Metaverse is still in the process of building and expanding, attracting the attention of many big players in the technology industry. Companies want to capture this trillion-dollar market share.
However, the Metaverse field from the beginning of 2023 to now has not had many breakthroughs compared to 2022. Bill Gates has voiced his doubts about Web3 and Metaverse, saying that artificial intelligence (AI) is the new field. areas that have the potential to create a technological revolution. Moreover, Microsoft disbanded the Industrial Metaverse project after only 4 months of establishment.
However, it cannot be denied that Metaverse is still a potential area and has the potential to make a big breakthrough in the future. McKinsey’s 2022 report has estimated that the Metaverse industry could generate up to $5 trillion in revenue by 2030. This estimate shows significant growth from the global Metaverse market, with a recognized value. is $65.5 billion by 2022.
However, to make this dream come true, Metaverse needs to maintain an average annual growth rate of around 85%.
Realizing the potential of Metaverse, some traditional financial companies such as BlackRock, Alibaba and Qualcomm are also stepping up the development of strategies related to Metaverse. However, things are still quite cautious and are being carefully considered.
The past May has seen many important events related to the Metaverse. China has launched a Metaverse platform with government backing. Apple announced the Vision Pro AR/VR headset, and Binance launched a reality show called “Build The Block” on Metaverse.
Although Metaverse is being predicted to have growth potential, it also faces some challenges. Leaders in this sector have faced a decline in market capitalization. For example, Meta (formerly Facebook) lost 77% of its market capitalization, or $800 billion, between the end of 2021 and 2022. So, the CEO of Meta, Mark Zuckerberg, had a plan to cut back. 21,000 employees by 2023.
Currently, the top Metaverse blockchain projects are attracting significant amounts of capital. Notable projects include The Sandbox ($1.02 billion market cap), Decentraland ($905 million market cap) and Axie Infinity ($830 million market cap). The Sandbox’s annual performance is 44%, while Decentraland’s year-to-date (YTD) performance is 62%.
For investors interested in Metaverse, there are exchange-traded funds (ETFs) such as the Fidelity Metaverse ETF and the Roundhill Ball Metaverse ETF that provide viable investment options. However, a report by Cointelegraph Research titled “Hitchhiker’s Guide to Metaverse” revealed that the majority of token transactions related to Metaverse projects revolve around speculation, not actual use in the Metaverse. Metaverse.
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