Grayscale says metaverse is a $1 trillion industry following rise of MANA, SAND, and AXS |
Metaverse has experienced strong gains in its market cap since the start of 2018. How will this shift affect the industry?
Many individuals had little to no grasp of what the metaverse was or how it would work earlier this year, much alone the economic opportunities it offered.
Since Facebook changed its name to Meta and announced that the metaverse will be the new focus of its company, crypto aficionados and the rest of the world have began to take a closer look at what the term means and the promise it contains.
According to Wikipedia, the metaverse is “the merger of virtual and real locations and virtual economies.”
Simply described, the metaverse is a merging of the real and physical worlds with the virtual world, in which people may engage in activities that are comparable to those they engage in in the actual world. Individuals may own virtual products, items, and even “real estate” in the new virtual world, just as they do in the actual one.
According to Grayscale, the metaverse might be worth more than $1 trillion.
Grayscale, a well-known digital asset management firm, has said in one of its assessments that the metaverse’s economic prospects might exceed $1 trillion in the next several years.
The metaverse platforms that have been merged with features like crypto tokens, NFTs, decentralized finance, and a host of other crypto-related initiatives have “produced a new online experience,” according to the paper, titled “The Metaverse, Web 3.0 Virtual Cloud Economies.”
Users of metaverse-based wallets have surged by 10x since the beginning of the year, according to the report’s authors, reaching about 50,000 active wallets. It went on to say that, although the area is still relatively young, it has the potential to become mainstream in the next years if it maintains its present development trajectory.
Investors are starting to see the space’s huge potential, according to the research, which has resulted in an increase in financing for the budding industry. According to the research, blockchain gaming and metaverse-related ventures raised $1 billion in fresh investment from investors in only the third quarter of this year.
Gain a competitive advantage in the cryptoasset market.
As a premium Edge member, you’ll get additional crypto insights and context in every story.
Analyses of the whole chain
Snapshots of prices
a little more context
For just $19 a month, you can become a member right now. Examine all of the advantages.
Like what you’ve seen so far? Stay up to date by subscribing.