Metaverse Virtual Assets - India | Statista Market Forecast

The Metaverse Virtual Assets market is anticipated to reach a value of US$97.0m in 2024.
This market segment is projected to exhibit a compound annual growth rate (CAGR 2024-2030) of 22.55%.
As a result, the market volume is expected to reach US$328.5m by 2030.
The United States leads in terms of market volume, with a projected value of US$1.1bn in 2024.
In the context of India, the country's presence in the Metaverse Virtual Assets market is expected to grow significantly.
By 2030, it is estimated that the number of users will reach 12.6m users.
The user penetration rate, which is currently 0.7% in 2024, is anticipated to reach 0.8% by 2030.
Furthermore, the average value per user (ARPU) is expected to be US$9.5.
India's participation in the Metaverse Virtual Assets market demonstrates its potential for growth and engagement in this emerging sector.
India is witnessing a surge in demand for Metaverse Virtual Assets, driven by the country's tech-savvy population and growing interest in digital collectibles.

Definition:

The Virtual Assets market refers to the buying, selling, and trading of digital assets within virtual worlds and metaverse platforms. These assets range widely and include virtual currency and virtual collectibles.

Structure:

The Virtual Assets market includes Cryptocurrencies and NFTs. Cryptocurrencies refer to digital or virtual currencies that use cryptography for security, are decentralized, and operate independently from a central bank. They can be used as a medium of exchange within virtual worlds and metaverse platforms, which enable users to buy and sell virtual assets and make transactions without the need for a traditional financial intermediary. NFTs, or non-fungible tokens, are a type of digital asset that represents ownership of a unique item, such as a virtual collectible, virtual artwork, or virtual real estate property. Unlike cryptocurrencies, NFTs cannot be replaced by an identical copy, and their ownership is verified on a blockchain ledger. NFTs can be used to represent ownership of virtual assets within virtual worlds and metaverse platforms, and they can be bought, sold, and traded just like physical assets.

Additional Notes:

The market comprises market sizes, users, average revenue per user, and penetration rates. Market sizes show transaction values generated thorugh the metaverse using virtual assets. Market numbers for Virtual Assets are also featured in the Digital Media insights. Most used cryptocurrencies and NFTs in the market include Ethereum, Bitcoin, and Enjin Coin. For more information on the data displayed, use the info button right next to the boxes.

Cryptocurrencies used to buy goods in the metaverse, such as Ethereum
Non-fungible tokens bought in and for the metaverse, such as on OpenSea

Non-related metaverse transactions with cryptocurrencies, such as buying physical good with Bitcoin
Non-related metaverse transactions of Non-fungible tokens, such as buying digital art or collectibles

The Metaverse Virtual Assets market in India is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this growth.

Customer preferences: Indian consumers are increasingly interested in exploring virtual worlds and engaging with virtual assets. The younger generation, in particular, is drawn to the immersive experiences and opportunities for self-expression that the metaverse offers. They are eager to invest in virtual assets such as digital land, virtual clothing, and virtual art, which can enhance their virtual presence and status. Additionally, the rising popularity of online gaming and social media platforms in India has also fueled the demand for virtual assets.

Trends in the market: One of the key trends in the Indian Metaverse Virtual Assets market is the emergence of virtual real estate. Indian users are investing in digital land within virtual worlds, such as Decentraland and The Sandbox, with the hope of future returns on their investments. Virtual real estate is seen as a unique and lucrative opportunity, as it allows users to build and monetize virtual experiences, such as virtual events, virtual stores, and virtual art galleries. Another trend in the market is the demand for virtual fashion and accessories. Indian users are increasingly purchasing virtual clothing, accessories, and avatars to customize their virtual identities. This trend is driven by the desire for self-expression and the need to stand out in the virtual world. Virtual fashion brands and marketplaces are emerging to cater to this demand, offering a wide range of virtual clothing options for Indian users.

Local special circumstances: India has a large and rapidly growing internet user base, which provides a fertile ground for the development of the Metaverse Virtual Assets market. The increasing penetration of smartphones and affordable internet connectivity has made virtual experiences more accessible to the Indian population. Additionally, the country's vibrant tech ecosystem and entrepreneurial spirit have led to the emergence of Indian startups and developers in the metaverse space, creating a local supply of virtual assets and experiences.

Underlying macroeconomic factors: India's growing middle class and rising disposable incomes have contributed to the growth of the Metaverse Virtual Assets market. As more Indians have the financial means to invest in virtual assets, the demand for such assets is expected to rise. Furthermore, the COVID-19 pandemic has accelerated the adoption of digital technologies and online experiences in India, including the metaverse. The need for virtual socializing, entertainment, and shopping during lockdowns has increased the demand for virtual assets. In conclusion, the Metaverse Virtual Assets market in India is witnessing significant growth due to customer preferences for immersive experiences and virtual self-expression. The trends in the market, such as virtual real estate and virtual fashion, are shaping the industry's development. India's unique circumstances, including its large internet user base and entrepreneurial ecosystem, are providing a conducive environment for the growth of the market. Additionally, underlying macroeconomic factors, such as the rising middle class and the impact of the COVID-19 pandemic, are driving the demand for virtual assets in India.

Data coverage:

Figures are based on transaction values, revenues, and assets under management.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Regarded as the next iteration of the internet, the metaverse is where the physical and digital worlds come together. As an evolution of social technologies, the metaverse allows digital representations of people, avatars, to interact with each other in a variety of settings. Whether it be at work, in an office, going to concerts or sports events, or even trying on clothes, the metaverse provides a space for endless, interconnected virtual communities using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices.