The metaverse is a network of virtual environments centered on social interaction. It’s where the physical and digital worlds collide. Many regard it as the next version of the internet.
The metaverse allows digital representations of individuals, known as avatars, to communicate in various settings, including virtual reality headsets, augmented reality glasses, smartphone apps, and other devices.
Facebook announced in October 2021 that it had changed its name to Meta, symbolizing the company’s anticipation.
The change is notable given Meta’s massive size, with revenue exceeding $117 billion in 2021.
Microsoft’s WorkLab surveyed 31,102 full-time employed or self-employed workers in 31 countries in January and February 2022, inquiring about their attitudes toward various work environments.
Fifty-one percent of Gen Z respondents (teenage to mid-20s) expected to eventually undertake at least some of their work in a metaverse setting. Even 28% of Baby Boomer respondents see that as a possibility.
According to Statista, the global metaverse market was worth $38.85 billion in 2021 and will rise to $47.48 billion in 2022 before soaring to $678.8 billion by 2030.
Newzoo provides analytics and insights on global gaming markets. In 2021, it surveyed 5,521 users (age 10 – 65) of video games in the U.S., U.K., Germany, and France.
Thirty-eight percent of respondents have played a metaverse game such as Fortnite, Minecraft, and Roblox in the past six months, versus just 4% age 51 and older.