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What is the future of the Metaverse?

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Thursday, October 28, 2021. During the Connect conference, Mark Zuckerberg announces the strategic shift that his firm is about to take. Exit Facebook, hello Meta!

In addition to the name change, the firm announces its desire to invest more than 10 billion in the development of its virtual world. Since that day, the sector of the metaverse is no longer the same.

Quick overview of the sector

The metaverse was one of the buzzwords of late 2021 and the first quarter of 2022. Today, the market leaders are called The Sandbox (SAND) or Decentraland  (MANA).

According to data taken from the Coinmarketcap platform, 5 metaverse projects are among the 50 largest crypto capitalizations. The global marketcap of the projects today represents more than 34 billion dollars. Note that 7 metaverse projects exceed a billion dollar market cap.

If Meta has made it possible to give visibility to these projects, we also see that the digital giants give a lot of credit to this sector. In addition to Meta’s $10 billion investment, other firms are investing in the sector. This is particularly the case of the giant Microsoft, the second largest company in the world behind Apple.

A colossal market in the making

 

If the market is still in its infancy and currently offers many more promises than concrete solutions, the enthusiasm around the metaverse is palpable. The investment bank Citi considers for its part that the metaverse could weigh between 8,000 and 13,000 billion dollars at the start of 2030.

Figures to put into perspective compared to the current marketcap of the crypto market : 2,000 billion dollars. If these estimates seem excessive, they often assume that the metaverse could quickly become THE substitute for the Internet as we know it today.

For its part, market research firm Grand View Research estimates that the sector could experience an average annual growth of almost 40% per year until 2030. These estimates would bring the sector close to 800 billion dollars in 2030. An estimate that remains far from the forecasts of the investment bank Citi.

Everyone wants their metaverse!

Today, many brands seek to lock their presence within a metaverse. If the strategy to adopt is still unclear for most players, we no longer count the weeks without a new announcement in this direction.

Thus, brands such as Gucci, Adidas, Nike, Carrefour and Louis Vuitton have already announced one or more metaverse actions. If the companies are present, the stars are too. Like rapper Snoop Dogg, an early metaverse addict.

The metaverse is also taking advantage of the craze around NFTs to create a form of virtuous circle. NFTs feed the metaverse which in turn creates even more opportunities for NFTs. Over the year 2021, the NFT sector weighed more than 40 billion dollars.

The metaverse raises concern

A clash of the virtual against the real for some, the metaverse today is far from unanimous. Last January, the IFOP conducted an opinion survey on the opinion of the French on the metaverse. If this study tended to show that the universe seemed to be better mastered by the youngest, it especially highlighted the fear towards it .

Indeed, metaverse technology aroused the fear of 75% of respondents . A figure which in detail hid great disparities. Among 18-24 year olds, if the questions remained legion, they were 49% to display a certain anxiety with regard to the field of possible metaverses.

Overall, this study will also have made it possible to understand that the less the respondents knew about the metaverse, the more they tended to be afraid of it. Proof if needed that awareness remains a major key to the adoption of a concept or an idea.

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