The metaverse industry is expected to be worth $13 trillion by 2030, with fashion and luxury retail accounting for $50 billion, a Chalhoub Group study shows.

Currently, the sector is estimated to be worth between $40 billion and $65 billion.

The potential is particularly great in the GCC, where a combination of a young tech-savvy population, a supportive regulatory environment, and a well-funded startup ecosystem, in which those involved in Web3, one of the key underlying technologies of the metaverse – have attracted around $553 million in investment, the Dubai-based luxury retail company said in a report on Friday.

However, uptake of the metaverse and non-fungible tokens remains subdued, with less than a quarter of luxury consumers surveyed in the GCC…