Across the globe, the metaverse industry is beginning to take off and gain traction, however slowly. The World Economic Forum (WEF) stated that by 2030, around 700 towns will have some form of metaverse infrastructure, citing a report by technology intelligence firm ABI Research. However, as of right now, the survey names Santa Monica, California, Dubai, United Arab Emirates, and Seoul, South Korea, as the top three locations in the global metaverse industry.

Among the advantages of cities investigating the metaverse, according to WEF, are the financial savings associated with the planning, running, and upkeep of urban infrastructure as well as the opportunity for city leaders to acquire "political capital" should the populace of the city become more technologically literate.

According to the research, "digital twin technologies can help cities look to decarbonize by enhancing urban design through simulation, planification, and optimisation." Santa Monica is the first US city to allow users to navigate the city using the Flick social media app, which is allowed by the metaverse.

ClickPlay invites users to explore real-world locations in search of unusual digital tokens. These tokens can be gathered and utilised to unlock films using uncommon filters, which you can then share with your social media network. According to the explanation, FlickPlay can both reduce crime and generate new economic activity by directing people towards less-traveled regions of cities.

Dubai sees the metaverse as a crucial component of its economic expansion strategy, which will position it as one of the top cities in the world in terms of GDP. In an effort to bolster its standing in the industry, Dubai hopes to draw in 1,000 businesses operating in the metaverse and blockchain spaces. Dubai hopes to have over 40,000 Web3 experts living there in the next seven years. More than half of Dubai consumers, according to WEF study, are excited about producing and monetizing content in the metaverse. Sixty percent of customers view the metaverse as a commercial opportunity, while seventy-eight percent of firms want to interact with Web3 more. "Dubai will advance Web3 technology and its uses to improve new models of remote employment, retail, tourism, education, and healthcare. How is the city going to do this? According to the paper, "by encouraging creativity, stepping up R&D, and encouraging talent and investment by assisting developers, content producers, and users of digital platforms in receiving assistance in education on all things metaverse." Regarding Seoul, the administration there fully supports the expansion of the metaverse in South Korea. The Asian nation had previously invested $180 million, or about Rs 1,500 crore, in creating a national metaverse ecosystem. Residents of Metaverse Seoul can download the first urban metaverse app in history and utilise it to play games, visit local attractions, and perform menial duties in phase one of the project.

According to the WEF research, "Metaverse Seoul phase two will bring in more services starting in 2024, including facilitating the connection between local businesses and foreign investors, while the final phase will integrate virtual and augmented reality technology into the daily operations of the city's infrastructure." After rebranding Facebook to Meta in September 2021, Mark Zuckerberg became an enthusiastic supporter of metaverse technology. Even after suffering consecutive losses in its unit devoted to the metaverse, Zuckerberg has not given up on this area of cutting-edge technology.

The global metaverse market was projected by Statista to be valued at $65.5 billion, or approximately Rs. 5,44,035 crore, in 2022. The market is predicted to reach $82 billion (about Rs. 6,81,082 crore) this year and then soar to $936.6 billion (approximately Rs. 77,79,526 crore) by 2030.