In Fact, With the Combination of In-game eCommerce, It Will Flourish With Success
According to a research report from Precedence Research, “The global metaverse market was valued at $51.69 billion in 2021 and is estimated to surpass around $1.3 trillion by 2030 with a registered CAGR of 44.5% during the forecast period 2022 to 2030.”
As evidenced in the below projections chart, a compound annual growth rate (CAGR) of 44.5% is “hockey stick” phenomenal.
Now, while there are a number of business segments within the metaverse, the gaming segment may have among the highest growth potential, in terms of real dollars transacted.
“There are many increasing investments in play to earn gains which is helping the gamers in earning money. There is also an increase in spending of money over virtual skins, virtual avatars, virtual events and other virtual items,” says the report.
In-game spending within the metaverse is already growing. However, the report, although projecting to 2030, does not highlight an incredibly important new monetization feature that could be a huge part of metaverse gaming…
And could help revenue growth within the metaverse far surpass forecasts.
Known as in-game eCommerce, this technology is poised to allow gamers to purchase, inside of VR and AR games (as well as mobile and console games), real-world items, not just virtual items, as the report highlights.
Essentially, in-game eCommerce combines eCommerce and gaming into a massive new economic platform where real goods and services are available, just like they are on the internet.
More on this exciting technology in just a moment. First…
Meta (formerly Facebook), a leader in metaverse development, has announced the acquisition of three new virtual reality game developers for its Oculus Studios.
The three acquisitions, Camouflaj, Armature Studio, and Twisted Pixel, are responsible for some very impressive titles: like Iron Man VR, Recore, and Path of the Warrior, respectively.
While Meta is already the largest company involved in the metaverse, and controls a massive portion of the market, the company is continuing to invest heavily in the space.
According to Meta, consumers have spent more than $1.5 billion on the Quest store thus far. The Quest store is akin to Apple’s App Store, where gamers can purchase games and digital items.
However…
Could the introduction of real-world, in-game eCommerce help to balloon Quest store and other in-game spending?
It’s estimated that the gaming industry is currently worth around $200 billion. eCommerce, on the other hand, has an estimated value at $10.3 trillion.
Both are growing at phenomenal rates and, on their own, represent some of the highest growth opportunities worldwide. However, the combination of the two, via real-world, in-game eCommerce, could very well be the next great growth opportunity.
Discover a company with a patented in-game, real-world eCommerce platform that utilizes ancillary “incentivized engagement” and monetization technologies that could allow brands, influencers, and users to build their own ecommerce “businesses” inside games, just like they do on the internet…
Right HERE!
Or, read the Precedence Research report on the metaverse, HERE