The Metaverse market size has been projected to reach $800 billion by 2024 according to a report, the President of Nigerian-British Chamber of Commerce, NBCC, Mrs Bisi Adeyemi, has said.
Also, Metaverse and Non-Fungible Tokens, NFTs experts said that the complexity of the digital space is making it difficult for government to come out with regulation to guide the space.
The experts stated this at the NBCC Technology Group Event with the theme, “The Future and Challenges of NFTs and Metaverse in Africa” organised by NBCC in Lagos.
Metaverse platforms are a network of three-dimensional, 3D, virtual environments centered on social interaction and communication, while NFTs is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger.
Adeyemi said: “Experts see metaverse as a huge economic force that has a potential to significantly change the way we live, work and serve in years to come. Indeed, NFTs has a key value challenge, the metaverse market size has been projected to reach $800 billion by 2024 and as high as $1trillion in annual revenue according to a report recently.’’
Meanwhile, the experts who include Principal and Head Satoshi (Thinker) BBO Solicitors, Buki Ogunsakin; CEO, Vault Hill, Mr. Jimi Daodu; Chief Technical Officer and co-Founder HerVest, Mr. Yomi Ogunleye; and Creative/Content Media Associate, Bitnob, Mary Imasuen, said that awareness via education would fast track the adoption of metaverse and NFTs.
Ogunsakin said: “We currently do not have regulation in the space because there is lack of understanding, incoherence, it is quite complex.’’