Global metaverse market to reach $28 bn by 2028 with the help of gaming

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Fueled by gaming, the global metaverse market is projected to reach $28 billion by 2028, from $510 million this year, at a compound annual growth rate (CAGR) of 95 percent, a new report has shown. Also Read — India revises rules for social media companies to protect users’ rights: Here are the details

The pandemic has hastened the evolution of the internet, resulting in the metaverse, where cyberspace becomes more of an interactive 3D space with business and networking, as well as content that corresponds to the worlds in popular games such as Roblox. Also Read — macOS Ventura introduced at WWDC 2022 with new Mail, Safari features: Check details

According to Valuates Reports, the growth of the metaverse market is expected to be aided by the expansion of the metaverse on social media platforms. Also Read — Mobile Premier League (MPL) fires 100 employees, shuts operations in Indonesia

“Based on application, the game industry is expected to be the most profitable. In order to participate in next-generation gaming, players are venturing into the real world of metaverse,” the report noted.

Playing in the metaverse allows gamers to meet new people and expand their social circle and have portable game assets, such as avatars and weapons, that are associated with players and have value in virtual settings.

Based on type, the desktop market is predicted to be the most profitable.

“The market is expanding as video game revenue rises and the number of people who play video games grows around the world. There is a huge demand for desktop devices that can be used to play virtual reality games as the number of people who play video games grows,” the findings showed.

The metaverse will be a social media extension that incorporates immersion,