Metaverse Market, By Component (Hardware, Software/Platform, and Services), By Device (Desktop, Mobile, Console and Others), By Technology (Blockchain, Virtual Reality (VR) & Augmented Reality (AR) and Mixed Reality (MR)), By Application (Online Shopping, Gaming, Social Media, Content Creation Conference and Others)
Covina, April 25, 2022 (GLOBE NEWSWIRE) — Virtual reality (VR), augmented reality (AR), and NFT-savvy firms have a plethora of lucrative prospects in the metaverse. Many of these virtual worlds are supported by blockchain technology similar to that which powers cryptocurrencies and NFTs, allowing users to exchange virtual assets. Because of the NFT boom and Mark Zuckerberg’s recent endorsement, Metaverse Market has also gotten a lot of attention in recent months. NFTs worth USD 2.1 billion have been traded globally, according to Nonfungible.com. Other well-known brands, such as Adidas, which appears to be functioning on its own NFTs, are also looking to create waves in the metaverse. A cryptocurrency is the metaverse’s currency, and each metaverse has its own collection of coins. They’re used to paying for NFTs, virtual real estate, and avatar shoes. Cryptocurrencies are utilised to bridge the gap between the real and virtual worlds. They enable us to calculate the value of digital assets in terms of government-issued currency, as well as their returns over time. The usage of the metaverse to purchase digital assets using bitcoin is becoming more popular around the world. Websites, messaging applications, and social media platforms such as Facebook are being used to communicate with one another online. The metaverse refers to the creation of new online environments in which people’s interactions are more multidimensional and they can engage more meaningfully with digital information rather than traditional media.
North America is expected to account for the greatest revenue share in 2021 due to the increasing clients and users adopting new and more complex technologies. Another factor expected to boost the regional market revenue growth is the growing number of start-ups working on the construction of metaverse platforms for commercialization. Furthermore, the region’s strong presence of gaming and metaverse enterprises such as The Sandbox, Nvidia Corporation, and Epic Games, Inc., which focus on embedding metaverse into games, is driving market growth. For example, Nvidia Corporation announced agreements with Blender and Adobe that will expand the reach of NVIDIA Omniverse, the world’s first collaboration and simulation platform, to millions of people.
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Key Market Insights from the report:
Global Metaverse Market accounted for US$ 337.23 million in 2020 and is estimated to be US$ 1003.06 million by 2030 and is anticipated to register a CAGR of 11.50%. The Global Metaverse Market report segments the market on the basis of component, device, technology, application and region.
Competitive Landscape & their strategies of Global Metaverse Market:
The key players operating in the Global Metaverse Market includes Unity Technologies Inc., Lilith Games, Roblox Corporation, Facebook, Tencent Holdings Ltd., ByteDance, NetEase, ZQGame, Nextech AR Solution Cop., Nvidia Corporation and others.
Scope of the Report:
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