The metaverse – the concept of a sprawling virtual world where people live most of their waking hours – has leaped from the realm of science fiction to fact. Millions are now choosing to spend hours every day in virtual worlds. And they are doing much more than playing games, chatting or shopping: They’re working, investing, attending concerts, taking vacations and even – if they can afford it – sailing on virtual megayachts. In an interesting research brief, CB Insights offers a snapshot of the metaverse in the spring of 2022, focusing on the ecosystem of start-ups and incumbents making this new world a reality.
In the metaverse, people can have immersive virtual experiences reflecting practically every aspect of life.
In the metaverse, people will work, play, invest, own property, attend concerts and sporting events, make and buy art, sail yachts, wear sneakers and even carry designer bags in online virtual worlds. For now, the metaverse largely exists in speculation and hype. But this vision of a virtual realm where people live alternate lives, purchase virtual consumer goods and engage in immersive interactive experiences is quickly becoming reality. Between Q4 2021 and Q4 2022, earnings call mentions of the metaverse surged fourfold. Analysts at CB Insights estimate by 2030, the metaverse could value at $1 trillion.
Already, people are attending live virtual concerts, playing online games and wearing virtual designer togs. They’re even flipping real estate in the metaverse – online creator Anshe Chung invested in real estate in the virtual world Second Life, redeveloped it and rented it out, becoming a real-life millionaire.
The metaverse already offers users entertainment, investment and work opportunities.
CB Insights offers market intelligence on private companies and investor activities via a business analytics platform and global database. Its research briefs cover financial tech, health care, consumer technology and emerging technology.