Metaverse market expected to cross $1,500 billion in eight years

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With every company from Nike to Atari looking to get into The Metaverse, there’s bound to be some revenue there from brand fans. However, while there’s a large amount of negativity surrounding the next-gen internet, estimated profits remain surprisingly high.

How much money will The Metaverse make?

Across all of 2021, the Metaverse market — backed by the NFT craze — made around $148.5 billion. While Meta, Facebook’s parent company, lost billions on the development of its Metaverse, independent alternatives backed by crypto fanboys made a lot of money.

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In a projections report by financial agency P and S Market Research, this impressive turn-in is only expected to increase. Projections for 2022 see an almost 30% compound interest above last year, and that trend will allegedly continue.

By 2030, Metaverse markets are expected to be worth at least $1,542.9 billion. With the COVID crisis locking people in their homes, the general public is seemingly more easier than ever to jump into full virtual worlds in order to interact.

With this in mind, P and S market research expects nothing but growth from the emerging market, especially with companies such as Meta and Microsoft backing it. However, it’s not just software that will made the venture successful.

Read More: Meta loses $3 billion in one quarter from Metaverse development

Hardware is the portal

Just like how social media sold smartphones, the next-gen social platform “The Metaverse” is expected to sell new hardware: Virtual Reality headsets and Augmented Realty glasses. As Metaverse worlds are pitched as multi-device platforms, numerous forms of devices can be sold.

One needs only to look at Meta to see this. Alongside four new VR headsets in the coming years, CEO Mark Zuckerberg is demanding progress on augmented reality glasses. However, there’s no planned release date for them yet.

A new form of software always comes with hardware to exploit its full potential. For example, faster routers for Wi-Fi or 3D tech for movies and games. These forms of AR and VR hardware won’t be essential for Metaverse apps, but they will give you the full, unrestricted vision.