Cryptocurrency investment giant Grayscale has released an upbeat report on the Metaverse, estimating that the "market opportunity" to bring the Metaverse into the mainstream may be worth more than $ 1 trillion in the coming years.
The November Report noble "The Metaverse, Web 3.0 Virtual Cloud Economies" was written by Grayscale Research Chief David Grider and Research Analyst Matt Maximo. The duo explore the burgeoning sector primarily from the perspective of open metaverse worlds backed by an "interconnected crypto economy" like Decentraland.
The report highlights that Integrated metaverse platforms With crypto tokens, decentralized finance (DeFi) services like betting and lending, NFT, decentralized government, and decentralized cloud storage have "created a new online experience" that is rapidly attracting new users.
Analyzing data for "global active metaverse wallets of all time" from early 2020, he found that the user base has multiplied by 10 since then to stand at around 50,000 in June 2021.
"Compared to other Web 3.0 and Web 2.0 segments, Metaverse virtual world users are still in their infancy, but if current growth rates continue on their current trajectory, this emerging segment has the potential to become the mainstream for years to come. "
The report highlights that there is no shortage of venture capitalists who are betting on the potential of the sector. According to the report, fundraising totaled $ 1 billion for blockchain games in the third quarter. That accounted for 12% of total fundraising for the entire crypto sector in the quarter, ranking it as the "top subsector" within the Web 3.0 and NFT category.
Market opportunity
Researchers note a variety of key dynamics that could contribute significantly to the growth of the Metaverse sector, including increasing average leisure time and money spent on digital hobbies, a cultural shift from premium games to free games, and Web 3.0 innovations. like how to play to win (P2E).
Global gaming revenue in the virtual world totaled $ 180 billion in 2020, with a "premium spend" representing around $ 40 billion, and it is estimated that the sector could fetch more than $ 400 billion by 2025, driven primarily by the spending model in the game.
The report argues that this change is "accelerating further with the transition from the closed corporate metaversas of Web 2.0 to the open cryptographic metaverse networks of Web 3.0", due to the potential to play to win they represent.
โThe virtual worlds of Web 3.0 Metaverse have benefited from rapid innovation and productivity gains. Crypto virtual worlds have created a multi-billion dollar primary and secondary market for asset creators and owners by removing capital controls and opening their digital borders to free market capitalism, โthe report reads.
Related Metaverse and Blockchain Gaming Altcoins Rebound As Bitcoin Seeks Support
The price of native tokens for open Metaverse platforms such as Decentraland (MANA) and The Sandbox (SAND) has soared lately, gaining 49% and 102% each to stand at $ 5.03 and $ 7.60 at the time of writing.
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