Can the metaverse market become US$1 trillion economy?

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Can the metaverse market become US$1 trillion economy?

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Highlights

  • The metaverse is a brand-new paradigm that will usher in a new investment era.
  • According to Grayscale (cryptocurrency investing firm), the metaverse business has a lot of room for expansion and could reach US$1 trillion in the not-too-distant future.
  • Grayscale's prediction, however, may turn out to be correct in the future, thanks to improvements in the metaverse sector and the merging of cryptos and NFTs.

Do you have any doubts about the metaverse or cryptos' future? Or do you believe the metaverse will vanish in a few years?

According to Grayscale (cryptocurrency investing firm), the metaverse business has a lot of room for expansion and could reach US$1 trillion in the not-too-distant future.

Can the metaverse market become US$1 trillion economy?

Moreover, it is expected soon that the metaverse can revolutionise business transactions and social interactions. 

The firm released its yearly research report on web 3.0 economies and the metaverse. Grayscale predicts crypto fundraising to hit US$8.2 billion in the third quarter of 2021, with US$1.8 billion going to NFTs and Web 3.0.

Grayscale's metaverse predictions

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What factors could cause the metaverse to expand by US$1 trillion?

  1. Mark Zuckerberg takes a dip in the meta-ocean - With Facebook's recent attempt to rebrand itself as "Meta," the metaverse has created a lot of buzzes. The meta world has grown in prominence due to Facebook founder Mark Zuckerberg's approach to embracing the new digital reality. Other major corporations have now entered the meta-world race.
  1. The growth of the virtual property market - The virtual real estate market is heating up, with some investors willing to pay billions of dollars to reserve a spot in the metaverse. By purchasing land, people can shop, work, roam, and socialise in the virtual world. According to Grayscale's study, the number of people using meta platforms like Sandbox and Decentraland has surged by more than tenfold since last year. In addition, the increasing use of NFTs and cryptos on these platforms has resulted in a surge of metaverse projects.
  2. Web 3.0's emergence- We are currently experiencing the evolution of the internet, with the metaverse is at the vanguard of "Web 3.0 However, players' in-game riches cannot be transferred to the real world in the Web 2.0 closed corporate metaverse realms. The capital constraints imposed on these virtual realms by Web 2.0 firms will be removed by Web 3.0. The eSports or gaming business, according to Grayscale, will account for nearly half of all future web 3.0 earnings.
  3. Game monetisation - The shift in game developer monetisation is the key factor driving the upward trend. According to Grayscale's research, gamers are progressively abandoning "pay to play" premium games in favour of "free" games.

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Outlook

The metaverse is a brand-new paradigm that will usher in a new investment era. In the real world, people come across scams and corruption. As a result, some people are eyeing the meta market, which could help it flourish.

Grayscale's prediction, however, may turn out to be correct in the future, thanks to improvements in the metaverse sector.

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