The Metaverse, a broad spectrum of technologies and human interaction, is a trending topic in today’s media. Also known as cyberspace, it comprises NFTs, avatars, virtual and augmented reality, holograms, and much more. The Metaverse is worth billions of dollars and is only expected to grow in the future, as the market had a value of $47.69 billion in 2020. The compound annual growth rate (CAGR) was 43.3%, with 45% of the global market revenue being attributed to North America alone.
The main driving forces behind the success of the Metaverse are that few players are responsible for the majority of the revenue, there is an increased focus on the convergence of the digital and physical worlds, and the hardware segment was the largest revenue share in the 2020 market. Despite security and data privacy challenges that have arisen since its conception, the Metaverse already is home to many popular platforms that have found great success. This leaves the question: Who will lead the Metaverse race?
Ready Player Me, Decentraland, and Horizon Worlds are all successful platforms within the Metaverse that allow users to customize avatars, create unique worlds, play games with other users, trade digital assets, and more. A growing niche in the Metaverse has been pets and the opportunity to customize and own a furry friend from the comfort of one’s own device. Metapets or Metaverse pets can be customized and based in reality or imagination, giving the user endless options within pet ownership that may not be feasible in their real lives. MetaPets, MetaGochi, Axie Infinity, and CryptoKitties are just a few of the platforms through which millions of users worldwide have experienced the joy of animals in the Metaverse. Meta pets are the perfect opportunity for pet lovers to spend more time with their animals and explore the endless possibilities that cyberspace has to offer.