The Metaverse is something you’ve probably heard of already – it’s all anybody seems to be talking about right now.
With a predicted market size of $800 billion by 2024, it’s slated to become the next new thing in technology.
The more you know about the Metaverse, the more you can be prepared – and from a marketing point of view, it can’t hurt either.
Let’s take a look at the most important Metaverse statistics, facts, and trends for 2023.
Key Metaverse Statistics 2023
- The Metaverse market size is predicted to reach as much as $800 billion by 2024
- JP Morgan predicts the market size will be worth $1 trillion (no time frame given)
- Goldman Sachs predicts the market size will be worth $1-12 trillion (no time frame given)
- The Metaverse market was worth $46 billion in 2020
- $10 billion has been invested in the Metaverse by Meta’s Reality Labs segment
- 10,000 jobs will be created over a five-year period
- The science fiction novel ‘Snow Crash’ coined the “Metaverse” phrase in 1992
- It is a combination of virtual reality and augmented reality
- It is considered the ‘future’ by Meta (Facebook) and many others
- The word ‘Metaverse’ means ‘beyond the universe’
Detailed Metaverse Statistics 2023
1. Metaverse is a combination of ‘meta’ and ‘verse’, which mean ‘beyond’ and ‘universe’ respectively.
The concept of the Metaverse is actually relatively old, as we talk about above. It’s obvious based on Metaverse facts like this is why it’s called the Metaverse.
2. NFTs saw an increase of $2.5 billion during the pandemic’s peak
NFTs have always been an interesting concept to people since they first appeared, but since the pandemic caused everyone to stay home, interest has peaked, resulting in it being worth billions.
3. According to a study, most streamers and gamers friends aren’t that different from their real-life friends. This implies that people prefer online friends who are like them in the real world.
According to Metaverse usage statistics, this means that people are looking for friends online who are similar to the friends that they would have in the real world.
4. Epic Games raised $1 billion to accelerate the long-term vision of the Metaverse
Of course, the Metaverse is a place where a lot of gamers want to be, so it comes as no surprise that a company like Epic games wants to be able to bite off a big piece of the Metaverse pie.
5. Decentraland raised $24 million ahead of its release in February of 2020
Statistics like this show that companies like Decentraland are already making a big splash, and what’s pretty amazing about it is that they have managed to raise so much money before even being released.
Despite the fact that not too many Americans are interested in the Metaverse right now, North America accounts for the biggest share of the Metaverse market.
7. A number of important tech companies see the Metaverse as an opportunity to expand their reach
Because the Metaverse is all about technology, Metaverse facts like this make sense and show that there is an unprecedented opportunity for tech companies all around the world to reach even more clients.
8. The hardware segment dominates the Metaverse industry
Statistics like this indicate that the hardware side of things is the most important part when it comes to the Metaverse because you need VR headsets in order to be able to participate.
9. VR gear sales are set to hit $10 billion in 2022
VR gear has been around for a long time at this point, but the Metaverse has made it popular and trendy, as you can see from statistics like this.
10. Global shipments for VR and AR are set to reach 76 million in 2024
People will quickly start to catch on to the fact that they need VR and AR equipment in order to make the most of the Metaverse.
11. AR and VR headsets will be sold to the tune of 26 million units by 2023
This is quite a conservative number, but it still shows that the world of VR is taking off.
12. By 2024, there will be over 34 million VR headsets installed around the world
Statistics such as this presumably are in reference to the fact that public companies and even government organizations might begin to implement VR headsets into their services, so you can expect to see them installed in numerous places.
13. The VR market in Europe will grow to $20.9 billion in 2025
While North America is taking the cake right now when it comes to the Metaverse and the VR market in general, it doesn’t seem like Europe is far behind.
14. By 2022, there will be 1.1 billion people using mobile AR
This is a pretty interesting statistic and shows that more and more people are becoming interested in the idea of AR.
15. There are expected to be 1.7 billion AR users on mobile in 2024
Mobile AR is of course going to take off quicker than desktop AR, as you can take mobile AR with you wherever you go. This is why it makes sense that mobile AR will catch on faster.
16. The AR mobile market was worth $6.87 billion in 2020
This statistic shows that the AR mobile market was already doing really well back in 2020.
17. AR will surpass VR based on three things: accessibility, cost and safety
VR has been around for a long time, but tech companies are working on a relatively new application – AR. AR will surpass VR based on a few things, including cost and safety. Right now, it’s more affordable to use VR, but this won’t be the case for too much longer.
18. 68% of Americans aren’t interested in the Metaverse
Despite the fact that North America is a hot point for the Metaverse, the majority of Americans don’t want anything to do with it.
19. 110 million Americans will use AR every month by 2023
This is a big number and goes against what is perceived about North America when it comes to the Metaverse. However, it’s still not a majority of the population.
20. Decentraland’s property have generated 75,000 sales
According to recent Metaverse statistics, there are some tech companies out there that are really being able to capitalize on this movement, and make a lot of money.
21. Roblox has garnered more than 10 billion hours of playing time
Roblox is becoming more and more popular among gamers and internet users in general, which is why it comes as no surprise that it has managed to amass more than 10 billion hours of playtime.
22. Roblox users have spent $652 million on its virtual currency
Roblox has also done really well with its virtual currency, and its users are spending up a storm.
23. 10.7 million people have attended a Fortnite concert
Fortnite is another really popular game that people all around the world play online with one another, so statistics like this come as no surprise.
There is no doubt that there will be more Fortnite concerts in the future.
24. A digital Gucci bag has been sold for over $4100
We have officially crossed the threshold from reality to virtual when it comes to luxury items like Gucci handbags.
Of course, the person that made this purchase did so because they saw a chance to invest, but it’s still a lot of money to pay for something that’s not “real”.
25. Through Roblox, 33 million people watched Lil Nas X’s show
Lil Nas X is one of a few musicians that is making the most of virtual shows, especially since the beginning of the pandemic.
You can see from Metaverse data and statistics like this that the concept has taken off.
26. 45.8 million people watched Astronomical by Travis Scott
Travis Scott is another rapper that has made the most of virtual concerts, thanks to all the lockdowns that we have experienced as a result of the pandemic.
27. Nike has patented applications to download virtual goods in the Metaverse
Nike is another company that is thinking about how they can be part of the virtual movement, and produce products that aren’t “real”.
28. Disney is working on a Metaverse theme park
It might come as no surprise, according to this Metaverse statistic, that Disney is planning on jumping in the game as well and coming up with the theme park that you can experience in the Metaverse.
29. Coca-Cola has auctioned off its first NFT, which sold for $575,000
Coca-Cola has made a pretty penny from its first NFT, and while this is a lot to pay for a single NFT, there is a good chance that it’s going to be worth a lot more than this in the future.
30. Louis Vuitton created a virtual game in the Metaverse
Gucci isn’t the only luxury brand that is jumping on the virtual product bandwagon. Louis Vuitton has set up a virtual game, where you have to look for candles.
31. Gucci has opened ‘Vault’ where it sells Gucci NFTs
Not only can you purchase luxury items from Gucci in the virtual world, but you can also purchase NFTs, and we have a feeling that any NFT that Gucci sells right now is going to be worth a lot more in the future.
32. Balenciaga plans on combining the digital and fashion worlds after collaborating with Fortnite
Balenciaga is jumping on the luxury virtual world bandwagon and plans to collaborate more after they had such a successful collab with Fortnite.
33. The Web 2.0 Metaverse is valued at $14.8 trillion in October 2021
Naturally, there are going to be a lot more web versions of the Metaverse in the future, but this one alone is worth quite a bit.
The Metaverse might assist people with overcoming disabilities and improving imagination and creativity
There are going to be some upsides to the Metaverse, but there will definitely be some downsides as well. It remains to be seen which way the Metaverse ultimately ends up going.
34. 48% of people said that they would join Metaverse for live entertainment and art, while 44% said they would join it for NFTs and Bitcoin
As you can see from Metaverse statistics like this, it’s easy to predict why people are going to choose to join the Metaverse in the first place.
Metaverse Market Size 2023 & Industry Growth Predictions
There are many people that are interested in the Metaverse size, as it is seen as the next big thing in the world of technology.
There are growth predictions based on current Metaverse statistics and data out there that show that the Metaverse could reach the $800 billion mark by 2024, as it is already sitting at the $47 billion mark thanks to a surge of interest in 2020 when the pandemic peaked.
There are even some out there that believe that it is worth more right now – $500 billion, to be exact, according to Bloomberg, which makes $47 billion look like chump change.
Beyond the $800 billion predictions, some think that Metaverse could reach $1 trillion in annual revenue, according to a report by Grayscale.
And then there are the highly respected JP Morgan and Goldman Sachs throwing around figures of $1-12 trillion.
This is thanks to some early predictions of where the Metaverse is headed, for example, there have been sections of virtual land being sold for more than $2 million.
Right now, there is a heavy emphasis on the Metaverse being prudent for gaming, but it is set to expand.
Predictions lie with the Metaverse growing in the gaming world to become a $400 billion-dollar business by 2025, with some experts saying it was sitting at around $180 billion in 2020.
What is the Metaverse?
Meta is defined as meaning “more comprehensive” and a universe is defined as everything related to time and space.
Instead of defining it as the two literal meanings combined, the Metaverse is virtual and involves combining digital technologies across products and services.
There is no single definition or concept behind this new realm of technology. It is one of those things that we will have to see to understand.
It is, however, categorized as “the next iteration of the internet” designed to bring the digital and physical worlds together.
It is partially about bringing together virtual communities for endless activities such as trying on clothes or attending concerts or sporting events.
If you have ever used a beauty website or an eyeglasses website to try on makeup, hair color, styles, or glasses, you have already engaged with the lower tier of the Metaverse.
What’s really interesting about the Metaverse is that it’s not just limited to Facebook, although Facebook would probably like it to be. There are plenty of other companies that are working on their own version of the Metaverse, which of course are going to offer Metaverse users different options, and different environments that they can experience.
Epic Games is currently building their own Metaverse, and they have managed to raise $1 billion in funding for the venture. They will incorporate Fortnite into their Metaverse, so this is going to be a virtual world that is really popular among gamers.
Microsoft can’t be left behind when it comes to developing the Metaverse, which is why it’s working on its own version. It plans on developing a digital environment that it is going to call Mesh, and in it you will be able to access Windows, Microsoft Teams, and more.
Needless to say, these companies that plan on biting off a big piece of the Metaverse pie are just the beginning – there are hundreds of other companies out there that are planning on developing their own Metaverse version.
What is the Difference Between AR and VR Technology?
Virtual Reality, VR, requires using special headgear and people using it are controlled by the system.
Augmented Reality, AR, is where sounds, visuals, and other sensory elements create stimuli to create a real-world environment in a safe space used to heighten the user’s experience.
It is sometimes used for therapy, and can easily be used via a smartphone. The users are able to control their presence in this environment.
What Does This Mean for the Online World?
As the Metaverse concept evolves, there will be online spaces where interactions become even more multidimensional than today’s existing technology.
So, instead of just looking at digital content, you could immerse yourself in a place where the physical and digital worlds merge. It will just take the newer technology to support it.
More than that, it plans to create an economic realm of digital and physical elements, as well as the ability to transfer digital assets and avatars across various spaces in the Metaverse.
Each company can work in its own space inside the Metaverse, making it a decentralization concept.
Real-time effects are expected to play a large role in the new Metaverse. It will change the face of content creation, virtual economies, presence.
Privacy, avatar identity, accountability, security, and trust. From this perspective, this is essentially an ecosystem all its own.
When Did This Idea Start?
Back in 1992, “Snow Crash”, a science fiction novel by Neal Stephenson, used the term “Metaverse” to describe a place where humans, acting as avatars, engaged with one another.
It refers to the digital universe that is accessed via VR technology. It has also played a major role in other science fiction works, such as the Matrix movies.
These science fiction works are likely the inspiration for this new “Metaverse” upon which the founders of Facebook (Mark Zuckerberg), Google, (Larry Page and Sergey Brin), and Amazon (Jeff Bezos) have based this concept.
Zuckerberg has made reference to this concept over the past year, and it’s gained a lot of attention on the global level.
Where is the Metaverse Idea Going?
You likely know about the announcement in October 2021 by Zuckerberg at the Facebook Connect AR/VR conference that he is rebranding Facebook to Meta.
It shows the ambitious desires to create this convergence of the physical and digital worlds.
The other social apps, WhatsApp, Instagram, and Facebook Messenger will likely keep their names but will fall under the Meta company umbrella.
Even Oculus will be rebranding to the Meta brand for at least some of their VR offerings. We should soon be getting news about reporting the financial aspects of this business.
This is also believed to be opening doors for fintech solutions to play a role in this new realm of digital iteration.
That would make sense because fintech is behind innovations used on Google and Amazon making things easier for consumers and businesses to connect and make transactions online.
As a matter of fact, since the pandemic, statistics show that 88% of consumers in the US are using fintech.
It is important to note that the “Metaverse” is not owned by any one person or company. There is no single creator, or developer.
It has been a collaboration and will be something companies and people will continually manipulate to their needs. At least that is supposed to be the idea behind it, to some extent.
What is the Metaverse Outlook?
Reality Labs has invested 10 billion dollars into their Metaverse division, and has been and will be creating content, software, and hardware for AR and VR use.
For example, this technology will play a primary role in creating VR Virtual Workrooms and Meetings where users will wear VR headsets to ‘gather in person’ for meetings.
There are even plans to introduce Ray-Ban eyewear that will be able to record videos. There are many projects in the workings as the Metaverse rolls out, and likely there will be many more to come.
It will take a ‘village’ to collaborate and develop the Metaverse.
It will take the collaboration of creators, policymakers, companies, etc. across the globe to bring this together. The plan is to create at least 10,000 jobs just in the EU alone over a 5-year period.
Companies that are currently investing in the Metaverse concept include:
You can also expect to see this technology supported by AI (artificial intelligence), edge, cloud computing, and 5G networks.
This new 3D Metaverse will create enhanced experiences in games such as Roblox and Fortnite. Even Nvidia is getting in on the deal.
All technology comes with benefits and concerns. Some of these benefits and concerns are addressed below.
There is a lot of potential within the Metaverse idea. The perfect application of this concept would let users experience almost any activity, and so it can potentially be used for just about anything.
Virtual staging of offices allow users to engage in a 3D space that mimics a real office environment.
You may have already seen this in Microsoft Mesh and Facebook Horizons Workrooms, but these are merely first-tier level applications. The idea is to allow workers to work from anywhere.
It is thought that one of the intentions is to provide a more intense and immersive way to take field trips anywhere in the world and anywhere in history.
There are already current developments happening in regard to educational uses.
Real Estate Applications
If you have ever engaged in a virtual tour of a home, imagine the Metaverse version of 3D immersive, realistic virtual home tours.
It would open up the world to people looking to live in other countries and a new market for real estate agents and brokers across the globe.
We cannot forget that brick-and-mortar businesses can play their part in the Metaverse. Virtual environments that mimic their actual stores and offices offer one application.
Another way they can use the Metaverse is to enhance their customers’ shopping experience. 3-D virtual shopping is an upgrade from what the Internet and online shopping venues offer today.
While privacy is supposed to be better in the Metaverse, information privacy is actually a big concern in this upcoming new iteration.
The potential for companies to collect the personal information of Metaverse users within this construct via their interactions and wearables is of concern.
Facebook itself has already made plans to use targeted advertising within the Metaverse, which has raised more concerns over the loss of privacy and the spread of misinformation.
Becoming addicted to using this technology is yet another concern if past statistics are anything to go by.
Statistics show that we have already seen many instances of addiction in the form of video game addiction, Internet addiction, and social media addiction.
The results have produced physical and mental disorders from the prolonged use of technology.
The concern here is that prolonged use of the Metaverse will cause even more depression, obesity, and anxiety than the current technological addictions do.
Just the fact that it could be used as an escape from one’s reality is a concern among experts.
Finally, the concern is that the Metaverse may amplify the dispersion in society through media dissolution and the online echo chambers.
The belief is that the Metaverse may analytically customize virtual realms based on individual beliefs, and distort the perceptions of users through highly biased content designed to keep them engaged and enthralled.
What is the Metaverse?
Meta’s vision of the Metaverse is the brainchild of Mark Zuckerberg, who is trying to move away from Facebook, as it has increasingly gotten a bad name for itself over the last few years.
Facebook has experienced a lot of controversies lately, which has spurred Mark Zuckerberg onto what he believes are bigger and brighter things.
The Metaverse is Mark Zuckerberg’s idea of a virtual world where you can socialize, shop, and buy virtual land.
What Does the Future of the Metaverse Look Like?
It is difficult to say of course and predict what the future of the Metaverse looks like, but with the recent fall in Meta stock, it’s not looking so great right now.
Mark Zuckerberg presumably has big plans for the project, but in all reality, it could take a lot longer than he is predicting to get it to where he wants it to be.
How Does the Metaverse Compare to Existing VR?
What’s really interesting about the Metaverse is that virtual reality already exists, so we imagine that Mark Zuckerberg is merely attempting to capitalize on the space, and eventually monopolize it.
Of course, he is going to take existing virtual reality and optimize it, but it remains to be seen just how different it’s going to be.
The Metaverse, like all other forms of technology, is going to come with good and bad applications and intentions due to the potential in changing the way we shop, do business, meet, enjoy entertainment, play games, make money, market trading, etc.
There are even Metaverse crypto coins already on the market for you to buy.
This whole Metaverse idea could basically reinvent the culture of the world at large.
But, it is coming, no matter how people feel about it.
We try to consider it to be like any other technological innovation. It can be used for good, so it has potential.
How this works out remains to be seen. You have now learned key Metaverse statistics for 2023, Metaverse market size data, Metaverse user statistics, what the Metaverse is, how it plans to work, its applications, and the concerns revolving around it.
You get to make up your own mind.