Earlier in the year, many people had little to no understanding of what the metaverse was or how it was going to operate, not to talk of the economic opportunity present in the space.
However, since Facebook changed its name to Meta and revealed that the new focus of its business would be the metaverse, crypto enthusiasts and the world generally have begun to pay a more cursory look at what the buzzword means and the potential it holds.
The metaverse, per Wikipedia, is the “integration between virtual and physical spaces and virtual economies.”
Simply put, the metaverse is a fusion of the real and physical world with the virtual world where individuals can carry out activities similar to what they do in the real world. Like in the real world, individuals can own virtual goods, objects or even “real estate” in the new virtual world.
Grayscale says metaverse could be worth over $1 trillion
Grayscale, the popular digital asset management company, in one of its recent reports has declared that the economic opportunities present in the metaverse could top $1 trillion within the next few years.
The report, tagged “The Metaverse, Web 3.0 Virtual Cloud Economies,” noted that metaverse platforms that have been integrated with features like crypto tokens, NFTs, decentralized finance and a host of other crypto-related projects have “created a new online experience.”
According to the authors of the report, users of metaverse-based wallets have increased by 10x since the beginning of the year to around 50,000 active wallets. It continued that the space, though still very much new, could become mainstream in the coming years if it continues with its current growth trajectory.
The report also noted that investors are beginning to notice the enormous potential the space has which has led to an increase in funding for the burgeoning sector. Per the report, blockchain games/metaverse-related projects were able to raise $1 billion in new funding from investors during the third quarter of this year alone.