Metaverse Is $ 1,000 Billion Opportunity, Crypto Giant Grayscale Says As Virtual Land Sales Explode | Currency News | Financial and business news

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Facebook, now called Meta, created a number of images to show what its metaverse might look like.

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Crypto giant Grayscale has said the metaverse is a $ 1,000 billion annual revenue opportunity. It comes as virtual lots inside Metaverse projects have sold for over $ 2 million. Grayscale said the metaverse is a great opportunity for the crypto world, with investments accelerating.

The metaverse has the potential to become a $ 1,000 billion annual revenue opportunity in the world of advertising, digital events, e-commerce and hardware, according to a new report from crypto giant Grayscale.

Grayscale’s report, released Wednesday night, comes amid renewed interest in the Metaverse after Facebook officially changed its name to Meta as it focuses on the immersive virtual world that it says is the future of ‘Internet.

This week, there were early indications of the potential size of the Metaverse economy, with virtual land plots inside the crypto-based Decentraland and Axie Infinity metaverse selling for over $ 2 million.

The metaverse refers to a range of online 3D virtual environments, in which people can play games, build things, socialize, work, and even trade and earn crypto assets.

The most well-known individual metavers today are in the game, with Fortnite and Roblox growing in popularity over the past few years. Grayscale has estimated that virtual game worlds revenue could reach $ 400 billion in 2025, up from around $ 180 billion in 2020.

Still, Grayscale, which manages the world’s largest cryptocurrency fund, said the metaverse was still “in its infancy.” He said Facebook’s plans to spend $ 10 billion this year on the metaverse are a sign of the market’s potential.

“The market opportunity to bring the Metaverse to life can represent more than $ 1 trillion in annual revenue,” the report said, although it did not specify a timeline.

The authors of the report, Grayscale research director David Grider and research analyst Matt Maximo, argued that the metaverse is a huge opportunity for crypto firms.

Read more: The Metaverse won’t revolutionize the office. But it could create new ways to make money.

Many current metaverse projects, such as virtual realities or games, are managed by so-called Web2 companies, which are centralized and operate for profit. Facebook, which launched the Horizon Worlds virtual reality space, is one example.

But increasingly, metaverse projects are created or are heavily tied to crypto technology, which can give users more control and earn money that they can use in the real world. This is called the Web3 metaverse.

Grayscale has listed the consumer monetization opportunities within the Web3 metaverse. These include art galleries launching NFTs, games and casinos where players earn crypto, digital billboards, and music rooms where DJs and performers stage concerts.

In the third quarter, Web3 and NFT’s total fundraising reached $ 1.8 billion, out of an overall crypto fundraiser of $ 8.2 billion, Grayscale said. He added that the investment had “recently started to accelerate”.

Grayscale’s report focused on Decentraland. In this metaverse, people log in to play games, earn the cryptocurrency’s native mana, buy NFTs, including virtual land and collectibles, and vote on the governance of the economy.

The crypto investment firm recently created a Decentraland trust that invests only in mana. The cryptocurrency has risen by around 550% in the past 30 days, according to Coingecko.

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