Projected Metaverse Market Revenue Worldwide From $678b by 2030
Nike built a space in the metaverse where customers can win points that translate to currency for digital apparel. The metaverse market is expected to explode over the next several years - Shopify
Social media transformed how brands interact with consumers. Now web3 is bringing these interactions into a virtual environment, often called "the metaverse." Seamless connection will be a hallmark of these virtual spaces, just as it has become a key feature of modern commerce.
And a connected brand experience across channels will be even more important to the future of commerce than in recent years, according to 84% of the businesses we surveyed.*
Few, if any, digital spaces do connectivity better than the gaming world, and Fortnite has led the way with innovative, immersive social experiences. More than a quarter of a billion players now use Fortnite every month. The game has created hype for non-players too, with Fortnite's spectator mode and the many streaming services that support tens of millions of hours of Fortnite stream views.
Spectators and players alike are captivated by the shareable moments in a game design that blurs the lines between worlds: Game items extend into real-world environments, like a supply llama in a London phone booth,and real-world experiences like movie theaters and concerts meet the virtual world. Even before the pandemic made online events commonplace, 12.3 million people virtually attended the first day of Travis Scott's Fortnite in-game concert.
Roblox, which boasts more than 200 million monthly users, is another gaming platform that creates metaverse experiences (and branded worlds) to engage their younger audiences. Nike built a space in the metaverse where customers can win points that translate to currency for digital apparel. The metaverse market is expected to explode over the next several years.
75%Of global business decision makers believe interacting with customers in the metaverse will become commonplace
Sourced from Shopify/Ipsos Commerce Trends Study. A survey covering n=900 SMBs and Enterprises in 14 countries, Aug–Sep 2022
Nearly three-quarters of global business decision makers surveyed believe interacting with customers in the metaverse will become commonplace, and key pieces are falling into place to make that prediction come true.* Unexpectedly swift investments are pouring into solutions for the notoriously high energy that blockchains require. The biggest tech giants are well into the battle to nab the market share for augmented and virtual reality gear, and many consumers expect our physical and virtual realities to be interchangeable within the decade.
The global augmented and mixed reality market is growing at a whopping 79.2% compound annual growth rate. One in three shoppers already use virtual reality to shop, and soon consumers will visit pop-up shops in the metaverse. But the directions commerce takes on these platforms are still in construction mode, which means opportunity for brands that want to lead in the next generation of social commerce.