Metaverse Virtual Assets - Western Africa

The Metaverse Virtual Assets market is anticipated to reach a value of US$20.1m in 2024.
This market segment is projected to experience a compound annual growth rate (CAGR) of 28.98% between 2024 and 2030, resulting in a market volume of US$92.3m by 2030.
The United States is expected to generate the highest market volume, reaching US$1.1bn in 2024.
In terms of user base, it is estimated that the number of users in the Metaverse Virtual Assets market will reach 966.3k users by 2030.
The user penetration rate is predicted to be 0.3% in 2024 and is expected to increase to 0.4% by 2030.
Additionally, the average value per user (ARPU) is projected to be US$28.0.
It is worth noting that these figures specifically pertain to the Metaverse Virtual Assets market.
When considering the Western Africa region, it is important to analyze the potential impact and opportunities within this market segment.
In Western Africa, the demand for Metaverse Virtual Assets is steadily increasing, as individuals and businesses embrace the opportunities for virtual commerce and social interaction.

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 Western Africa is experiencing significant growth and development.

Customer preferences: Customers in Western Africa are increasingly embracing virtual assets within the metaverse. They are drawn to the immersive and interactive nature of virtual worlds, which allow them to explore new experiences and connect with others in a digital environment. Additionally, virtual assets offer a sense of ownership and self-expression, allowing users to personalize their virtual identities and environments.

Trends in the market: One major trend in the Metaverse Virtual Assets market in Western Africa is the rising demand for virtual real estate. Users are eager to acquire virtual land and properties within the metaverse, which they can develop and monetize. This trend is driven by the desire for investment opportunities and the potential for earning real-world income through virtual businesses and activities. Another trend is the growing popularity of virtual fashion and accessories. Users in Western Africa are increasingly purchasing virtual clothing, accessories, and other digital items to enhance their virtual identities. This trend is fueled by the desire for self-expression and the influence of social media platforms, where users showcase their virtual fashion choices.

Local special circumstances: Western Africa has a large and youthful population, which contributes to the growth of the Metaverse Virtual Assets market. The region's tech-savvy youth are early adopters of new technologies and are driving the demand for virtual assets. Additionally, Western Africa has a vibrant and creative arts and entertainment industry, which further fuels the interest in virtual worlds and digital experiences.

Underlying macroeconomic factors: The development of the Metaverse Virtual Assets market in Western Africa is also influenced by underlying macroeconomic factors. Economic growth in the region has led to increased disposable income, allowing individuals to invest in virtual assets. Furthermore, advancements in technology and internet connectivity have made virtual worlds more accessible to a larger population, contributing to the market's expansion. In conclusion, the Metaverse Virtual Assets market in Western Africa is experiencing significant growth and development. Customer preferences for immersive experiences, virtual real estate, and virtual fashion are driving the market's expansion. The region's youthful population, vibrant creative industry, and favorable macroeconomic factors contribute to the market's growth. As technology continues to advance and connectivity improves, the Metaverse Virtual Assets market in Western Africa is expected to further evolve and thrive.

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.