The metaverse industry in France is rapidly gaining momentum and is expected to witness robust growth in the coming years. According to industry reports, the sector is forecasted to grow by 31.5% annually, reaching a total value of $6,722.5 million by 2023.
The growth trend should continue in the following years, with a projected Compound Annual Growth Rate (CAGR) of 28.6% between 2023 and 2030. By the end of the forecast period, the Metaverse Spend Value in France is predicted to reach $22,148.7 million.
Various industries, ranging from insurance firms to luxury conglomerates like LVMH, are showing a growing interest in the metaverse. At a recent event, LVMH allowed attendees to test out virtual clothing through augmented reality, adding to the buzz surrounding this technology across industry verticals in France.
French businesses are increasingly looking towards metaverse technology to expand their customer base, but the lack of knowledge in the field has been a major hurdle. To assist brands in building and managing their metaverse presence with limited knowledge, startups are developing platforms.
One such startup is METAV.RS, which raised €3 million in seed funding led by Singapore-based Web3 fund Jsquare in October 2022. The Paris-based startup offers a no-code platform that integrates apps to allow brands to manage virtual worlds and easily integrate content. The platform is also compatible with e-commerce platforms, making it accessible to brands across industries. METAV.RS plans to expand its presence in the global market and already has offices in Hong Kong and Seoul, where the metaverse industry is rapidly growing. (...) Source