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 DetailsMetaverse MarketDigital Human Avatar MarketNFT MarketMarket size in 2022USD 62.65 BillionUSD 29.51BillionUSD 21.07 BillionCAGR (2023–2032)39.2%34.2%34.4%Revenue forecast to 2032USD 1,785.09 BillionUSD 707.70 BillionUSD 403.29 BillionBase year for estimation2022Historical data2020-2021Forecast period2023–2032Quantitative unitsRevenue in USD Billion and CAGR in % from 2023 to 2032Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trendsSegments coveredComponent, Application, Platform, Offerings, Technology, End-Use, And RegionProduct Type, Industry Verticals, And RegionCategory, Application, And RegionRegional scopeNorth America, Europe, Asia Pacific, Latin America, Middle East & AfricaCountry scopeU.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 MEAKey companies profiledMeta, 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.comCustomization scope10 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:
MetaByteDanceTencent Holdings Ltd.NetEase, Inc.Alibaba CloudEpic Games, Inc.Roblox CorporationMicrosoft CorporationGoogleDIDIMO Inc.Wolf3DUNEEQ Digital HumansNVIDIAUnity TechnologiesInnowise GroupInoru
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Strategic Development
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.
Regional Insights:
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) Hardware Virtual Reality (VR) HeadsetsAugmented Reality (AR) GlassesHaptic Feedback DevicesMotion Tracking SystemsWearable DevicesSpatial Computing DevicesHigh-Performance Computing and Networking Equipment SoftwareVirtual world platforms Sandbox platformsSocial virtual worldsMMO (massively multiplayer online) virtual worlds Game Engines 3D game engines2D game enginesMulti-platform game engines Social networking platforms Business-oriented social networking platformsNiche social networking platforms Professional Networking PlatformsHobby and Interest-Based PlatformsLocation-Based PlatformsHealth and Wellness PlatformsEthnic or Cultural PlatformsFaith-Based PlatformsDating and Relationship Platforms Development kits AR development kitsVR development kitsMixed reality development kits Middleware Physics enginesNetworking librariesAudio Engines Services Application Outlook (Revenue, USD Billion; 2019-2032) Social events & trade shows Virtual conference platformsVirtual trade show platformsVirtual concert platforms Health surgery Medical training simulationsTelemedicine platforms Virtual gaming MMORPGsFirst-person shooter gamesSports games Social media & marketing Virtual showroomsVirtual influencer campaignsLive Streaming 3D training Emergency response trainingVocational training Remote working Virtual team buildingVirtual co-working spaces Virtual runway shows Virtual fashion showroomsOthers Others Virtual tourismVirtual real estateVirtual art galleries Platform Outlook (Revenue, USD Billion; 2019-2032) Offering Outlook (Revenue, USD Billion; 2019-2032) MarketplaceVirtual platformsDigital avatarsDecentralized Finance (DeFi)Digital twinOthers Technology Outlook (Revenue, USD Billion; 2019-2032) Artificial Intelligence (AI)Mixed Reality (MR)Augmented Reality (AR)Decentralized technologyHuman interfaceEdge computingOthers End-Use Outlook (Revenue, USD Billion; 2019-2032) Media & entertainmentGamingReal estateHealthcareBanking & financeTravel & tourismEducationOthers
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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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