Grayscale, the cryptocurrency investment company that manages the world’s largest digital currency fund, predicted that there is a “$1 trillion opportunity in the metaverse.”
In a whitepaper, they say the metaverse will represent an entire new economy worth trillions of dollars. The metaverse is a metaphorical reference to the collective virtual realities, augmented reality, and mixed reality that the internet in general and web-enabled smartphones specifically have enabled in recent years.
- Grayscale, the crypto giant, said metaverse projects offer a $1 trillion annual revenue opportunity. Pieces of virtual land inside metaverse projects have been sold for more than $2 million.
- Grayscale said the metaverse is a big opportunity for the crypto world, with investment accelerating.
- As investment in the crypto world accelerates, Grayscale sees the metaverse as a major opportunity.
A new report from crypto giant Grayscale suggests that there will be a $1 trillion revenue opportunity in the metaverse across advertising, events, e-commerce and hardware.
According to Coingecko, a Decentraland trust was created recently that invests exclusively in mana. The cryptocurrency has appreciated around 550% over the last 30 days.
Axie Infinity and Decentraland, two crypto-based metaverses, sold virtual land worth over $2 million this week, providing an indication of the potential size of the metaverse economy.
An online virtual environment, the metaverse, allows people to play games, build things, socialize, earn crypto assets, and trade assets.
Over the last few years, Fortnite and Roblox have become two of the most popular individual metaverses. According to Grayscale, virtual gaming world revenue could grow to $400 billion by 2025 from about $180 billion in 2020.
Greyscale, which manages the world’s biggest cryptocurrency fund, says the metaverse is still “in its infancy.” The firm says Facebook’s plans to spend $10 billion on the metaverse this year show the potential of the market.
The report asserted that the Metaverse may generate revenue worth more than $1 trillion a year, although it did not indicate a timeframe.
Researchers David Grider and Matt Maximo of Grayscale, who wrote the report, argue the metaverse holds a great deal of promise for cryptocurrency companies.
Many current metaverse projects, such as virtual reality or games, are run by large, centralized companies that operate for profit. Horizon Worlds, a virtual reality space launched by Facebook, is a prime example.
However, increasingly, metaverse projects are based on or heavily tied to crypto technology, offering more control and more flexibility for users them to earn money that they can use in the real world. The Web3 metaverse allows them to do so.
Consumers can be monetized within the Web3 metaverse, according to Grayscale. Art galleries launch NFTs, games and casinos where users win cryptocurrencies, digital advertising billboards, and concert venues where DJs and artists perform.
According to Grayscale, Web3 and NFT fundraising totaled $1.8 billion in the third quarter, out of $8.2 billion total crypto fundraising. Investment is currently increasing.
The report by Grayscale focused on Decentraland. Players log in to play games, earn the native cryptocurrency, mana, buy NFTs, including virtual lands and collectibles, and participate in the governance of the metaverse.
Recently, the crypto investment company created a Decentraland trust that invests exclusively in mana. In the last 30 days, cryptocurrency prices have risen by around 550%, according to Coingecko.
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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.
