There’s no going back; a critical mass of consumers are aware of the metaverse. Is now the time to watch and wait as the metaverse develops, or do marketplaces industry players need to act quick to stake their claims?

According to a KPMG survey of 1,000 U.S. consumers, two of three are aware of the metaverse. Among Gen Z, 86% know about the metaverse, and among Millennials, it’s 81% of Millennials know about the metaverse, and 46% of those surveyed feel “the metaverse can provide a forum to interact with friends in a way that is as meaningful as in person.” Users access the metaverse — an evolving universe of immersive 3D worlds, not a single destination — via virtual reality and augmented reality headsets. According to KPMG, 43% of consumers have purchased such headsets for their families. According to parents surveyed, their children spent an average of eight-and-a-half hours a week using the devices, mostly to play games and watch movies.

According to KPMG, some companies could launch products and services in the metaverse while others could create malls, specialty shops and virtual stores where avatars can buy virtual products like non-fungible tokens, or NFTs, and pay in cryptocurrency. Consumers also can purchase physical goods in the metaverse and have them delivered to their actual homes.

The metaverse is far from fully developed, but futurists say it will provide consumers the ability to do anything they currently do in physical marketplaces. That includes meeting with co-workers and clients, trying on clothes, competing in games, attending lectures and even exercising. Consumers also can connect with friends in far-flung physical locations by viewing programming and live concerts together via avatars. They also could buy collectible digital assets, such as Fendi shoes for their avatars. These digital items could make up a $25 billion market by 2030, according to KPMG.

In 2021, 55 million users spent 4.2 billion hours on Roblox, and it’s a popular destination for brands taking a first step into the metaverse. Ikea, Fendi, Ferragamo, McDonald’s and Walmart are among the brands and retailers with growing presences. At Nikeland in the Roblox corner of the metaverse, consumers can play games with friends, try on Nike gear and more.  Others remain on the sidelines, waiting to see how their companies best can use the technology. Meanwhile, some predict the “metamall” will be the next big retail development — in cyberspace and say retailers and developers will have to claim an early stake in the market to be competitive.