Users of Web3 will soon be able to visit Ukraine, Costa Rica, and Africa in the Metaverse as businesses develop virtual settings for a new era of globalization.
The Metaverse is swiftly rising to the top of the list of crucial locations for businesses and people wishing to broaden their influence. According to a recent study from the company MarketsandMarkets, the market for the metaverse will expand from $61.8 billion in 2022 to $426.9 billion in 2027.
In addition, a current Juniper Research paper connects the development of nonfungible tokens (NFTs) with use cases in the metaverse. These results predict a rise in the number of metaverse-related NFTs from 600,000 in 2022 to 9.8 million in 2027.
Numerous areas of the world have begun to build a virtual presence in light of this potential. For instance, in July of this year, the emirate of Dubai announced the beginning of the Dubai Metaverse Strategy. The Dubai Metaverse Strategy, as previously reported by Cointelegraph, aims to draw foreign businesses and initiatives while also supporting metaverse education for programmers, content producers, and consumers of digital platforms.
Although the idea may seem futuristic, industry insiders think this is a natural evolution. According to Hrish Lotlikar, co-founder and CEO of Superworld, an augmented reality content platform, as Web3 technology becomes more prevalent in society, forward-thinking locales, governments, and businesses will take advantage of the Metaverse’s communication, gamification, and revenue opportunities.