The Growth of the Metaverse and Digital Collectibles Market: What the Experts are Saying

by | Jan 11, 2023 | ChatGPT

The metaverse and digital collectibles market are generating a lot of excitement and interest in the technology industry, with many experts predicting significant growth in this area in the coming years. Mark Zuckerberg, CEO of Facebook, and Elon Musk, entrepreneur and businessman, are among those who have spoken about the potential of digital collectibles and the metaverse as a way to build more immersive and interactive experiences online. Furthermore, companies such as Epic Games, Dapper Labs, and Sorare are working in this field and developing digital collectibles and blockchain-based platforms for creating and trading them. In this article, we’ll take a look at some of the estimates and projections for the growth of these markets, as well as some of the views of experts in the field.

About Metaverse – some quotes

Mark Zuckerberg: “The metaverse is the next major computing platform, and it’s going to be built on the back of the open web.”

Elon Musk: “The metaverse is inevitable… it’s the next step in human evolution.”

Tim Sweeney, Founder of Epic Games: “The Metaverse is the next frontier for humanity, we want to build the infrastructure for it”

Roham Gharegozlou, CEO of Dapper Labs: “The Metaverse represents the next step in human interaction and collaboration.”

Sebastien Borget, co-founder of The Sandbox: “The metaverse is the next big thing after the internet.”

Metaverse Market Predictions

There is currently a lot of excitement and interest in the potential of the metaverse and the digital collectibles market, and there are a number of estimates and projections that predict significant growth in this area in the coming years. However, it is important to note that the metaverse and the digital collectibles market are both relatively new and rapidly evolving areas, and there is a great deal of uncertainty surrounding them.

Some predictions for the size of the digital collectibles market include:

In 2021, the global digital collectibles market size was valued at $1.79 billion, and is expected to reach $9.95 billion by 2028, growing at a CAGR of 28.3% during the forecast period.

According to a research from Juniper Research, the digital collectibles market is projected to exceed $5 billion by 2022.

In the case of Metaverse, it is a more complex concept, so it’s a little bit harder to give a specific numbers, but some predictions include:

According to a report from Goldman Sachs, the metaverse could be worth $1 trillion by 2030.

According to a research from Zion Market Research, the global metaverse market is expected to reach $9.8 billion by 2027, at a CAGR of 48.1% between 2020 and 2027.

It’s worth noting that these projections and estimates are subject to many uncertainties and can vary based on factors such as the rate of technological advancement, changes in consumer behavior, and government regulations.

It is important to keep in mind that metaverse is at a nascent stage, where there is a lot of experimentation happening and many of the projections are just predictions and there is a lot of uncertainties in the field.

Conclusion

The digital collectibles market is projected to reach $9.95 billion by 2028 and the Metaverse market could be worth $1 trillion by 2030 according to some predictions. Despite the uncertainty and volatility, the metaverse and digital collectibles market are attracting significant investments and interest, it is an exciting time to see the potential of this new technology. However, it is also important to remember that these are complex concepts that are still in a relatively early stage of development, and much remains to be seen about their ultimate impact and potential.

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