According to the most recent study by Brandessence Market Research, the Metaverse market is estimated to grow at a CAGR of 22.7% by 2027, reaching $716.5 billion by then.
Global Metaverse Market size in 2021 was USD 209.77 Billion.
Metaverse is a term that is gaining a lot of traction, and it refers to a decentralized computing platform and virtual reality experience that comprises various digital realms.
Global metaverse market growth has been greatly impacted by the Covid-19 pandemic, as the quarantine and social distancing forced entire populations online.
A large part of its popularity can also be attributed to the large variety of applications available, including content creation, gaming, learning, social interaction, training, and virtual shopping.
To give one example, NFTs and virtual reality are already transforming the fashion industry. Gucci, Oscar de la Renta, Dolce & Gabbana, Hugo Boss, Versace, and Balenciaga are a few of the brands that have already explored the new market.
With the popularity of the metaverse increasing, there is a huge demand for metaverse fashion stylists to generate avatars and style them according to their personalities. The result was the creation of virtual fashion shows, like Metaverse Fashion Week (MVFW), hosted by Decentraland.
Other industries have also shown interest in the virtual world; such as the food industry. Some well-known food companies, such as McDonald’s, Panera Bread, Burger King, Tyson Foods, and others, have already filed trademark applications expressing their intentions to enter the metaverse.
Metaverse can transform the real world into a new experience. There has been an increase in people joining the queue, causing the emergence of online societies. Metaverse created a way to replicate social interaction, leading to a social sphere where users can make friends.
Evidently, this is just the beginning, an anticipatory indication of what will be the normal life in years to come. We are on the verge of experiencing a new, digital life, in which interactions, purchases, and much else will shift to the virtual realm.
