Crypto Metaverse News

500 Companies Are Working On The Metaverse

The metaverse market is clearly booming. In fact, market researcher Newzoo is reporting that the number of metaverse companies grew from 200 last July to 500 this year.

The report from Newzoo said that digital in-store shopping sessions will likely become more realistic and common as VR and MR technologies evolve. Additionally, the transition to Web3 from Web2 will change the ways that brands interact with users and technology middlemen.

“Just 15 months ago, blockchain games were essentially non-existent. The problem is these games are not sustainable. And, if you ask these people who are playing these games, mostly everyone wants to profit off of these games,” said Mihai Vicol, the metaverse lead at Newzoo, in an interview with VentureBeat. “And, in a sustainable ecosystem, it’s simply not feasible that 100% of players can make a profit. There has to be a number a certain amount of players that play the game for fun, so they put in five bucks and at the end of the day, they don’t expect to come out of it with $10 or $50. You have to have a sustainable ecosystem, and in 90% of the crypto games, I don’t think this has been the case. I do believe that sustainable blockchain-based economies can be built in six months or may two years. But we’re just not there yet.”

At this time, Newzoo has not made any predictions on the revenue that will be generated by the metaverse space. However, Vicol said that big consulting firms have said the market could be worth “like $8 trillion by 2030.”

(All information was provided by Newzoo and VentureBeat)

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