Metaverse Virtual Assets - Lithuania

The Metaverse Virtual Assets market is forecasted to reach a value of US$2.1m in 2024.
This market is expected to experience an annual growth rate of 17.67% from 2024 to 2030, resulting in a projected market volume of US$5.5m by 2030.
It is worth noting that United States generates the most value in this market, with a projected market volume of US$1.1bn in 2024.
In terms of user base, the number of users in the Metaverse Virtual Assets market is expected to reach 29.5k users by 2030.
The user penetration rate, which currently stands at 1.1% in 2024, is projected to increase to 1.2% by 2030.
Furthermore, the average value per user (ARPU) is expected to be US$71.1.
It is important to mention that these projections and figures specifically pertain to the Metaverse Virtual Assets market and do not reflect the overall market trends in Lithuania, the country of interest in this context.
Lithuania's thriving tech sector and blockchain-friendly environment position it as a promising hub for the growth of Metaverse Virtual Assets.

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 Lithuania is experiencing significant growth and development, driven by customer preferences, market trends, and local special circumstances. Customer preferences in Lithuania are shifting towards virtual assets in the Metaverse due to their potential for financial gain and unique digital experiences.

Many Lithuanians are attracted to the idea of owning virtual land, properties, and digital collectibles, as they see them as valuable assets that can appreciate in value over time. Additionally, the ability to participate in virtual economies and earn real-world income through activities in the Metaverse is appealing to individuals seeking alternative sources of income. Trends in the Metaverse Virtual Assets market in Lithuania reflect global trends, but also have local nuances.

The demand for virtual land and properties is increasing, as individuals and businesses recognize the potential for virtual real estate development and investment. This trend is supported by the growing popularity of virtual worlds and social platforms that offer immersive experiences and opportunities for social interaction. Furthermore, the market is witnessing a rise in the trading and speculation of virtual assets, fueled by the emergence of decentralized finance (DeFi) protocols and non-fungible tokens (NFTs).

Local special circumstances in Lithuania contribute to the development of the Metaverse Virtual Assets market. The country has a strong tech-savvy population and a thriving startup ecosystem, which provides a fertile ground for innovation in the virtual assets space. The government of Lithuania has also shown support for the development of blockchain technology and digital assets, creating a favorable regulatory environment for businesses operating in the Metaverse.

Additionally, the relatively low cost of living in Lithuania compared to other European countries attracts digital nomads and remote workers, who are likely to be early adopters of virtual assets in the Metaverse. Underlying macroeconomic factors also play a role in the growth of the Metaverse Virtual Assets market in Lithuania. The global shift towards digitalization and the increasing reliance on technology have created a fertile ground for the Metaverse to thrive.

Moreover, the COVID-19 pandemic has accelerated the adoption of digital technologies and virtual experiences, as people seek alternative ways to connect, work, and entertain themselves. These factors have created a conducive environment for the Metaverse Virtual Assets market to expand in Lithuania and beyond. In conclusion, the Metaverse Virtual Assets market in Lithuania is experiencing significant growth and development, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

The demand for virtual assets in the Metaverse is fueled by the desire for financial gain and unique digital experiences. The market is witnessing trends such as the demand for virtual land, trading and speculation of virtual assets, and the emergence of decentralized finance and non-fungible tokens. Local special circumstances, including a tech-savvy population, supportive government regulations, and a relatively low cost of living, contribute to the market's development.

Additionally, underlying macroeconomic factors such as the global shift towards digitalization and the impact of the COVID-19 pandemic create a conducive environment for the Metaverse Virtual Assets market to thrive in Lithuania.

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.