Metaverse Virtual Assets - Turkey

The projected value in the Metaverse Virtual Assets market is expected to reach US$33.0m in 2024 in Turkey.
It is anticipated to display an annual growth rate (CAGR 2024-2030) of 21.97%, resulting in a projected market volume of US$108.8m by 2030.
The United States generates the most value in this market segment, with a projected market volume of US$1.1bn in 2024.
In Turkey, the number of users in the Metaverse Virtual Assets market is projected to amount to 1.1m users by 2030.
The user penetration rate is expected to be 1.1% in 2024 and is anticipated to reach 1.2% by 2030.
The average value per user (ARPU) is expected to be US$33.8.
Turkey's growing interest in Metaverse Virtual Assets is evident through the increasing number of virtual art galleries and NFT marketplaces in Istanbul.

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 Turkey is experiencing significant growth and development.

Customer preferences: In Turkey, there is a growing interest in Metaverse Virtual Assets as customers seek new and immersive digital experiences. The younger generation, in particular, is drawn to the idea of exploring virtual worlds and owning virtual assets. These customers are looking for unique and personalized experiences that allow them to express themselves and engage with others in virtual environments. Additionally, there is a rising demand for virtual assets that can be used in gaming and entertainment platforms, as well as for socializing and networking purposes.

Trends in the market: One of the key trends in the Metaverse Virtual Assets market in Turkey is the increasing adoption of blockchain technology. Blockchain provides a secure and transparent platform for buying, selling, and trading virtual assets, which appeals to customers who want to ensure the authenticity and ownership of their digital possessions. This trend is driving the development of decentralized virtual asset marketplaces and enabling peer-to-peer transactions. Another trend in the market is the emergence of virtual real estate as a valuable asset. Customers are investing in virtual land and properties within the metaverse, recognizing the potential for future growth and development. This trend is fueled by the desire to own virtual spaces for various purposes, such as hosting events, showcasing artwork, or building virtual businesses. Virtual real estate is becoming a sought-after commodity, with customers willing to pay high prices for prime locations within the metaverse.

Local special circumstances: Turkey has a young and tech-savvy population, which contributes to the growing interest in Metaverse Virtual Assets. The country has a vibrant gaming and entertainment industry, with a strong community of gamers and content creators. This ecosystem provides a fertile ground for the development and adoption of virtual assets, as customers are already familiar with digital platforms and virtual experiences. Furthermore, Turkey has a thriving startup culture and a supportive environment for innovation. This has led to the emergence of local companies and entrepreneurs who are building virtual worlds and creating virtual assets. These local players are driving the growth of the Metaverse Virtual Assets market in Turkey by offering unique and culturally relevant experiences that resonate with the local audience.

Underlying macroeconomic factors: The development of the Metaverse Virtual Assets market in Turkey is also influenced by macroeconomic factors. The country has a rapidly growing digital economy, with increasing internet penetration and smartphone adoption. This provides a solid foundation for the expansion of virtual experiences and the demand for virtual assets. Moreover, Turkey has a large and active online community, with a high level of social media usage and digital engagement. This digital-savvy population is more likely to embrace virtual worlds and virtual assets as part of their online activities. The combination of a growing digital economy and a tech-savvy population creates a favorable environment for the Metaverse Virtual Assets market to thrive in Turkey. In conclusion, the Metaverse Virtual Assets market in Turkey is experiencing significant growth and development due to customer preferences for immersive digital experiences, the adoption of blockchain technology, the emergence of virtual real estate as a valuable asset, local special circumstances such as a young and tech-savvy population and a supportive startup culture, as well as underlying macroeconomic factors such as a growing digital economy and a highly engaged online community.

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.