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A Wake-Up Call?

A global study by Momentum Worldwide (metaverse partners to the American Association of Advertising Agencies) found that people feel more included in the metaverse than in real life.

Consumers are now looking to the metaverse to fill three core aspects of life—inspiration, individuality and inclusion.

Decentraland, the world’s largest user-owned and operated virtual social world, just launched the third edition of Metaverse Art Week.

Exhibitions will include some of the largest-scale and highest fidelity works ever seen in the metaverse. These pieces are exhibited alongside works from galleries like Artnet and Sotheby’s.

Consumers join virtual platforms to have fun, be challenged, find inspiration and connect with others.

  • Eighty percent of consumers find the metaverse to be a much more inclusive place. 
  • Sixty-three percent had no idea they had been in the metaverse all this time.
  • Eighty-five percent like that they can change their appearance as they desire.
  • Seventy-nine percent say their friends within the space accept them for who they are rather than what they look like .

McKinsey & Company also reported that, in the first five months of 2022, more than $120 billion have been invested in building out metaverse technology and infrastructure. That’s more than double the $57 billion invested in all of 2021.

Finally, market analysis from Fact.MR projects that the video games market is likely to grow at thirteen percent between 2021 and 2031. By 2031, video games sales are expected to reach almost US$ 510 billion globally. Developing countries will account for sizeable portion of that demand.

What does this mean for our nighttime and cultural economies?

Do we need to talk about this? It feels like we should be talking about this…

Photo by Barbora Dostálová on Unsplash

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