Virtual Experiences – Online Revolution or Evolution?

The virtual landscape already hosts a huge amount of content generated by developers and users. People who are familiar with virtual experiences on their devices are willing to try new gaming experiences. Suggested by developers, but not only. The game environment has a big advantage. It’s a great place to develop and test new technologies like augmented and virtual reality. We could say that, together with metaverse, they are the driving force for the VR market.

The desire to appear in the virtual world of artists or creatives was noticed a long time ago. The developers of Fortnite (Epic Games) staged a concert in the virtual world together with music producer Marshmello in 2019. A year later, developers from Epic Games created an event with rapper Travis Scott. Players were able to enter the game with their avatars and join other participants in the interactive show. Players also had full freedom of movement, allowing them to go to their preferred location at any time. According to the developers, the concert was attended by 12. 3 million players for the first time. Which only confirms the interest in virtual experiences. Such actions also spread avatars in virtual worlds, which can be personalized with additional inventory or attributes in addition to their appearance. Here you can learn more about the Avatars 😊

The report of the event can be seen in the video:

According to a study by Active Consulting:

65% of users participated in media experiences, such as a TV program, a movie, a premiere or a live concert on a gaming platform.

69% participated in social activities, such as meeting new people or travelling to the digital game worlds.

72% participated in metaverse economic activities, such as in-game currency, buying virtual items or trading with other players in virtual space.

Those who were interested in entering Virtual Reality were not just musicians. Fortnite also hosted an event promoting the ninth part of the Star Wars saga. After the time and the intensive dissemination of the metaverse, the interest in the virtual world grows rapidly. One example is the largest annual indie film festival in the USA, the Sundance Film Festival. The next edition took place at the end of January this year. Thanks to the development of VR technology. Every owner of a Meta Quest (formerly Oculus Quest) could participate in a specially prepared event without leaving their home. Owners of virtual reality goggles were able to step into the centre of the event with their own avatar and take an active part in it.

źródło: Sundance Film Festival

This shows that the augmented and virtual reality market is expanding, and its shares are growing rapidly. The driving force are undoubtedly games and the metaverse. The number of users of VR technology is constantly expanding and there is no indication that this will change. Especially when new hardware is coming onto the market and prices are becoming more and more affordable. The constantly growing library of games, apps and training attracts new enthusiasts. This also offers great opportunities and chances for new business models, as the virtual reality market is still very insatiable. This leads to several solutions that are just waiting to be satiated.

Market forecast.

According to CCS Insight, the volume of the metaverse market will reach 800 billion US dollars by 2024. In 2020, the figure was 46 billion. The sale of virtual reality goggles, which amounted to 14 million units in 2020, also contributes to this. One year later, this figure almost doubled (25 million units). Thus, the value of the virtual marketplace is increasing by an average of 40-60% year-on-year. Demand for VR and AR hardware alone is likely to increase almost tenfold within a few years, fuelled by the spread of Metaverse. Even more so since the apple will join the game soon with their own hardware. And as history has shown, the Cupertino-based company is known for spreading

źródło: Mordor Intelligence
źródło: Mordor Intelligence

To sum up, the technology market is evolving day by day. Which has a big impact on the popularization of the metaverse, where more and more people or entire companies want to appear. This is undoubtedly an interesting marketing idea and a big step into the future that could prove to be a new online revolution. So, it’s time to act before we get overtaken by the competition😊