III. Industry Analysis

In 2021, the global metaverse market reached a valuation of $63.83 billion. This market is expected to grow significantly, reaching $1,527.55 billion by 2029, with a compound annual growth rate (CAGR) of 47.6% during the forecast period of 2022-2029.¹ The North American metaverse market size was valued at $45.97 billion in 2021.²According to an August 2021 survey among internet users in the UK and the US, 15% of respondents in the UK and 22% in the US said they thought brands should advertise in the metaverse. According to 13% of respondents from the UK and 19% in the US, brands should use the metaverse to build more branded experiences.³ The metaverse offers diverse attractions that cater to different types of users. A survey conducted in late 2021 revealed that over half of the respondents would be interested in joining the metaverse for work-related possibilities, such as virtual workspaces and networking. Moreover, 48% of respondents indicated their primary motivation for joining the metaverse was art and live entertainment, while 44% mentioned the attraction of cryptocurrency non-fungible tokens (NFTs).⁴ The potential metaverse market opportunity ranges from $3.75 trillion to $12.46 trillion, depending on factors such as the extent to which the digital economy transitions to the metaverse and overall market expansion. Often referred to as the next iteration of the internet, the metaverse represents a convergence of the physical and digital worlds. ⁵ 

The metaverse concept has gained significant attention recently, fueled by advancements in virtual reality (VR), augmented reality (AR), and other immersive technologies. Creating and managing avatars and digital identities have become crucial as the metaverse evolves. The market for metaverse avatars and identities is rapidly growing, driven by the increasing popularity of VR, AR, and virtual social platforms. With the metaverse expected to become a mainstream phenomenon in the coming years, the demand for customizable, expressive, and personalized avatars is projected to soar. According to industry reports, the global metaverse avatar and identity market is anticipated to experience substantial growth, reaching a market value of several billion dollars by 2025. As the metaverse has become an integral part of everyone's digital lives, avatars will play a crucial role in interacting, socializing, and expressing ourselves in virtual environments. With technological advances, the industry will continue to evolve, offering users more immersive, customizable, and interconnected avatar experiences worldwide. 

1.https://www.fortunebusinessinsights.com/metaverse-market-106574
2.https://www.fortunebusinessinsights.com/metaverse-market-106574
3.https://www.statista.com/statistics/1282492/consumer-attitudes-metaverse-brands-internet-users-uk-us/
4.https://www.statista.com/statistics/1288870/reasons-joining-metaverse/
5.https://www.statista.com/statistics/1286718/metaverse-market-opportunity-by-scenario/