The value of metaverse market size could hit $800 billion in global revenues by 2024 as devices are expected to cross 100 million according to the Metaverse Device Forecast 2014 – 2027 report by Strategic Analytics Inc.
The report indicates that ownership of dedicated metaverse devices like virtual reality (VR) and augmented reality (AR) headsets will double from the current 50 million to 100 million by 2024.
It said the boost will drive the global market size of Metaverse in terms of revenues to over US$800 billion.
Author of report, Executive Director of Strategic Analytics, David MacQueen, commented: “Growing investment in this area, offering new and compelling experiences to consumers, will drive uptake in dedicated devices for consumers to take advantage of new services.”
He noted that reaching an installed base of 100 million in 2024 will be a significant milestone for this relatively new category of consumer electronics and help to drive further growth and investment.
Meanwhile, some technology experts attending a conference in Nigeria, have called on Africa governments to invest in adequate research and formulate effective policies for metaverse and blockchain, particularly Non-Fungible Tokens (NFTs).
They believe that will boost the digital economy the continent is seeking to build.
The event was the Nigerian-British Chamber of Commerce (NBCC) Technology Conference with the theme: ‘The Future and Challenges of Non-Fungible Tokens (NFTs) and Metaverse in Africa’, held in Lagos recently.
Indeed, the recent Fintech in Africa Report by McKinsey has revealed that blockchain and cryptocurrency will lead the charts it terms of the drivers of growth in Africa’s digital finance sector. Wallets and payments, which current dominate will fall second.
Besides, the experts believed the increased participation and curiosity of the youth in the virtual space will drive the adoption of metaverse and blockchain technology, which is something the McKinsey report actually made clear as well.
The experts are worried that the boom in metaverse and blockchain will come with as many risks as opportunities and that is why African countries should expedite action on policies to proper regulate the space.
Again, this is not far from recent calls by Ghana’s Minister of Communications and Digitalization, as well as internet pioneer Professor Nii Narku Quaynor, both of whom urged regulators to expedite action of Ghana’s adoption of blockchain and cryptocurrency.
Metaverse is a simulated digital environment that uses VR, AR, blockchain technology and social media concepts to mimic the real world, to create a sense of virtual presence.
NFTs are aspects of the metaverse. They are unique cryptographic tokens that exist on a blockchain which cannot be replicated, and they represent real-world items like art, pictures, real estate and individuals’ identities.
