Cryptocurrency investment firm Grayscale has published an annual research report on the Metaverse and Web 3.0 economy. The study report provides a detailed overview of market opportunities, important trends and Web 3.0 indicators. Grayscale mentions that the Meta universe market will grow over the next few years and the emerging market opportunity could be worth more than $1 trillion in the industry by 2025.
According to the report, the number of users of meta-platforms such as Decentraland and Sandbox has increased more than tenfold compared to the previous year. The increasing integration of crypto and NFT into this platform and the recent announcement of Facebook rebranding as Meta have created an influx of meta-universal projects in development.
Crypto gaming and integration promotes metaverse acceptance
The Grayscale report states that the biggest market opportunity is converting existing Web 2.0 applications into meta-universal applications. For example, in addition to the development of new blockchain-based games, many previous games were also converted into VR-compatible versions.
Popular games like GTA released VR versions of their previous games. Fortnite has also incorporated key metal elements into its game environment, such as hosting virtual concerts and parties. Grayscale estimates that nearly half of all future Web 3.0 sales will come from the gaming/esports industry.
The game metaverse started to pick up in the last quarter of 2021. Decentraland’s market cap has grown from $1.5 billion to nearly $10 billion per month, and the local mint, MANA, has grown more than 500% since last month. Recently, digital land sold for a record $2.4 million on the Decentraland platform.
Other virtual sandbox gaming platforms have had similar success. Recently, the number of active users of the platform has skyrocketed, and the SAND token itself has increased by more than 700% since last month. The blockchain-based gaming platform has also raised $93 million in investment funds to expand its virtual world to include millions of users.
These advances in the Metaverse industry show that Grayscale’s forecasts are very realistic and will create huge market opportunities over the next few years as virtual platforms continue to expand crypto and NFT integration.