The term metaverse has become extremely common among online gamers especially those involved with blockchain gaming. The term became more popular after Facebook, one of the leading social media platforms, changed its name to Meta.
Key metaverse statistics and facts:
• The term ‘Metaverse’ was coined by a person called Neil Stephenson in his novel ‘Snow Crash’ back in 1992.
• More than 160 companies are currently building metaverses and nearly all large corporations are investing in the metaverse.
• In the future, billions of people will spend their time online on the metaverse since it becoming a vast digital landscape.
• Facebook has invested $10 billion in its Reality Labs segment, which is the metaverse division of the company.
• 75% of people believe that the metaverse will hurt society.
Metaverse trends
1. The metaverse was invented by Neil Stephenson
The term ‘Metaverse’ was coined by a person called Neil Stephenson in his novel Snow Crash back in 1992. In the novel, he envisioned a future where humans could connect as avatars in an immersive shared virtual world.
2. Neil Stephenson’s metaverse concept is used in several science fiction plots
Neil Stephenson’s novel has been used in some science fiction works as a plot including the famous Matrix films. It has also served as a source of inspiration for the founders of Facebook, Amazon, and Google.
3. Facebook rebranded to Meta Platforms in 2021 to reflect its ambitions of bringing the metaverse to life
Facebook’s change of name reflects the company’s ambitions to bring the metaverse to life. Its social network apps including Facebook, Messenger, WhatsApp, and Instagram remained under Meta’s Umbrella.
4. Meta has invested $10 billion in its metaverse division, Reality Labs
Facebook, now Meta Platforms, has invested $10 billion into its Reality Labs segment, which is the metaverse division of the company tasked with creating AR and VR hardware, software, and content.
5. Meta’s Reality Labs saw its revenue hit $2.3 billion in 2021
The company then remodelled its business segments and started reporting the revenue from its AR/VR Reality Labs business, which for example saw its revenue reach $2.3 billion in the fiscal year 2021.
6. Meta has created more than 10,000 metaverse jobs
According to CNBC, Meta Platforms (formerly Facebook) has created more than 10,000 metaverse jobs.
7. Sony has invested about $200 million in the metaverse
According to MVC UK, tech giant Sony has invested about $200 million to secure the music rights and sounds that it intends to use in the metaverse.
8. Epic Games invested $1 billion in its metaverse plan in 2021
On April 13, 2021, Epic Games announced a $1 billion investment for its metaverse plans.
9. More than 10 million people have participated in Epic Game’s Fortnite online concerts
According to Verge, about 10.7 million people have participated in the online concerts that Fortnite has carried out so far. Fortnite was launched by Epic Games in 2017.
10. Billions of people will spend time online on the metaverse in future
In the future, billions of people will spend their time online on the metaverse since it becoming a vast digital landscape incorporating social networking, shopping, entertainment, education, business, gaming, and everything else that can be done on the internet today.
Metaverse market statistics
11. The metaverse market was worth about $478 billion in 2020
In 2020, Bloomberg reported that the metaverse was worth a whopping $478.7 billion after a compound annual growth rate (CAGR) of 13.1%.
12. The metaverse is estimated to be worth more than$783 a billion by 2024
According to Bloomberg, on average, the metaverse market is projected to be worth about $783.3 billion in 2024, at a CAGR of 13.1%.
13. Video gamers will see their revenue in the metaverse grow to $412.9 billion by 2024
The video game makers are estimated to see their revenue opportunity in the metaverse grow from $274.9 billion in 2020 to $412.9 billion in 2024 with a CAGR of 10.71%. The biggest opportunity for video game makers is in metaverse software and services and the sale of metaverse gaming hardware.
14. More than 60,000 people use the metaverse virtual worlds daily
According to Nonfungible.com, there are more than 60,000 daily users of the metaverse virtual worlds around the world. This is a tenfold increase since the beginning of 2020 when the metaverse had barely started to gain traction.
15. The average price of virtual land in the metaverse is $2000
According to Nonfungible.com, virtual land is the most precious property in the metaverse. The average price for a plot of land in the metaverse is about $2000.
Just like in the real world, metaverse land is a limited resource and metaverse platforms allow users to purchase and hold virtual lands and claim rent from other users who use it for various purposes including hosting events.
16. More than 160 companies are currently involved in the metaverse
According to XR Today, there are more than 160 companies that are currently building metaverses and nearly all large corporations are investing in the metaverse. Business opportunities range from AR and VR gadgets to gaming apps. Some of the notable metaverse companies include Epic Games (the company behind Fortnite), Meta Platforms (creating metaverse software and hardware), Niantic (the company behind Pokemon Go), Microsoft, Decentraland, The Sandbox, and Axie Infinity among many others.
Alphabet, Nvidia, Roblox, Snap, Adobe Systems, Gucci, Acura, Walmart, Dolce & Gabanna, Estee Lauder, and JP Morgan Chase have all invested in the metaverse.
17. Fashion Street Estate which was purchased by Metaverse Group on Decentraland is the most expensive virtual real estate
The most expensive virtual real estate ever purchased in the metaverse is the Fashion Street Estate which was purchased by Metaverse Group on Decentraland for 618,000 MANA ($2.4 million). Its value is far more than what most homes in San Francisco and New York City cost.
18. More than $700 million have been used on virtual lands so far
According to Nonfungible.com, more than $700 million have been spent on virtual land in the metaverse. The figure is expected to grow further as people are willing to spend a large amount of money on virtual land since they can customize and personalize the land as they want.
19. $54 billion is spent on virtual goods in the metaverse every year
According to JP Morgan, about $54 billion is spent on virtual goods in the metaverse. The virtual goods include everything from digital real estate to video game characters.
20. Web 3.0 & NFT companies had raised about $6.6 billion by January 2021
As of January 2021, Web 3.0 & NFT companies had raised about $6.6 billion according to Dovemetrics. The figure has certainly shot up in 2022 since investors are increasingly showing interest in this segment and seeing a bright future for the metaverse.
21. 75% of people believe that the metaverse will hurt society
According to a recent survey on Tidio, more than 75% of people believe that the metaverse will hurt society. The majority of these people believe that the metaverse can immerse someone so deeply into the virtual world thus affecting their real life by causing a lack of focus, addiction, distraction, and dissociation among other negative effects.
22. Nike has filed 7 trademark applications in preparation for launching the metaverse
Nike has filed seven trademark applications in preparation for launching in the metaverse through the making and selling of branded virtual sneakers and apparel.
Nike has launched a place in Roblox called “Nikeland” where users can play games, socialize and dress their avatars in digital Nike products like Air Jordans and Nike Blazers.
23. 58.9 million people in the US jumped into the metaverse every month in 2021
According to eMarketer, approximately 58.9 million, or 17.7% of the US population, jumped into the metaverse every month in 2021. The figure is projected to hit 64 million by end of this year.
24. Famous rapper, Travis Scott 15 minutes concert on the Epic Game metaverse attracted 12.3 million live viewers
Famous rapper, Travis Scott, surpassed any Fornite performer when he attracted 12.3 million live viewers for a 15 minutes concert hosted in the Epic Game metaverse.
25. On its first day, Snoop Dogg’s “Snoopverse” metaverse brought in a $14 million revenue.
With everyone willing to take deep dive into the world of virtual reality, many famous personalities including celebrities from entertainment, sports, media, and more are showing interest and want to own it.
Snoop Dogg began building the Snoopverse on The Sandbox in September 2021. Snoop Dogg released a new music video for his song “House I Built,” featuring a virtual avatar of himself in the metaverse, on 1 April 2021.
In December 2021, Snoop Dogg conducted a ‘Snoopverse’ LANDs Sale with the first wave of the sale taking place with a total of 122 LANDs and 67 premium LANDs being sold on The Sandbox’s map for about $14 million.
Conclusion
Going by the strides that have been made in the metaverse and market statistics, one thing is sure and that is the metaverse will sure be a multi-trillion dollar economy in future.
JP Morgan predicts that the metaverse market size will be worth more than $1 trillion in future while Goldman Sachs predicts that the market size will be worth up to $12 trillion.