Imagine a virtual world where people interact, work, and shop with others – all from the comfort of their homes. This is known as the metaverse. Ever since Facebook renamed itself, Meta, in October 2021, the nebulous concept that inspired the new name has been a trending topic of discussion.
The company, at that time, had announced to spend $10 billion over the next year on technologies to build the metaverse and explore more opportunities within the domain.
Although the metaverse development services is still evolving, technology can revolutionize everything from social media to eCommerce and even real estate.
The global metaverse market is expected to reach $1,527.55 billion by 2029 from $100.27 billion in 2022, at a CAGR of 47.6%. This growth is attributed to a surge in online video gaming adoption and rising consumer preference for online shopping.