Will the $5T Market cap be reached in 2030, or is the metaverse dead?
Will the $5T Market cap be reached in 2030? In just the last six months, the market capitalization of metaverse projects has fallen dramatically. From an all-time high of $35 billion to $6.5 billion.
It should come as no surprise that only 25% of crypto-savvy individuals actually invest their time in using the current state of the metaverse. The truth is that until consumer-level VR and AR kits are widely accessible, the metaverse is still in its infancy.
When? It could take two, three, or even ten years, similar to how phones gradually became a necessary item)Will the $5T Market cap be reached in 2030? Again we ask?
Although this is the case, smart investors are increasingly investing in the research and development of metaverse infrastructure. With figures like Mark Zuckerberg’s prediction. That this market will generate hundreds of billions of dollars in META revenue over the course of the next ten years.
“We hope to, basically, get to around a billion people in the metaverse doing hundreds of dollars of commerce each,” he continued, adding that people could be “buying digital goods, digital content, [or] different things to express themselves” in the metaverse, said Mark Zuckerberg, CEO of META,
Companies & Government Metaverse Plans
Aside from the early institutional adopters like META, NIKE, ADIDAS, JPMorgan, HSBC & GUCCI. Let’s now examine what other investors are doing to stay ahead of the metaverse race.
Tencent Launches an Extended Reality Unit to Tackle the Metaverse Market
The department is known as the extended reality unit. It will be in charge of incorporating all metaverse-driven initiatives. Including technological advances in both hardware and software.
The company intends to employ more than 300 people in this unit. Tencent is giving it a top priority even as it implements cost-cutting measures, according to reports.
KPMG enters the metaverse and spends $30 million on Web3 staff training.
One of the Big Four accounting firms in Canada and the US, KPMG. Has announced the opening of its first hub for metaverse collaboration. To assist both its staff and clients in pursuing growth opportunities in the digital age.
With a new collaboration hub that uses Web3 to connect staff, clients, and others, KPMG is entering the metaverse. The company is making a collective $30 million investment this year in Web3 experiences. With the metaverse hub as the “signature piece.”
With Meta Pay, Meta wants to dominate the metaverse wallet competition.
Meta, formerly Facebook, wants to monetize the metaverse. By expanding the digital wallet capabilities available on the company’s social networks.
Meta wants to be the first to have a wallet in place when the metaverse economy kicks off. If the company does not have an easy way to pay for purchases in its virtual world, a competitor could spring up and reap the profits.Brannen
eBay was slow in building a payment option for its auctions, so PayPal solved the problem and made millions. eBay bought PayPal for $1.5 billion after a failed attempt to compete with it.
Metaverse and virtual reality are gaining a foothold in healthcare
More than eight in 10 healthcare executives expect the metaverse to have a positive impact on the healthcare industry. According to a report from Accenture.
The Accenture Digital Health Technology Vision 2022 report called the metaverse “the next horizon” in healthcare, where surgical teams can learn new procedures without having to be physically in the same operating room.
Another application could be found in secure authentication, for example, a traveling patient being able to securely provide their medical information to a caregiver without having to authenticate with a physician.
Will the $5T Market cap be reached in 2030? Again we ask?
Kuwait-Based Islamic Bank Enters the Metaverse. Will the Metaverse Reach its $5T Market Cap in 2030? Or is it dead
Warba Bank, a Kuwait-based Islamic bank, recently became the latest corporation from the Middle East and North Africa (MENA) to enter the metaverse.
The bank now occupies two sites in the metaverse, one Decentraland and another one on Sandbox
Warba Bank’s interest in entering this virtual reality comes within the framework of digital trends to transform into a [Web3]. The world of virtual reality is used in several advanced fields, including services, education, health and others. And Warba Bank aims to be close to its clients in virtual reality to introduce its products and services, as well as communicate with them in an innovative way that reflects Warba Bank’s image as a pioneer in digital transformation, Anwar Bader Al-Ghaith, the financial institution’s VP for Support Services and Treasury said
Dubai Is Preparing to Take Its Government to the Metaverse
The Government of Dubai is preparing to make part of its offices available in the metaverse, according to reports.
The country is currently seeking third parties to help it arrange the transition of some of its departments to the virtual world, per statements made at a metaverse event by Sharad Agarwal, chief metaverse officer of Cybergear.
Will the $5T Market cap be reached in 2030? Again we ask?
By 2030, 42,000 virtual employment should be available, according to the Dubai Metaverse Strategy, a set of guidelines that intends to have the metaverse contribute 1% of the nation’s GDP. Other nations, like South Korea, are also making significant investments in the growth of their own metaverse industries, dedicating $177 million to this effort.
80% of people feel more included in the metaverse than in real life
A global study by Momentum Worldwide, metaverse partners to the American Association of Advertising Agencies (4As), found that 80% of people feel more included in the metaverse than in real life.
Consumers are now looking to the metaverse to fill three core aspects of life—inspiration, individuality, and inclusion.
Customers have joined online communities to socialize, challenge themselves, and have fun. According to extensive research,
- 80% of consumers think the metaverse is a much more accepting place,
- 63% are unaware they have been in it for this entire time,
- 85% like the ability to change their appearance however they please, and
- 79% say their friends there accept them for who they are rather than how they look
Soul, A Metaverse Dating Application Wants Itself On A Stock Exchange
Creator of a dating and social media application, Soul, Soulgate Inc. has submitted an application to be listed on the Hong Kong Stock Exchange.
The application was launched back in 2016 by the organization’s Shanghai team, claiming that they are an ‘algorithm driven social digital playground.’
As per paperwork filed by Soulgate, they have suffered a loss of $194 Million, with revenue equaling $190 Million in 2021.
Spain to Offer Grants for Metaverse Companies
The government of Spain has announced it will issue a series of grants and aid for metaverse-related developments to the tune of $4M with 25% of this being women-led projects.
The individuals and companies interested in receiving these grants will have to be based in the European Union or Spain and present a plan, and meet a series of requirements, to be considered.
Spain’s first batch of grants will be dedicated to the gaming and entertainment sector.
Samsung Launches ‘Space Tycoon’ Metaverse Experience
Electronics giant Samsung has announced the launch of Space Tycoon, a metaverse-based experience built as part of the Roblox world.
The gaming metaverse, which is directed to entertain Gen Z users, will feature a world in which Samsung products can be constructed by picking their fundamental components. The experience will also include a shop for buying in-game items
Virtual real estate continues to thrive in metaverse: Chainalysis
According to Chainalysis, the growth of virtual real estate prices has outpaced that of physical real estate by 532%
From September 2019 to March 2022, the prices of virtual real-estate spiked by 879%. On the other hand, the real estate price surged by only 39%
All this illustrates how smart investors are taking the metaverse seriously. There is nothing that is promised for sure but one thing is clear. YOU CAN NOT IGNORE IT!
Digital Asset Research analyst and trader
Crypsense Digital Group