Start talking about moments when peer companies do things in the metaverse like a showcase at a leadership meeting just to get the conversation going across the executive team. So much of the space can be intimidating, particularly when seemingly indecipherable concepts, such as NFTs or blockchain, are involved.
Broadly speaking, the technologies that make up the Metaverse can include virtual reality characterized by persistent virtual worlds that continue to exist even when you're not playing as well as augmented reality that combines aspects of the digital and physical worlds.
The Metaverse market may reach $783.3 billion in 2024 vs. $478.7 billion in 2020 representing a compound annual growth rate of 13.1%, based on our analysis and Newzoo, IDC, PWC, Statista and Two Circles data.
With the metaverse, there are some new building blocks in place, like the ability to host hundreds of people in a single instance of a server. These new technologies can be very exciting and feel futuristic.
The holographic woman from Meta's presentation? I hate to shatter the illusion, but it's simply not possible with even very advanced versions of existing technology.
The commercial applications of the metaverse are even further heightened by the new behaviors that are surging around buying products and services directly from social experiences, also known as “social commerce.”