Crypto: the metaverse is worth $1 trillion opportunity, Crypto giant Grayscale says as virtual land sales boom. According to a new analysis from cryptocurrency firm Grayscale. The metaverse has the potential to generate $1 trillion in annual revenue. Across the industries of advertising, digital events, e-commerce, and hardware.
Grayscale’s research, which was issued late Wednesday night, comes at a time. When interest in the metaverse is on the rise, thanks to Facebook’s official change of name to Meta. Which focuses on the virtual immersive environment that the company believes. Will be the future of the internet.
Earlier this week, there were some early indicators of the potential magnitude of the metaverse economy. With parcels of virtual land inside the crypto-based metaverses Decentraland and Axie Infinity. Selling for more than $2 million, according to the Metaverse Economy Report.
When we talk about the metaverse, we’re talking about a collection of online 3D virtual spaces. Where individuals may play games, make things, communicate with one another, work. And even trade and earn cryptocurrency assets.
Individual metaverses are currently most well-known in the gaming industry. With games such as Fortnite and Roblox gaining in popularity over the previous few years. Grayscale predicted that revenue from virtual game worlds might climb to $400 billion by 2025. Up from an expected $180 billion in 2020, according to their estimates.
Grayscale, which manages the world’s largest cryptocurrency fund. However, believes the metaverse is still in its “infancy.” According to the report, Facebook’s ambitions to invest $10 billion on the metaverse. This year are an indication of the market’s potential.
Bringing the Metaverse to life might generate over $1 trillion in annual revenue
“The commercial opportunity for bringing the Metaverse to life. May be worth more than $1 trillion in yearly income,” according to the research. Which did not provide a timescale for implementation.
In their analysis, Grayscale’s chief of research David Grider and research analyst Matt Maximo. Asserted that the metaverse also represents a significant opportunity. For cryptocurrency businesses.
Crypto: the metaverse and virtual worlds and video games are just a couple of examples of current metaverse projects. That are being managed by so-called Web2 firms. Which are centralized and operate solely for profit. As an example, Facebook, which recently created the virtual reality space. Horizon Worlds, is worth mentioning.
However, more and more metaverse projects are being built on top of or significantly reliant. On cryptocurrency technology, which can provide users with greater power. While also allowing them to make money that can spent in the real world. The Web3 metaverse the term used to describe this.
Grayscale compiled a list of the monetization opportunities available to consumers in the Web3 metaverse. Art galleries launching NFTs, games and casinos where players can win cryptocurrency. Digital advertising billboards, and music venues where DJs and artists perform. These are examples of what is happening.
The Grayscale estimates that total Web3 and NFT fundraising reached $1.8 billion in the third quarter. Out of an overall crypto fundraising total of $8.2 billion. It went on to say that also investment has “just begun to pick up speed.”
Grayscale’s report and Crypto: the metaverse was mostly concerned with Decentraland. Individuals log in to play games, earn the native cryptocurrency mana, acquire NFTs. Such as virtual land and collectibles, and vote on the governance of the economy. In that metaverse, among other things.