Metaverse digital asset marketplaces growing to $224.9B by 2027

The worth of the metaverse continues to grow with a new report highlighting that metaverse digital asset marketplaces could be worth US$224.9 billion by 2027.

The Research and Markets report, Metaverse Market by Technologies, Platforms, Solutions and Applications in Industry Verticals 2022 – 2027 explained that many companies have already committed billions of dollars to the Metaverse.

“Even governmental organisations are getting involved as evidenced by some countries thinking about opening ambassador relations within the metaverse. In general, the dominant trend is for cyber-to-physical interchange as a means of enriching society and providing the next boom to the digital economy,” the report’s authors explained.

According to the report, blockchain solutions in support of the metaverse will reach $148.6 billion by 2027. Virtual reality also brings about a lucrative opportunity as by 2027, VR in the metaverse will be worth $226.3 billion.

User-generated content and social media within the metaverse will reach $82.9 billion by 2027 and financial services in support of various forms of metaverse commerce will reach nearly $50 billion by 2027 the report reveals.

More than a consumer virtual reality solution, the metaverse is expected to transform a substantial number of functional elements within enterprise and industrial segments including sales, marketing, and business operations.

It will affect virtually every industry vertical in many ways including enhancing social media experience, improvising business communication and optimising overall productivity, creating immersive experience across sales and marketing, revolutionising online education, creating futuristic blockchain applications, and ultimately becoming the future of the internet.

Digital identities

Another report, also highlights the growing worth of digital identities as they could generate more than US$600 billion by 2030 according to Web3 Studios.

There are three types of identities, physical, online and metaverse. A physical identity is a person in real life, a digital identity is the digital footprint of someone and a metaverse identity is what a person would want to share or look like within the metaverse.

Sebastien Borget, COO and co-founder of The Sandbox said in the report, "The Avatar is your entry point into the metaverse; it allows you to engage in immersive experiences with new social interactions. Web3 technology lets you own your Avatar — not the platform it was created on — and use it across decentralised virtual worlds like The Sandbox. Come as you are and play with Avatars from your favourite projects or community, each being unique and interoperable as NFTs.

"In the future, Avatars will become our new digital identity, meaning you'll also build our reputation online and carry your wearables and equipment but also your achievements and your progress across the metaverse."