A recent analysis from the Blockchain Research Lab highlights the metaverse avatar market’s potential, which is estimated to top $500 billion by 2030. Avatars are an important aspect of the metaverse game business because they allow users to construct a digital identity and engage in virtual worlds as a completely distinct digital persona. Conventional gaming already has a big avatar market, with titles like The Sandbox and Decentraland concentrating on avatars. According to the survey, avatar marketplaces in Web 3.0 are in great demand and have a high potential, with Roblox having 200 million monthly active users and over 2.7 million artists generating a total of $538 million in 2021. It also focuses on three major psychological aspects that drive avatar selection in virtual environments: self-expression and identity, social comparison and group dynamics, and self-esteem and self-regulation. Besides their physical appearance, avatars are influenced by aspects such as expression, emotions, behaviour, history, and social networks.

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