Metaconvergence: How the Global Metaverse, Digital Human Avatars, and NFT Markets Shape a New Digital Paradigm
Explore the transformative synergy between the global metaverse, digital human avatars, and NFT markets, ushering in a new era of digital innovation and interconnected experiences. Delve into the profound impact of these dynamic elements on the evolving digital landscape.
Vancouver, Aug. 14, 2023 (GLOBE NEWSWIRE) — The convergence of the global metaverse, digital human avatar, and Non-Fungible Token (NFT) markets is driving a wave of transformative opportunities within the rapidly evolving digital industry. A symphony of advanced technologies including blockchain, cryptocurrencies, NFTs, Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR) is propelling the revenue growth of the metaverse, catalyzing the development of innovative technologies and reshaping the way we interact and conduct business in virtual spaces.
Scope of Research
|Report Details||Metaverse Market||Digital Human Avatar Market||NFT Market|
|Market size in 2022||USD 62.65 Billion||USD 29.51Billion||USD 21.07 Billion|
|Revenue forecast to 2032||USD 1,785.09 Billion||USD 707.70 Billion||USD 403.29 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Application, Platform, Offerings, Technology, End-Use, And Region||Product Type, Industry Verticals, And Region||Category, Application, And Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||Meta, ByteDance, Tencent Holdings Ltd., NetEase, Inc., Alibaba Cloud, Epic Games, Inc., Roblox Corporation, Microsoft, Google, NVIDIA, Unity Technologies, Lilith Games, and Nextech AR Solutions Inc.||Tencent Holdings Limited, Nvidia Corporation, Microsoft Corporation, NetEase, Inc., Epic Games, Roblox Corp, Amelia U.S LLC, DeepBrain AI, UneeQ Digital Humans, Soul Machine, Hour One, Wolf3D, HYPERVSN, Synthesia Ltd., and Didimo Inc.||ScienceSoft USA Corporation, Innowise Group, Inoru, Zfort Group, Blockchain App Factory, Brugu, Chaincella, AppDupe and Crypto.com|
|Customization scope||10 hours of free customization and expert consultation|
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The Emergence of the Metaverse
Cryptocurrencies like Bitcoin and the rise of Web3 technology have paved the way for the emergence of the metaverse. Ethereum, a leading blockchain, is providing the foundation for this new digital realm, where users play a central role in an open environment relatively free from strict regulations. By 2026, it is projected that a staggering 25% of individuals will spend at least one hour daily in the metaverse, engaging in activities ranging from education and work to shopping and socializing.
Decentralized finance, or DeFi, is gaining prominence within the metaverse, underlining the generation, minting, and movement of digital value across alternative technologies. This has led to the birth of “MetaFi,” a new financial structure that is reshaping the way we perceive and manage wealth within virtual realms.
The NFT Explosion
The meteoric rise of Non-Fungible Tokens (NFTs) is playing a pivotal role in the metaverse. NFTs are digital certificates of ownership that represent unique assets, from digital art forms to in-game objects. These tokens are securely stored on the blockchain, ensuring protection against virtual identity theft and facilitating the seamless transfer of digital ownership.
NFT minting platforms and marketplaces are witnessing rapid growth, drawing creators and artists into the metaverse. Notably, on August 3, 2023, Zora, a prominent NFT minting platform, unveiled an updated revenue split model that empowers creators by returning a significant portion of mint fees to them. The NFT market’s potential is underscored by instances like Quantum, the first NFT, which sold for USD 1.47 million in 2021, and Pak’s ‘The Merge,’ which fetched a staggering USD 91.8 million in December of the same year.
Digital Human Avatars Enhance Interaction
Digital human avatars are emerging as key players in the metaverse, allowing users to creatively express themselves and interact with others in virtual environments. These avatars provide a unique blend of self-expression and social interaction, safeguarded by NFTs operating on the blockchain, making virtual identity theft virtually impossible.
Avatars are not only a form of self-expression but also a means to showcase skills and build communities of like-minded individuals. The growing relevance of avatar interaction has led to the development of interoperability and portability solutions, fostering seamless movement and utilization across different metaverse platforms.
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Interconnection, Challenges, and Growth
While the interconnectedness of the metaverse, digital human avatar, and NFT markets presents a plethora of opportunities, challenges remain. Lack of standardization and scalability issues could hamper the seamless integration of these markets. Ensuring smooth performance and scalability, particularly with complex avatars and NFTs, requires effective content delivery systems and robust server infrastructure.
Major Companies and Competitive Landscape
The global Metaverse, Digital Human Avatar, and NFT markets are moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cloud security solutions. Some major players profiled in the global metaverse, digital human avatar, and NFT markets report are:
- Tencent Holdings Ltd.
- NetEase, Inc.
- Alibaba Cloud
- Epic Games, Inc.
- Roblox Corporation
- Microsoft Corporation
- DIDIMO Inc.
- UNEEQ Digital Humans
- Unity Technologies
- Innowise Group
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- On 1 May 2023, Tencent, which is a China-based technology company, has recently introduced a service that offers customizable deepfake virtual humans for a price of USD 145. This service utilizes generative AI technology to create “Deepfake-as-a-Service” avatars based on individuals, provided users can provide a three-minute video and record them speaking 100 lines in Chinese or English.
- On 19 October 2022, Holozonia, was launched on opening event of World Telemedia by Sam Media. The Amsterdam-based company expands its next-generation product line-up with Holozonia, which is the only service that delivers a wide selection of VR and AR content in one place. End customers will be able to access quality VR Streaming, AR gaming, spatial music, 360 fitness, and education in 3D, VR, and AR with a single subscription.
- On 7 December 2022, Coca-Cola has collaborated with Crypto.com to produce an NFT collection inspired by the FIFA World Cup Qatar 2022. The mentioned NFT collection was designed in partnership with GMUNK, a digital artist. These NFTs would be heat maps of the World Cup participants, depicting the movements and highlights of the tournament’s players.
- North America leads the way with its advanced digitization and pioneering technologies. The United States and Canada are at the forefront, with robust AI, cognitive, and autonomic solutions driving rapid market growth.
- In the Asia Pacific region, countries like China, India, and Japan are experiencing steady economic growth and increasing adoption of digitization. Virtual avatars are gaining traction, especially in the media and entertainment industry.
- Europe is witnessing a surge in the adoption of Web 3.0, DeFi, and advanced communication infrastructure, creating a conducive environment for the metaverse’s growth. Virtual commerce is on the rise, with brands leveraging digital human avatars to enhance customer engagement.
Outlook and Future Prospects
The trajectory of the global metaverse, digital human avatar, and NFT markets is dynamic and promising. As the metaverse continues to evolve, NFTs will play a pivotal role in defining ownership and value of digital assets within this immersive realm. With increased interconnectivity and interoperability, users can look forward to seamless experiences across various virtual environments.
In conclusion, the interplay between these interconnected markets is shaping a digital landscape teeming with possibilities. The metaverse, with its digital human avatars and NFTs, is poised to revolutionize the way we work, play, and interact in virtual spaces, opening up new avenues for creativity, innovation, and economic growth.
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Segments Covered in Metaverse Report
For the purpose of this report, Emergen Research has segmented the global Metaverse market on the basis of component, application, platform, offerings, technology, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Virtual Reality (VR) Headsets
- Augmented Reality (AR) Glasses
- Haptic Feedback Devices
- Motion Tracking Systems
- Wearable Devices
- Spatial Computing Devices
- High-Performance Computing and Networking Equipment
- Virtual world platforms
- Sandbox platforms
- Social virtual worlds
- MMO (massively multiplayer online) virtual worlds
- Game Engines
- 3D game engines
- 2D game engines
- Multi-platform game engines
- Social networking platforms
- Business-oriented social networking platforms
- Niche social networking platforms
- Professional Networking Platforms
- Hobby and Interest-Based Platforms
- Location-Based Platforms
- Health and Wellness Platforms
- Ethnic or Cultural Platforms
- Faith-Based Platforms
- Dating and Relationship Platforms
- Development kits
- AR development kits
- VR development kits
- Mixed reality development kits
- Physics engines
- Networking libraries
- Audio Engines
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Social events & trade shows
- Virtual conference platforms
- Virtual trade show platforms
- Virtual concert platforms
- Health surgery
- Medical training simulations
- Telemedicine platforms
- Virtual gaming
- First-person shooter games
- Sports games
- Social media & marketing
- Virtual showrooms
- Virtual influencer campaigns
- Live Streaming
- 3D training
- Emergency response training
- Vocational training
- Remote working
- Virtual team building
- Virtual co-working spaces
- Virtual runway shows
- Virtual fashion showrooms
- Virtual tourism
- Virtual real estate
- Virtual art galleries
- Social events & trade shows
- Platform Outlook (Revenue, USD Billion; 2019-2032)
- Offering Outlook (Revenue, USD Billion; 2019-2032)
- Virtual platforms
- Digital avatars
- Decentralized Finance (DeFi)
- Digital twin
- Technology Outlook (Revenue, USD Billion; 2019-2032)
- Artificial Intelligence (AI)
- Mixed Reality (MR)
- Augmented Reality (AR)
- Decentralized technology
- Human interface
- Edge computing
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Media & entertainment
- Real estate
- Banking & finance
- Travel & tourism
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Generative Artificial Intelligence (AI) Market, By Offering Type (Software and Services), By Technology (Machine Learning, Deep Learning, and Others), By Application, By End-Use, and By Region Forecast to 2032
Metaverse Market By Component (Hardware, Software, Services), By Application (Social Events & Trade Shows, Health Surgery), By Platform (Desktop, Mobile), By Offering, By Technology, By End-Use, and By Region Forecast to 2032
Digital Human Avatar Market, By Product Type (Interactive Digital Human Avatar and Non-Interactive Digital Human Avatar), By Industry Verticals (Gaming, Retail, IT & Telecommunications, Education, and Others), and By Region Forecast to 2032
Digital Human Avatar Services Market, By Product Type (Interactive and Non-Interactive), By Service Category [Sales Servicing, Marketing Services, and Human Resource (HR) Services], By Industry Vertical, and By Region Forecast to 2032
Non Fungible Token Market, By Category (Collectibles, Utility, Art, Metaverse, Game), By Application (Real Estate, Medical, Academic, Gaming), and By Region Forecast to 2030
Web 3.0 Market Size, Share, Trends, By Type, Blockchain Type (Public, Private, Hybrid, and Others), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Application, By Vertical, and By Region Forecast to 2030
Cryptocurrency Market By Offering (Software and Hardware), BY Process, By Type (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, and Others), By End-Use, and By Region Forecast to 2030
Extended Reality Market Size, Share, Trends, By Type (Business Engagement, Customer Engagement), By Application (Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR)), By End-use (BFSI, Education, Consumer Goods & Retail, Industrial & Manufacturing), and By Region Forecast to 2035
Virtual Reality Market Size, Share, Trends, By Offering (Hardware, Software), By Technology (Non-immersive, Semi and Fully Immersive), By Device Type (Head-Mounted Displays, Projectors and Display Walls, Gesture-Tracking Devices), By Application, and By Region Forecast to 2028
Augmented Reality Market, By Offerings (Software, Hardware), By Device Type (Head-mounted Displays, Head-up Displays), By Application (Healthcare, Automotive, Consumer, Enterprise, Aerospace & Defense, Energy, Commercial), and By Region Forecast to 2028
Augmented Reality and Virtual Reality Market Size, Share, Trends, By Type (Hardware, Software, Services), By Device Type (Head-Mounted Displays, Head-Up Displays), By Technology, By End-use, and by Region Forecast to 2028
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