The metaverse market has the potential to grow at an annual rate of 20%. The fashion industry is one of the drivers of metaverse development.
The consulting company Technavio presented the results of the metaverse sector study. According to the report, the metaverse market is expected to reach $50.37 billion by 2026. The main market aspects studied by analysts were software and hardware, as well as the development of the sector in different geographical regions.
North America will account for 32% of the metaverse market. China, Germany, and the United Kingdom are cited by analysts as other key countries for the industry’s growth. The average annual growth rate of the global metaverse market has the potential to accelerate by 21%.
The report highlights key wallets for metaverse project interaction:
- MetaMask;
- Enjin Wallet;
- Coinbase Walle;
- Math Wallet;
- Alpha Wallet;
- Coinomi;
- Trust Wallet.
Another Technavio’s report, published in July, is focused on the fashion industry in metaverse projects. Analysts say that by 2026, the fashion market in the metaverse will grow to $6.6 billion at an average annual growth rate of 36%.
In July, another major consulting firm, McKinsey & Company, analyzed projects in the metaverse sector. Their study showed that the profitability of metaverse projects by 2030 could be as high as $5 trillion. And this is not surprising, since more than 60% of marketers intend to direct advertising budgets to metaverses.
The sector’s prospects explain the increased interest in it. For example, the UAE authorities plan to turn Dubai into one of the ten largest economic hubs of the metaverse sector. The South Korean government has allocated $1.8 billion for developing its own metaverse. Catalonia will launch the Cataverse, and the Central African Republic (CAR) will create The Crypto Island, a virtual economic zone in the metaverse.
