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Metaverse Virtual Assets - South Korea

South Korea

The market segment of Metaverse Virtual Assets market is projected to reach a value of €44.7m in 2024.
This value is expected to grow at an annual rate of 14.94% (CAGR 2024-2030), resulting in a projected market volume of €103.1m by 2030.
South Korea is a significant player in this market segment.
In 2024, the projected market volume in South Korea is estimated to be €989.5m.
This indicates that a substantial amount of value is generated in the country.
By 2030, the number of users in the Metaverse Virtual Assets market is expected to reach 0.7m users.
The user penetration rate, which measures the proportion of the population using Metaverse Virtual Assets market, is projected to be 1.3% in 2024.
However, this is expected to increase significantly to 1.4% by 2030.
The average value per user (ARPU) in the South Korean market is estimated to be €65.3.
South Korea is leading the way in the Metaverse virtual asset market, with a strong demand for blockchain-based NFTs.

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Analyst Opinion

The Metaverse Virtual Assets market in South Korea is experiencing rapid growth and development, driven by customer preferences, local special circumstances, and underlying macroeconomic factors. Customer preferences in South Korea are playing a significant role in the development of the Metaverse Virtual Assets market.

South Koreans have a strong affinity for technology and digital innovation, making them early adopters of virtual assets. They are highly engaged in online gaming and virtual communities, which has created a fertile ground for the growth of the Metaverse Virtual Assets market. Additionally, South Koreans have a strong interest in investing and trading, and they see virtual assets as a promising investment opportunity.

This combination of technological enthusiasm and investment mindset has fueled the demand for virtual assets in the country. Trends in the market are also contributing to the growth of the Metaverse Virtual Assets market in South Korea. One of the key trends is the integration of virtual assets into various industries and sectors.

Companies in South Korea are leveraging the potential of virtual assets to enhance their products and services. For example, real estate developers are using virtual reality technology to showcase properties to potential buyers, while fashion brands are creating virtual clothing items that can be purchased and worn in virtual worlds. These trends are not only driving the demand for virtual assets but also expanding the use cases and applications of the technology.

Local special circumstances in South Korea are further propelling the development of the Metaverse Virtual Assets market. The country has a well-established gaming industry, with a large number of game developers and a dedicated gaming community. This ecosystem provides a solid foundation for the growth of virtual assets, as gamers are already familiar with the concept and value of virtual items.

Additionally, South Korea has a high level of internet penetration and a tech-savvy population, which creates a conducive environment for the adoption of virtual assets. Underlying macroeconomic factors are also contributing to the growth of the Metaverse Virtual Assets market in South Korea. The country has a strong economy and a high level of disposable income, which allows individuals to invest in virtual assets.

Furthermore, the government has been supportive of the development of the technology sector and has implemented policies to promote innovation and digital transformation. These factors create a favorable environment for the growth of the Metaverse Virtual Assets market. In conclusion, the Metaverse Virtual Assets market in South Korea is experiencing significant growth and development due to customer preferences, local special circumstances, and underlying macroeconomic factors.

The strong affinity for technology, integration of virtual assets into various industries, well-established gaming industry, high internet penetration, strong economy, and supportive government policies are all contributing to the growth of the market. As the market continues to evolve, it is expected to play an increasingly important role in the South Korean economy.

Methodology

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.