Metaverse Virtual Assets - Taiwan

The projected value in the Metaverse Virtual Assets market is estimated to reach US$22.4m in 2024.
It is anticipated to exhibit an annual growth rate (CAGR 2024-2030) of 19.52%, resulting in a projected market volume of US$65.3m by 2030.
The United States is the primary contributor to the market, with a projected market volume of US$1.1bn in 2024.
In terms of user base, it is expected that the number of users will reach 470.2k users by 2030.
The user penetration rate is projected to be 1.7% in 2024 and is expected to rise to 2.0% by 2030.
Furthermore, the average value per user (ARPU) is expected to be US$56.1.
It is worth noting that these figures pertain to the Metaverse Virtual Assets market.
It is important to mention that these projections and figures are relevant to the country of Taiwan.
Taiwan is experiencing a surge in demand for Metaverse Virtual Assets, driven by the country's tech-savvy population and strong gaming culture.

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 Taiwan is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Taiwan are increasingly interested in virtual assets and the metaverse. They are drawn to the immersive and interactive nature of the metaverse, which allows them to explore virtual worlds, interact with other users, and engage in various activities. The ability to own and trade virtual assets within the metaverse is also appealing to customers, as it provides them with a sense of ownership and the opportunity to monetize their virtual experiences.

Trends in the market: One of the key trends in the Metaverse Virtual Assets market in Taiwan is the rise of blockchain technology. Blockchain technology enables secure and transparent transactions of virtual assets, which is crucial for the metaverse ecosystem. It provides a decentralized infrastructure that ensures the authenticity and ownership of virtual assets, making it an ideal solution for the metaverse market. Another trend is the growing popularity of non-fungible tokens (NFTs). NFTs are unique digital assets that can represent ownership of virtual items, such as virtual real estate, virtual fashion, and virtual art. The ability to buy, sell, and trade NFTs has gained traction in Taiwan, with artists, creators, and collectors embracing this new form of digital ownership.

Local special circumstances: Taiwan has a vibrant gaming and tech industry, which provides a strong foundation for the development of the metaverse market. The country is home to many talented game developers, tech startups, and digital artists who are actively exploring the possibilities of the metaverse. This creative and innovative environment fosters the growth of the Metaverse Virtual Assets market in Taiwan.

Underlying macroeconomic factors: Taiwan has a strong economy with a high level of digital literacy and internet penetration. The country has a tech-savvy population that is accustomed to digital transactions and online experiences. This favorable environment has contributed to the adoption of virtual assets and the metaverse in Taiwan. Furthermore, the government of Taiwan has shown support for the development of the digital economy, including the metaverse market. It has implemented policies and initiatives to promote innovation, technology, and entrepreneurship, creating a conducive environment for the growth of the Metaverse Virtual Assets market. In conclusion, the Metaverse Virtual Assets market in Taiwan is experiencing significant growth and development due to customer preferences for immersive experiences and virtual ownership, the rise of blockchain technology and NFTs, the vibrant gaming and tech industry in Taiwan, and the favorable macroeconomic factors. These factors have created a fertile ground for the metaverse market to thrive in Taiwan.

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.