MARKET OVERVIEW

Metaverse monetization is best viewed as an experience rather than a technology since it is less of a product and more of a framework for human interaction. Hence, individuals and firms have access to more business models that allow them to create, market, and sell new products, goods, and services.

Some Key Statistics:

1. McKinsey reports that $54 billion per year is spent on virtual goods, almost double the amount spent buying music. Bloomberg analysts suggest that the total market value of the metaverse as the world's “next big technology platform” could reach $800 billion by 2024.

2. The online gaming market valued at $220.46 billion in 2023 has a CAGR of 7.97%. The global blockchain gaming market size reached US$ 8.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 854.4 Billion by 2032, exhibiting a growth rate (CAGR) of 65.2% during 2024-2032.

3. The horse and camel racing/breeding market is valued at $180 billion with a CAGR of 9% and is coming online.