Crypto giant Grayscale says that the metaverse is still in its very early stages and predicts that the emerging tech sector will soar to become a $1 trillion opportunity.
In a new report, Grayscale says that the metaverse is bound to transform gaming with the advent of play-to-earn platforms that enable users to convert their digital assets for use outside of the game.
“This new paradigm allows users to own their digital assets as non-fungible tokens (NFTs), trade them with others in the game, and carry them to other digital experiences, creating an entirely new free-market internet-native economy that can be monetized in the physical world.”
The asset manager adds that the potential of the metaverse extends beyond the borders of gaming.
“Gaming is just one of the most immediately addressable segments where value is already starting to naturally shift to Web 3.0, but the Metaverse opportunity extends far beyond gaming. The Metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization…
Web 3.0 metaverse economies can use their own digital currency, like MANA, or the currency of the layer-1 base crypto cloud economy platform they’re built on, such as Ethereum (ETH) or Solana (SOL).”
Grayscale says the metaverse has the potential to grow exponentially and compete with current technology titans like Facebook.
“The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today.”
You can read Grayscale’s full report on the Metaverse here.
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Rakchai Duangdee