Metaverse shows potential to become a trillion dollar industry, transform Web3.0
If cryptoverse doesn’t sound exciting enough, well then we have a Metaverse in the making. This new-age technology aims to revolutionize the internet. In fact, it is a push towards Web 3.0. Well, the question is- how? Interestingly, this was something the investment giants like Grayscale had been trying to study too.
In the same context, the company released a report focused on the upcoming tech titled “The Metaverse, Web 3.0 Virtual Cloud Economies.” Authored by its research head David Grider and analyst Matt Maximo, it predicted the industry’s potential to become a trillion-dollar industry in a few years.
The researcher duo estimated that the users of the Metaverse have already surged by 10x in one and a half years. Further, the growth could become even more fast-paced. According to them, at this rate, it will become a trillion-dollar industry by 2022.
It is visible on the chart above, that the growing number of Metaverse wallets just until the last quarter is impeccable.
The latest report also focuses on the open Metaverse worlds backed by an “interconnected crypto-economy” such as Decentraland. Surprisingly, MANA or Decentraland has taken the crypto and the Metaverse space by storm.
It attracted the attention of prominent celebrities and also saw the sale of a virtual property worth $2.45 million- indeed, an astonishing price when compared to real properties.
Apart from taking over the entertainment and real estate world, the Metaverse could transform the Web to 3.0. Given its immeasurable power, recently Facebook Inc. re-christened itself to “Meta.”
In this context, the report noted,
“The Web 2.0 mobile internet changed how, where, when, and why we used the internet. In turn, this changed the products, services, and companies we used, which changed our business models, culture, and politics – the Web 3.0 Metaverse has the potential to do the same.”
As the Metaverse grabs attention by offering avenues for leisure activities online, it noted fundraising of $1 billion for blockchain gaming in Q3. This was 12% of total fundraising for the crypto sector in the quarter, ranking it as the “top sub-sector” within the Web 3.0 and NFT category.
According to the report, there is a slow shift taking place from premium games to free-to-play gaming and now Web 3.0 innovations. These are also encouraging play-to-earn [P2E] attitudes.
As per the report, this shift in attitude will accelerate the transition from Web 2.0 closed corporate Metaverses to Web 3.0 open crypto Metaverse networks.
“Web 3.0 Metaverse virtual worlds have benefited from rapid innovation and productivity gains. Crypto virtual worlds have created a multi-million dollar primary and secondary market for creators and asset owners by eliminating capital controls and opening their digital borders to free-market capitalism.”