Crypto giant Grayscale considers metaverse to be in its nascent stages and estimates that the emerging tech sector will soar to become a $1 trillion opportunity.
With the advent of play-to-earn platforms that enable users to convert their digital assets for use outside of the game, Grayscale in a new report forecasts that the metaverse is certainly going to transform gaming.
“This new paradigm allows users to own their digital assets as non-fungible tokens (NFTs), trade them with others in the game, and carry them to other digital experiences, creating an entirely new free-market internet-native economy that can be monetized in the physical world.”
The asset manager further adds that the potential of the metaverse extends beyond the gaming industry.
“Gaming is just one of the most immediately addressable segments where value is already starting to naturally shift to Web 3.0, but the Metaverse opportunity extends far beyond gaming. The Metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization…
Web 3.0 metaverse economies can use their own digital currency, like MANA, or the currency of the layer-1 base crypto cloud economy platform they’re built on, such as Ethereum (ETH) or Solana (SOL).”
Grayscale says the metaverse has the potential to grow exponentially and compete with current technology titans like Facebook.
“The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today.”
You can read Grayscale’s full report on the Metaverse here.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
