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<ul class="list-ic vertical">
 <li>1 <a>Finland is eyeing to become a global leader in the metaverse initiative by 2035.</a></li>
 <li>2 <a>Countries like the UAE and South Korea have already developed a metaverse.</a></li>
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Metaverse has attracted a lot of countries like the United Arab Emirates (UAE), South Korea, the United States, and more recently. Finland has become a new addition to the list. The latest report dubbed “Metaverse Initiative by Finnish Ecosystem: Virtual Potential into Real-World Impact” describes the vision the country appears to have been working on.
<h2 class="wp-block-heading" id="strong-a-race-to-become-a-global-leader-strong">A Race to Become a Global Leader</h2>
Finland is eyeing to become a global leader in the metaverse initiative by 2035. As of now, no official definition has been assigned to the metaverse. The document defines it as “a collective virtual shared space that encompasses and transcends physical, digital, and augmented realities.” Many envision it as a ‘multiverse’ of interconnected virtual worlds; this definition somewhat supports this.
It foresees the Finnish metaverse market to become a $32 Billion industry. According to data aggregator Statista, the global metaverse market stood at $65.5 Billion in 2023. Citigroup, an investment banking company, notes in its report that it will become a market encompassing between $8 Trillion to $13 Trillion by 2030.
There are currently 400 Million active monthly users in the<a href="https://www.thecoinrepublic.com/2023/11/30/lido-dao-decentralized-and-liquid-staking-solution-for-eth-2-0/" target="_blank" rel="noopener noreferrer nofollow"> metaverse.</a> Most of them have access to it through flat-screen devices like PCs and smartphones. A truly immersive experience will require head-mounted displays (HMDs) supporting notions like virtual reality (VR), augmented reality (AR), mixed reality (MR), and more.
The population of Finland, according to the international financial institution World Bank, was 5.5 Million in 2021. There are nearly 200K Finnish users actively participating in virtual worlds. User penetration rate will likely grow from 18 percent in 2023 to 62 percent in 2030.
However, there are challenges to be tackled before Finland becomes a metaverse hub. The report mentions they need to work on technology enablers initially to move on to infuse it with industries, healthcare, and society. Proper infrastructure and access to equipment are of paramount importance to experience a digital world in an immersive way.
The paper says, “Finland ranks among the best in the world in several converging technologies tightly linked with the Metaverse: software applications, networking technologies, advanced computing (including quantum technologies), Artificial Intelligence, fintech, gaming, and metaverse environments. Thus, Finland has world-class clusters and concentrations of companies in all individual enabler technologies.”
Countries like the UAE and South Korea have already developed a metaverse. International non-governmental organization World Economic Forum (WEF) recently identified them as leading cities developing virtual worlds. The report also notes around 700 cities will embrace the metaverse.
The term metaverse gained popularity in 2021 following social media giant Facebook’s rebranding to Meta Platforms. Several analysts deem that its popularity has already started to fade away. Technological research company Gartner speculates that a quarter of the global population will spend nearly an hour in virtual spaces.
With technological advancements, weighty HMDs may evolve into something smaller like smart glasses.

Finland Working Its Way Up In The Global Metaverse Race

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Thecoinrepublic.com

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