Key Metaverse Statistics & Facts for 2024

The metaverse is a term that gets talked about a lot these days, and it’s become even more popular since Facebook changed its name to Meta! With that in mind, we’ve compiled some of the latest metaverse statistics. 

What Is the Metaverse?

Before we can take a look at all of the latest metaverse statistics, we first need to tell you about it and what it actually means. 

The metaverse is a virtual space where users are able to interact with other users in a computer-generated environment. It basically involves us existing in a virtual space. 

There are a number of different attributes that are relevant when it comes to describing the metaverse concept, and these are as follows:

• The metaverse is persistent, which means that it never ends, pauses, or resets, but instead continues indefinitely. 
• The metaverse is going to be populated by experiences and content that have been created by a broad range of contributors.
• The metaverse will provide unprecedented interoperability of content, assets, digital items, and data across each of these experiences. 
• The metaverse will offer an experience that spans both physical and digital worlds, as well as closed and open platforms, and both public and private experiences and networks. 
• The metaverse will be a fully functioning economy where metaverse startups and individuals will be able to sell, invest, own, create, and be rewarded for a broad assortment of “work” that will produce “value” that other people will recognize. 
• The metaverse is live and synchronous, which means that things will happen like they do in real life. Yes, there will be self-contained and pre-scheduled events, just like there are in reality now. However, the metaverse will also be a living experience, which consistently exists for everyone and happens in real-time. 
• The metaverse will not have any cap on concurrent users, while also making sure that every single user has an individual sense of presence. Everyone is able to be a part of the metaverse, no matter who you are or where you are based. All people can participate in specific activities, places, and events together, at the same time.

Hopefully, these characteristics can give you a better understanding of what to expect from the metaverse. 

It’s important to realize that the metaverse is NOT virtual reality, a virtual space, a virtual world, a virtual or digital economy, a virtual theme park, a virtual game, a new app store, a new UGC platform, or anything else along those lines. 

Some of the Latest Statistics About the Metaverse

Now that we’ve provided you with a metaverse meaning, we’re going to take you through some significant statistics so you can get an even better understanding of how this new world will work.

The word “metaverse” means “beyond the universe.” 

There is only one place to begin with our metaverse statistics and facts, and this is by explaining what the word metaverse means. Considering that the metaverse is essentially a virtual world, the meaning “beyond the universe” is pretty apt, we think. Don’t you agree? 

(Forbes)

By 2024, it’s estimated that the metaverse market will be worth $800 billion. 

This is clearly a market in a constant state of growth. In fact, within the next few years, we can expect that the metaverse will be worth a massive $800 billion. Therefore, the sky is truly the limit in the coming years. 

(Bloomberg)

Nvidia’s Omniverse Beta Version has been downloaded by 50,000 individual creators.

According to metaverse stats published by NASDAQ, Nvidia is now worth more than Intel. The market cap for the GPU company is now $251 billion! 

Nvidia has introduced Omniverse technology that is used chiefly by industries for digitally designing real-world simulations of supercomputing, game development, media and entertainment, factories, manufacturing, vehicles, and buildings. 

It enables industry professionals to handle complicated visual engineering designs with ease. It also helps to connect with a number of different design projects and tools for collaborative iteration in a distributed virtual space that is simulated in real time. 

The CEO of Nvidia, Jensen Huang, said the following about it:

“We are thrilled to have launched NVIDIA Omniverse, a simulation platform nearly five years in the making that runs physically realistic virtual worlds and connects to other digital platforms.

We imagine engineers, designers, and even autonomous machines connecting to Omniverse to create digital twins and industrial metaverses.”

Nvidia has linked up with a number of esteemed companies that use the advantages of Omniverse, with examples including the likes of Lockheed Martin, BMW, Bentley Systems, Ericsson, and Volvo. 

We have recently seen that BMW has begun implementing Omniverse technology to collaborate with professionals from a number of locations around the world with the aid of various built-in applications. 

(M2 Monitor)

Microsoft has earned a $22 billion military contract for mixed reality technology.

Microsoft Mesh is one of the global tech giant’s more recent inventions, and one that serves as a potential stepping stone toward the metaverse. Microsoft is currently the only business that makes billions in mixed reality technology. Individuals can connect with each other virtually using a range of different devices, including Mesh-enabled apps, PCs, tablets, VR headsets, mobile phones, and HoloLens 2. 

HoloLens is used by businesses like Case Western Reserve University, Medivis, Airbus, Lockheed Martin/NASA, and many more. 

Furthermore, the US military has recently signed a monumental $22 billion contract with Microsoft that could end up spanning a 10-year period. This deal represents one of the biggest metaverse projects currently in development.

That’s not all when it comes to Microsoft and the metaverse. The company has also made alliances with Lune Rouge, OceanX, and Niantic in March 2021 for holoportation and other types of technology for Microsoft Mesh.

(CNBC)

Sony has invested $200 million in the metaverse. 

There are many different companies that have been investing in the metaverse as of late, and Sony certainly falls into this category. In fact, the tech giant has already invested approximately $200 million to secure the rights to music and sounds that will be part of the Metaverse. 

(MCV UK)

10.7 million users have participated in online concerts via Fortnite.

Fortnite was released by Epic Games in 2017. The game has already carried out two concerts worldwide, with over 10 million users participating actively online. 

Fortnite is working on advanced methods to integrate with the metaverse, where game avatars can be recreated to do things far beyond what would happen in the game. 

(The Verge)

The “metaverse” as a phrase was first coined in 1992 in a science fiction novel called “Snow Crash.”

When we were compiling our metaverse stats, we felt compelled to go back to where it all started. You may have assumed that the term “metaverse” was coined in recent years, but in fact it’s a sci-fi term that has been around for three decades. 

(Sydney Morning Herald)

Meta’s Reality Labs department has invested $10 billion into the metaverse already.

We’re sure you’ve heard the news that Facebook has changed its name to Meta. The company’s Reality Labs segment has already invested billions into the metaverse, making Meta’s intentions very clear.

When Mark Zuckerberg announced the change of name from Facebook to Meta, he also announced that he had the vision to change his business from social media to metaverse-focused within the next five years. 

We have already seen that Facebook has started to invest heavily in Oculus VR headsets, which is an indication of what is to come in the coming years. 

Furthermore, the company recently invested $50 million in non-profit funding groups to help in responsibly developing the metaverse. Nevertheless, the reality is that we are going to need to wait a bit of time for the metaverse to become a reality. 

(The Verge)

Meta (Facebook) has created 10,000 jobs for the metaverse.

These key metaverse statistics certainly show that Meta is playing a massive role when it comes to the metaverse and the future of this market. In fact, the company has already created 10,000 jobs for the metaverse. This is certainly an area where we’re going to see a lot of positions become available as time goes on. 

(CNBC)

Epic Games has raised $1 billion for metaverse plans. 

On the 13th of April 2021, Epic Games announced an investment of $1 billion in its Metaverse plans. The CEO of Epic Games, Tim Sweeney, had the following to say about the subject:

“I think there will be a linear evolution. It’s not going to be a sudden massive disruption. It’s going to be a meeting place for individuals and creators of all sizes, including brands.

Every company will be there at some point. If you are a car manufacturer, your brand presence in the metaverse isn’t going to be a bunch of ads for your cars.

It’s going to be a place where you can drive the cars around and feel the experience of it. You can use a Corvette in the game. We have an opportunity for much more interesting interactions.”

(VentureBeat)

What Benefits Will the Metaverse Bring?

There are any number of benefits that various companies’ Metaverse plans could bring to fruition. Firstly, the metaverse will radically boost how affordable a wide range of products and experiences are going to be, giving those who may not now have the ability to afford luxuries the capability of doing so. This is not only going to make services and products cheaper, but could also make some people wealthier by making labor more productive. 

Of course, the metaverse also creates a whole host of new possibilities that do not exist at the moment. For example, we cannot virtually travel to distant solar systems, but this could be a possibility in the future if the metaverse takes off as everyone expects it to. 

Another benefit worth considering is sustainability. By giving us fresh and typically more efficient ways of achieving our objectives, the metaverse is likely to be a massive boon for sustainability. By attending social gatherings, schools, and workplaces virtually, rather than physically, we will reduce our usage of resources. When we’re spending more time in a virtual world, fossil fuels aren’t going to be the only consumable products we’ll be less dependent on. For example, Mark Zuckerberg has said that we won’t need physical televisions in the future, as we’ll be able to experience TV in the metaverse.

Final Words on Metaverse Statistics

So there you have it: an insight into some of the top statistics about the metaverse in 2024. We hope this article has given you a better understanding of the market and where it stands at the moment. There is certainly a lot of buzz around the metaverse, and we can expect to see some great growth in the coming years.