Shopify indicates that the metaverse market is on the verge of a major boom in the next few years.

Shopify has  published e-commerce trends for 2023 The report discusses how \"innovations across social platforms allow brands and consumers to experience the connections they desire.\" A critical trend in the digital realm expected to transform social media is the advent of the metaverse.

In their report, the e-commerce powerhouse stated that those who embrace the innovations facilitating the metaverse could potentially gain a competitive edge.

The company emphasized the growing importance of seamless transitions between various virtual environments in today's commerce landscape. The gaming sector, exemplified by Fortnite, has stood out by crafting cohesive and immersive social experiences, boasting over 250 million monthly users. Its spectator mode and streaming services not only retain players but also captivate audiences outside the game, resulting in millions of streaming hours.

Roblox Fortnite, a metaverse gaming platform with a user base exceeding 200 million each month, is drawing in a younger demographic. Brands like Nike have established their unique environments within the metaverse, where gamers can collect points to buy digital fashion items. Shopify reiterated that the metaverse market is projected to experience explosive growth in the years ahead.

Numerous industry leaders are convinced that interacting with customers within virtual spaces will soon become the norm, as advancements in technology lend credibility to this expectation. Major tech firms are in fierce competition for dominance in the augmented and virtual reality sectors, and many shoppers are ready to embrace the convergence of physical and virtual realms.

Shopify also noted the rapid expansion of the augmented and mixed reality market, noting an impressive 79.2% compound annual growth rate (CAGR), with one-third of consumers already utilizing VR for their shopping experiences. It’s likely that in the near future, people will be able to browse virtual stores in these digital realms. However, the exact mechanics of VR commerce are still being developed, presenting opportunities for brands to take the lead in this next wave of social commerce.

About 75% of global business decision-makers believe that engaging with customers in the metaverse will become a standard practice.

Shopify stated.

The Canadian-based e-commerce platform is optimistic about the potential of NFTs, despite the current market conditions. Earlier this month, Shopify has enabled its sellers to trade Avalanche NFTs. Please be advised that the content on this page does not constitute legal, tax, investment, financial, or any form of advice. It is vital to only invest what you can afford to lose and to seek professional financial guidance if you are uncertain. For more details, we recommend checking the terms and conditions along with the help and support resources provided by the advertiser. MetaversePost strives for precise and impartial reporting, but market dynamics can change without prior notice.  through the Venly app.