According to a brand new report from Grayscale, the speed of active metaverse users multiplied 10x between the beginning of 2020 and June 2021.
Crypto investment large Grayscale has revealed a optimistic report on metaverses, estimating that the “market opportunity” for delivery the metaverse to the thought could also be price over $1 trillion within the next few years.
The November report titled “The Metaverse, Web 3.0 Virtual Cloud Economies” was authored by Grayscale head of analysis David Grider and analysis analyst Matt Maximo. The couple explores the burgeoning sector primarily from the perspective of open metaverse worlds backed by an “interconnected crypto-economy” like Decentraland.
The report highlights that metaverse platforms integrated with crypto tokens, redistributed finance services like staking and disposition, nonfungible tokens (NFT), redistributed governance and redistributed cloud storage have “created a brand new on-line experience” that’s quickly attracting new users.
Analyzing “global incomparable active metaverse wallets” information since the beginning of 2020, it found the user base has fully grown by 10x since that point to take a seat at around 50,000 as of June 2021.
“Compared to other Web 3.0 and Web 2.0 segments, Metaverse virtual world users are still in their early innings, but if current growth rates remain on their current trajectory, this emerging segment has the potential to become mainstream in the coming years.”
The report highlights that there’s no shortage of venture capitalists taking a punt on the sector’s potential. per the report, fundraising totaled $1 billion for blockchain play in Q3. That pictured 12% of total fundraising for the complete crypto sector within the quarter, ranking it because the “top sub-sector” inside the net 3.0 and NFT class.
Market opportunity
The researchers note a spread of key dynamics that might considerably contribute to the expansion of the metaverse sector, together with growing average time off and cash spent on digital hobbies, a cultural shift from premium games to free-to-play vice, and Web 3.0 innovations like play-to-earn.
Global revenue from virtual world vice destroyed $180 billion in 2020, with “premium spending” accounting for around $40 billion, with estimates the world might pull in additional than $400 billion by 2025, primarily driven by the in-game spending model.
The report argues that this shift is “accelerating additional with the transition from internet 2.0 closed company Metaverses to internet 3.0 open crypto Metaverse networks” because of the play-to-earn potential they represent. “Web 3.0 Metaverse virtual worlds have benefited from fast innovation and productivity gains.
Crypto virtual worlds have created a multi-million dollar primary and secondary marketplace for creators and plus homeowners by eliminating capital controls and gap their digital borders to free-market capitalism,” the report reads.
(Brian Quarmby, Cointelegraph, 2021)