Will Metaverse be a trillion size market?

Now, while the topic of the metaverse is still in the early stages of technology, it’s already full of hype. What is the potential profit behind these MMO games, NFTs (Non-Fungible Tokens) and virtual land battles? According to a new report from international consulting firm McKinsey & Company, the metaverse could be worth as much as 2030 $5 trillion.

A 77-page report titled Value Creation in the Metaverse, published earlier this month speculated that global spending on the metaverse could hit $5 trillion in just eight years. McKinsey came to this conclusion by analyzing current data and information from two global surveys. One of the consumer-focused projects surveyed 3,104 consumers from 11 countries, and the other surveyed employees at various executive levels at 448 companies in 15 industries in 10 different countries.

Based on these data, the McKinsey report predicts that consumer activity in the future Metaverse may cover five main areas: gaming, fitness, social networking, e-commerce and distance education. This is similar to what most Web3 “evangelists” have predicted, namely: the metaverse will be an extension and improvement of what we currently know to be achievable on the internet, but with more entities involved and game/game-like worlds integration.

Frequently asked questions about the metaverse experience, such as “Will people be interested?” and “Will they actually buy something in it?” are answered fairly positively, although given the small number of respondents, that’s just Preliminary Conclusions. Nearly 60% of all consumers surveyed in the McKinsey report would like to do at least one activity in the virtual world rather than the real world. Among consumers currently active in the Metaverse, 79% clearly made at least one purchase.

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How does the Metaverse make money?

McKinsey believes that e-commerce is the main money-making channel for the Metaverse, with online shopping likely to account for $2 trillion-$2.6 trillion of all spending in the Metaverse by 2030. Another lucrative area should be virtual advertising, which is expected to bring in $144 billion to $206 billion in revenue. Funds are already pouring into the metaverse at an ever-increasing rate. Investors have poured more than $120 billion into Metaverse-related technologies and infrastructure this year, more than double the $57 billion invested in Metaverse technology in 2021.

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Cryptocurrency association

The optimistic model of the metaverse economy comes at a time when the cryptocurrency market is in the doldrums, and may bring a glimmer of light to cryptocurrency holders in the “winter”. The metaverse is just one aspect of Web3, a digital economy that requires digital currency and digital items to buy. The most popular forms of commodities and cash are NFTs (non-fungible tokens) and cryptocurrencies, respectively. The use of blockchain in decentralized, internationalized and secure payment methods may also be invaluable to Metaverse transactions. However, for investors looking to bet on the metaverse, the key is to pick the best projects that will ultimately be useful in the future.

Another promising sign for the metaverse economy: executives from all walks of life are very interested in the future of the metaverse. After all, for consumers to keep buying, businesses must provide quality products and services.

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Business executives are optimistic

McKinsey research shows that executives are very optimistic about the future of the Metaverse: 95% say they believe the Metaverse will have a positive impact on their industry, and 25% say they expect the Metaverse to drive its overall 15% increase in profit margins. But it’s not just about money. Nearly a third of executives also believe that the Metaverse will dramatically change their industry.

While the majority of high-level industry figures are enthusiastic about the Metaverse, there are still some voices of skepticism, with 31% saying they are unsure whether there will be a significant return on their investment in Metaverse infrastructure.

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What’s next?

It’s important to note that the Metaverse is still in its infancy. But now 2022 is laying the groundwork for 2030. As our tech industry and economy begin to adjust, cryptocurrency investors should pay close attention to innovative projects that are expected to find widespread use in the Metaverse. The current bear market presents a good opportunity for investors to enter the market and buy projects that will flourish in the next few years at a lower price.

If you are interested in investing in the promising Metaverse cryptocurrency, Huobi offers the best conditions to profit from the market via a web version or smartphone app. Trade SHIB, AXS, ENJ and other cryptocurrencies, enjoy low fees and great benefits, such as: cryptocurrency holding interest, built-in Bitcoin cloud miner function, and more. Not a Huobi user yet? Sign up in seconds and discover the power of the world’s best cryptocurrency platform!

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