Metaverse is a public blockchain project that provides digital assets, digital identities and value intermediaries to facilitate the digitization of real-world assets. The idea behind Metaverse is to build a web of Smart Properties, Digital Assets, Identity and Trade Finance Evolutions.
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The Metaverse Ecosystem aims to provide a platform for building decentralized applications (DApps) using public blockchain technology. It also supports digital identity functions through its open-source development environment. This ecosystem aspires to support any application that requires access to these features.
Key Market Trends in the Metaverse Space
According to Inkxpert's research, the global market for metaverse is anticipated to be worth USD 1,607.12 billion in 2030, growing at a 43.3% CAGR during the forecast period. Inkxpert reviews attributes that the key drivers fueling global market revenue growth include a growing focus on integrating the digital and material worlds, as well as rising demand for virtual, augmented, and mixed reality applications and solutions. Other factors driving market growth as per Inkxpert reviews include the growing popularity of virtual tokens, the concept of a digital marketplace, and the growing demand for virtual gaming services.
Cryptocurrencies and NFTs are two of the major developments now sweeping the metaverse. Digital commodities like NFTs can be manufactured, sold, and purchased in an open marketplace, held by an individual user without intervention from a centralized organisation, and are already worth more than $10 billion as per Inkxpert research.
The Inkxpert reviews highlight the key metaverse market trends to watch out for in 2022 and beyond:
- Blockchain gaming will continue to rise
- Virtual goods will become increasingly valuable
- Augmented reality/virtual reality partnerships will grow
- E-commerce platforms will integrate AR/VR technology into their platforms
- Online education will be revolutionized by AR/VR technology (e.g., see Stanford University’s pioneering program)
- There will be an increase in demand for high-quality VR content.
- Real estate companies will use VR technology to sell properties online.
The Inkxpert reviews predict that the global metaverse market is expected to witness significant growth during the forecast period due to increasing demand for augmented reality and virtual reality applications across various industries such as healthcare, manufacturing, entertainment, education, etc., which will drive the adoption among end-users.
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