This section highlights existing market research and analysis, potential limitations to the existing Metaverse space, and the opportunities this presents. It outlines the approach being taken by the Ethereum Worlds team to address those limitations while capitalizing on the potential opportunities.
As an organization, we realized very early on that for our project to succeed we needed to understand the emerging market that we were looking to enter. We needed to identify who and what our competition was, as well as understanding what our potential customers would require, and what would be our unique selling point that would set us apart from other Metaverse protocols.
In 2021, there was an explosion of interest and desire for digital ownership via blockchain technology, in particular, around the NFTs and the Metaverse. We believe that with the current advancements of VR technology, coupled with Web3 solutions, there is a perfect storm where innovation and development will meet demand in early 2023.
Many governments and global brands have been investing heavily in research and development of new or existing Metaverse plays, as well as some Web2 brands looking to pivot into this growing space.
Most of the current Metaverse platforms center around gaming models, with a clear intention of monetizing this lucrative and established market. However, this overlooks a large market segment of non-gamers and businesses that would be interested in virtual assets, locations, and meeting places.
- The global Metaverse market is predicted to hit highs of $800 billion by 2024. With JP Morgan and Goldman Sachs providing future market figures of $1-12 trillion (source).
- Fortnite creators; Epic Games, have raised $1 billion to develop and realize their Metaverse plans (source).
- VR gear sales are set to hit $10 billion in 2022 with over 26 million units to be sold by 2023 (source).
- While the bulk of AR/VR ownership is in North America, the VR market in Europe is set to grow to $20.9 billion by 2025 (source).
- We think that many of these market price predictions are potentially too conservative and the technology boom will be accelerated over the next 3 years, similar to personal computer ownership during the dot com bubble of the 1990s.
“The Metaverse is best understood as the shift of computing and interaction from a device in your pocket into a virtual simulation.”- Matthew Ball