Grayscale, a prominent enterprise in cryptocurrency investment just published a report with intriguing estimates. The report says that the metaverse will herald many fortunes, to the tune of US$ 1 trillion in just a few years.
This information about market opportunities was released in their report called “The Metaverse, Web 3.0 Virtual Cloud Economies”. David Grider and Mat Maximo authored this report. The experts looked at the sector from the vantage point of a metaverse that’s not restrictive. They based their assumptions on the element of the interdependent economy in the crypto space, much like that of Decentraland.
Among the information that this report shared, it also shared that the metaverse was creating a new experience for users online. This new experience incorporates decentralized cloud storage, crypto tokens, decentralized finance services, nonfungible tokens, and decentralized governance. All of this has made for a very attractive offering for users causing them to flock to the metaverse.
From the beginning of 2020, the report states that Grayscale analyzed data from the worldwide wallets of users worldwide. This data was for all the time these users had utilized metaverse wallets. The insights that they discovered showed that the number of users of metaverse wallets had grown by 10 times since then. As of June 2021, it shows that the current number of metaverse wallets is at about 50,000. The report goes on to say that in comparison to web 3.0 or web 2.0 segments, the virtual world dubbed the Metaverse is still in its early days of user growth. However, it further states that if the current growth rate is maintained, the metaverse has the capacity to emerge as the mainstream in a few years.
Investors are Enarmoured with the Metaverse
The metaverse has gained significant interest from investors. Many have started spending on metaverse solutions that they believe will create new opportunities and solve problems. The report says that so far US$1 Billion has been raised in blockchain gaming since the 3rd quarter. This represents about 12% of finances for the whole of the crypto sector in the same time period. For that reason, it has now become the top sub-sector in the nonfungible token subcategory of web 3.0.
What Does the Future Hold?
The experts present a number of factors that may help the metaverse grow. One factor is the increase in the time that users spend leisurely. Another factor that they noted was that of the habits of these users in regards to their digital hobbies. The change in how users behave from premium to free-to-play games was also noted. Another factor they noted was that of play-to-earn and other Web 3.0 innovations.
The figures speak for themselves when it comes to all things financial. Worldwide revenues for gaming in the virtual world hit US$ 180 billion last year. It is estimated that the gaming sector could rack in over US$ 400 billion in 4 years’ time. This assumption is based on the popularization of the in-game spending model. The potential that play-to-earn gaming offers will speed up the transition of the Web 2.0 solutions to Web 3.0 for the corporate metaverse. This will also instigate the open crypto metaverse networks of the future.
The publication then goes on to say that the metaverse for the Web 3.0 online world has benefited from astronomical innovation and efficiency gains. It says that the opportunity that the crypto virtual world has created for creators and asset owners in the primary and secondary markets is undeniable. The report says that the ecosystem has cut out capital controls and has made accessible their digital realms to free-market capitalism.