By early 2024, the metaverse had surpassed 600 million users globally, with projections indicating continued stable growth across regions. China leads adoption with 183 million users, followed by India and the United States. North America and Asia dominate the market, though metaverse users are increasing worldwide.
Market Growth and Adoption
The metaverse extends far beyond gaming into diverse sectors including information technology and education. The industry generated over $116.66 billion in the first quarter of 2022 alone. The extended reality market is projected to reach $252 billion by 2028, signalling substantial economic potential.
Emerging Applications in Cultural Heritage
One example of metaverse innovation is CHO.earth, a platform that integrates gaming, blockchain, and virtual reality to preserve cultural heritage. The platform applies concepts from the board game Monopoly to global cultural and geographic patrimony, offering both engagement and financial incentive. This demonstrates how the metaverse functions as a new medium for interaction with diverse realities, enabling users to learn new skills and discover aspects of the world around them.
Expert Perspectives on Implementation
Opinion among experts varies regarding the timeline and nature of metaverse immersion. Fifty-four percent of experts predict a fully immersive experience by 2040, while others remain sceptical or anticipate longer development periods before widespread adoption.
Frequently asked questions
How many metaverse users existed in early 2024?
By early 2024, the metaverse had surpassed 600 million users globally, with China leading at 183 million users, followed by India and the United States.
What is the projected size of the extended reality market by 2028?
The extended reality market is projected to reach $252 billion by 2028.
How does CHO.earth use the metaverse for cultural preservation?
CHO.earth integrates gaming, blockchain, and virtual reality to preserve cultural heritage by applying Monopoly-like concepts to global cultural and geographic patrimony in an engaging and financially rewarding platform.