Explained: Life in the Metaverse (original) (raw)
Life in the Metaverse
By 2026, a quarter of the world’s population will spend an hour daily in a metaverse.
But what makes the metaverse so exciting?
In this graphic, we partnered with Scottish Mortgage to understand the opportunities the metaverse presents and learn more about its history.
But first, let’s explore what the metaverse is.
What is the Metaverse?
Simply put, the metaverse is a collection of immersive, interactive, and, most importantly, interconnected digital worlds where users can participate in various activities they may not be able to do in reality, from skydiving to sword fighting.
The possibilities inherent within a digital world are staggering, so it’s no wonder the metaverse’s market size is growing steadily:
| Year | Global Metaverse Market Size |
|---|---|
| 2022 | $46.1B |
| 2023 | $56.7B |
| 2024 | $74.4B |
| 2025 | $103.6B |
| 2026 | $150.1B |
| 2027 | $219.6B |
| 2028 | $312.5B |
| 2029 | $415.3B |
| 2030 | $507.8B |
What Makes the Metaverse So Exciting?
Being immersed in a digital reality has exciting prospects for consumers and organisations. But most people currently view it as an extension of their digital lives.
In a recent survey, people were most interested in the work and entertainment opportunities presented by the metaverse.
| Reason to Join | % Respondents |
|---|---|
| Work possibilities | 52% |
| Art & Live Events | 48% |
| Investments | 44% |
| Education | 40% |
| Socialising | 32% |
| Gaming | 29% |
Note: Study participants selected all the options that suited them.
Companies are leveraging the metaverse differently, however. Many see this as an opportunity to expand their product lines into areas consumers may not expect and develop their advertising reach into new media.
Coca-Cola, for example, launched its drink Zero Sugar Byte in the metaverse before doing so physically. Hyundai also developed a metaverse game called Hyundai Mobility Adventure that gives consumers a view into the company’s vision for tomorrow’s mobility.
The Potential of Digital Events
Today, however, we can glimpse the metaverse’s potential by looking at the current landscape of digital events.
While digital events have only just begun on metaverse platforms, digital events can already scale beyond the possibilities of physical events, enabling millions of people from all over the globe to attend live:
| Rank | Event Name | Number of Peak Viewers |
|---|---|---|
| 1 | NASA and SpaceX Launch Astronauts into Space, 2020 | 10,123,124 |
| 2 | #PS5 The Future of Gaming Show, 2020 | 7,384,771 |
| 3 | League of Legends World Championship, 2023 | 6,402,760 |
| 4 | Free Fire World Series Singapore, 2021 | 5,415,990 |
| 5 | League of Legends World Championship, 2022 | 5,147.701 |
A Brief History of the Metaverse
Author Neal Stephenson first introduced the metaverse in his 1992 novel Snow Crash. However, the metaverse took a further decade to become a virtual world. Second Life, a virtual reality game released by Linden Lab in 2003, made this concept a reality and helped create an industry worth billions.
The next major milestone for the metaverse was the release of Fortnite in 2017. The game that started as a simple battle royale has expanded to incorporate concerts, brand partnerships, and more. Fortnite had over 230 million active monthly users in January 2024**.**
Investing in the Metaverse
The metaverse is growing more prominent every year, as is the scope of what these new digital worlds offer. So, it’s no surprise that the metaverse is one of the world’s most fascinating industries.
Scottish Mortgage exposes you to a portfolio of the world’s most exciting growth companies, like those pioneering the metaverse.
