Metaverse is a compound word of Meta and Universe, meaning a virtual world that transcends reality. The Metaverse platform provides the most complete environment for the NFT trading market. The economic activities that can be done in the metaverse environment and the value of future business derived from it are attracting attention.
On October 28, 2021, Facebook(one of the world's largest social media company) officially announced that Facebook will change its name to 'Meta' and change its core business direction to 'Metaverse'. Facebook has already acquired the VR device Oculus and has secured the ability to develop VR headsets essential for the metaverse experience.
This positive outlook for the metaverse/virtual reality is not the idea of ‘Meta’ alone. Microsoft has already acquired the famous metaverse platform ‘Minecraft’, and has also developed ‘Hololens’, a VR headset that corresponds to ‘Meta’’s ‘Oculus’.
Report and Data, a global market research institute, predicts that the global metaverse market will be $48.12 billion (about 57 trillion won) in 2020 and will reach $872.35 billion (about 1035 trillion won) by 2028. It also predicted an average annual growth rate of 44%. Bloomberg Intelligence predicted that the market size would grow from $478.7 billion (about 564 trillion won) last year to $783.3 billion (about 932 trillion won) by 2024.