Metaverse is the latest buzzword that has been capturing the imagination of the tech industry and the world of fashion is eagerly watching for new opportunities in the virtual space.
A new market study published by Global Industry Analysts Inc., (GIA), a market research company, called Metaverse – Global Market Trajectory & Analytics, says the global market for Metaverse estimated at 194.4 billion dollars in 2022, and is projected to reach 758.6 billion dollars by 2026. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post Covid-19 marketplace.
The Metaverse, as described in the report, “is an integration of immersive presence in a virtually interactive self-sufficient ecosystem of mobile networks, augmented reality, social media, gaming, virtual reality, ecommerce, cryptocurrency and work environments. This universe is being envisioned as the future of the internet, involving the convergence of augmented reality (AR), virtual reality (VR), and physical worlds in a shared digital space. NFTs and online events are booming creating a universe of opportunities for the metaverse and related technologies.”
The researchers say the transition to Metaverse is imminent. Several components and facets of this open-source platform have advanced to a stage where they can be seamlessly integrated to explore the possibility of creating a parallel virtual world. NFTs and online events are booming creating a universe of opportunities for the metaverse and related technologies.
Being technologically nascent, no company or brand has exerted major influence to “own the space” and the race to dominance has already begun with companies investing in multiple metaverse projects, acquiring few on their way to the finish line and engaging in deep learning and research in the domain.
For designers, the Metaverse is free from the two-dimensional barrier of the physical world, offering unlimited potential for creators and commercial businesses. As users look to establish their digital identities, fashion will play a key role. According to the report, current efforts to building metaverse are centred around a peaceful coexistence of stakeholders irrespective of their size, accelerating the transition to web 3.0.
The future rests on disruption of existing technologies and integrating multiple platforms for value creation in a virtual universe of possible applications spanning work, entertainment, financing, trade and exchange of services, virtual travel and digital engagements.
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