The metaverse is currently a hot topic in the crypto sector. It has attracted major key players in the crypto and traditional sectors, and according to a recent report by Grayscale, this sector could soon hit a valuation of $1 trillion.
Grayscale is currently the largest digital asset management firm globally, and it has stated that the metaverse industry will have an over $1 trillion market cap in the coming years.
Grayscale predicts major growth in the metaverse
The recent report from Grayscale dubbed “The Metaverse, Web 3.0 Virtual Cloud Economies” noted that in the next few years, this sector would be competing with leading Web 2.0 firms that currently have a valuation of around $15 trillion.
Facebook recently rebranded into Meta as its initiative towards offering its users a metaverse experience. Grayscale stated that Facebook’s plans will be a catalyst towards the growth of the metaverse sector, and other tech giants might also announce similar plans.
One of the reasons why the metaverse is booming is its close association with the gaming sector, which allows players to transfer their in-game wealth into real-world wealth. This has been made possible by Web 3.0, which is slowly making web 2.0 obsolete.
The play-to-earn feature in the gaming sector is made possible by non-fungible tokens (NFTs). These tokens allow players to earn digital assets in NFTs that can be traded with other gamers. Moreover, players can use these tokens in multiple digital experiences, which creates a “free market internet-native economy.”
The metaverse is currently a hot topic
In recent weeks, the metaverse sector has been reporting explosive growth. The metaverse extends beyond the gaming sector, as it allows any brand to provide its customers with a virtual world experience.
Coins that have established a strong footing in the metaverse world have been recording notable growth. Tokens such as Decentraland, The Sandbox and GALA have been on a bullish rally in recent weeks, and they are still breaking new record highs.
On-chain metrics also show that investors are attracted to the metaverse sector, with the number of wallets about these coins increasing by 10 times between the start of 2020 and the last quarter of 2021.
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