metaverse real estate would rise by USD 5.37 billion.
However, with a CAGR of 61.74 percent, the economic pace is probably going to slow down. The worldwide information technology (IT) spending market is where Technavio classifies the metaverse real estate industry.
The degrees of growth of the metaverse real estate market throughout the projected period will be determined by external variables impacting the parent market growth potential in the ensuing years, which have been comprehensively explored in our research paper.
India wants to become the Apple of gaming in the metaverse
The government of India anticipates a bright future for gaming in India. In Budget 2022, a task group for the Animation, Visual Effects, Gaming, and Comics (AVGC) industry was announced.
India, the largest gaming market in the world, is anticipated to become a popular location for metaverse apps as well, predicts Rituparna Mandal, General Manager of MediaTek Bangalore.
She discusses the potential effects of metaverse on Indian gaming in the future and how MediaTek is preparing to provide the most cutting-edge chip technology and solutions to the metaverse ecosystem.
Metaverse Campus to be built at Hong Kong University of Science and Technology
The Hong Kong University of Science and Technology has made plans to develop Metahkust, an online campus for the metaverse.
A mixed virtual reality classroom that will enable students from different latitudes to attend lessons as though they were in the same location will be the institution’s first step toward achieving this aim. The opening of the new Guangzhou campus will take place in the virtual classroom.
To know why the Metaverse going to be a 5B industry, read my previous article.