🌎Industry Overview

A look at the current state of the industry and where it is headed, highlighting the challenges and opportunities

The Ecosystem is comprised of various players in several categories such as:

• Gateways

• NFT PFPs

• Social and meeting hubs

• Events

• Real Estate projects

• Platforms powering economies and

• Industry-centric projects in music, digital fashion, avatar/identity

• Interoperability.

Other projects have also targeted infrastructure development such as UI and immersion, visualization and digital twin, development and infrastructure tools, AI, connectivity and cloud compute/storage and decentralized infrastructure

A recent report by Newzoo predicts that the metaverse will continue to grow rapidly in the coming years, driven by factors such as the increasing popularity of gaming, advances in technology, and the rise of virtual socialization. It notes that the metaverse is not just a platform for gaming but is also becoming a hub for social interactions and commerce.

Eventually, every industry is likely to have a form of business opportunity in the metaverse. Activities of early adopter companies have been centered around collaborating with games to give players a way to express themselves or engage with their favorite content.

The trailing diagram shows industries that currently have footprints in the metaverse and are reaping its benefits of brand exposure and new revenue streams etc.

It is anticipated that the industries in the figure below would hop on in the immediate future.

Demand For Metaverse Assets

The surge in demand for metaverse related assets such as land, is evident from the amount of money being spent on virtual land transactions. Several blockchain-based virtual worlds, such as Decentraland and The Sandbox, have emerged in recent years, offering users the ability to buy, sell, and develop virtual real estate using cryptocurrencies. According to NonFungible.com, the total value of virtual land sales across these platforms has reached almost $2 billion as of March 2023, with some individual land parcels selling for millions of dollars.