Grayscale, the colossus of cryptocurrency investments, has published a bullish report on the metaverse sector, estimating that it could transform into a market of more than $ 1 trillion in a few years.
The report, titled “The Metaverse, Web 3.0 Virtual Cloud Economies,” was written by David Grider, Head of Research at Grayscale, and research analyst Matt Maximo. The two explored the burgeoning metaverse industry primarily from the perspective of open worlds supported by a “interconnected crypto economy,“like Decentraland.
The study points out that Metaverse platforms integrating crypto tokens, decentralized finance services such as staking and lending, NFTs, decentralized governance and decentralized cloud storage have given birth to “a new online experience“which is rapidly attracting new users.
Analyzing the active wallets in the metaverses from the beginning of 2020 to today, the researchers found that the user base has grown tenfold, reaching around 50,000 unique addresses in June this year:
“Compared to other segments of Web 3.0 and 2.0, the virtual worlds industry is still in its infancy. But if current growth rates remain unchanged, this emerging segment has the potential to go mainstream within a few years.”
The report also highlights that many venture capital firms are already focusing on metaverses: In the third quarter, the blockchain gaming industry attracted $ 1 billion in funding. This figure represents 12% of the funds raised by the crypto sector as a whole, becoming one of the “main sub-sectors“together with the NFTs.
Researchers have identified a number of key dynamics that could significantly contribute to the growth of the metaverse industry, including the increase in average leisure time and money spent on digital hobbies, a cultural shift from premium to free-to-play games, as well as innovations introduced by Web 3.0 such as the play-to-earn (P2E) concept.
Global virtual world revenue reached $ 180 billion in 2020, with a “premium shopping“equal to about 40 billion. According to estimates, those figures could grow to 400 billion dollars by 2025, mainly driven by in-game spending patterns.
The report argues that this change is “further accelerating with the shift from closed corporate worlds on Web 2.0 to open crypto metaverses on Web 3.0,“thanks to the earning potential that these offer to users:
“Virtual worlds on Web 3.0 have benefited from rapid innovation and increased productivity. Crypto virtual worlds have created a multimillion-dollar primary and secondary market for content creators and asset holders, eliminating capital controls and opening their borders. to free market capitalism. “
The price of native tokens of major open metaverse platforms, such as Decentraland (MANA) and The Sandbox (SAND), has increased significantly recently, following the announcement that Facebook – now Meta – would henceforth focus on this. sector.