Last year, metaverse-focused companies raised over $10 billion – more than double the amount raised in 2020. This is just a toe in the water of a market that is estimated to be worth $800 billion by 2024, in which users are highly engaged within digital environments and with other users in 3D virtual worlds, which can include VR or augmented reality elements.

Essentially, the next generation of the internet. But unlike the singular internet, which is universally connected, there are many metaverse platforms competing to be the ‘go-to’ virtual world. According to futurist Matthew Ball, defining a metaverse comes down to a few key common elements:

• Immersive environments, which often include virtual- or augmented-reality technology

• Real-time, “always on” global engagement

• A prevalence of user-generated content, and even world-building;

• Customizable individual identities or avatars (often purchased)

A decentralized method of development, often market-driven

• A virtual economy based on a digital currency token which, by its use, incentivizes developers and/or platform owners and operators

• Understanding opportunities in the Metaverse