There is no doubt about the fact that the Metaverse is the new buzzword befuddling many, and it is gradually growing into the mainstream. Grayscale recently predicted in a report “The Metaverse, Web 3.0 Virtual Cloud Economies” that the annual revenue market opportunity of the space could hit $1 trillion within the next few years.
The report co-authored by Grayscale Head of Research David Grider and research analyst Matt Maximo explores the burgeoning sector and highlight several of the market opportunity that would follow the trend if the sector’s growth rate maintains the pace.
Compared to other Web 3.0 and Web 2.0 segments, Metaveraw 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.
It is also identified in the report that growing average leisure time and money spent on digital hobbies could contribute to the growth of the Metaverse. According to the Grayscale researchers, the total revenue for virtual gaming which stood at $180 billion last year, could spike up to $400 billion within the next 4years.
Available information shows that during the Q3, Metaverse projects saw a fundraise of over $1 billion, a figure which represents 12% of the total fundraising for the crypto industry during the period.
In the report, the researcher viewed the Metaverse as an “interconnected, experiential, 3D virtual worlds where people located anywhere can socialize in real-time to form a persistent, user-owned, internet economy spanning the digital and physical worlds.”
The Decentraland and The Sandbox are examples of open Metaverse worlds. The price of their native tokens MANA and SAND has been rallying tremendously since the past few days. They have raked in 49% and 102% gains, respectively. Currently, they are changing hands around $5.03 and $7.60.