The metaverse is proving its popularity, according to data contained in a recent report from the Analysis Group that estimates the so-called “internet on steroids” could make a US$3 trillion GDP contribution in its first decade.
Opportunity in the Metaverse
The report suggests that metaverse adoption could “contribute 2.8 percent of global GDP in the 10th year after the adoption begins”, providing adoption starts this year. However, such growth is only likely if the industry reaches its expected potential:
Analysis Group is not the only company assessing the latent profitability of the metaverse sector. Global investment bank Goldman Sachs predicts as much as US$8 trillion potential earnings. More conservatively, leading crypto asset manager Grayscale foresees a US$1 trillion opportunity. Regardless, JPMorgan – another global investment bank – believes the metaverse is likely to infiltrate every sector in coming years.
Metaverse Success Stories
Lately, the metaverse has been gaining traction through several differing channels. Most recently, Mark Zuckerberg’s Meta (formerly Facebook) launched a metaverse-themed store in San Francisco. The store incorporates wall-to-wall LED screens displaying what users could witness through VR headsets, with the aim of providing interactive demos to anyone interested.
Also this year, metaverse token ‘CEEK VR’ surged by 100 percent following the exposure it gained at the 2022 Grammy Awards. CEEK hosted a booth at the event which evidently attracted the attention of many investors, successfully driving sales.
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