While the entire cryptocurrency market is undoubtedly making headlines these days, one of the hottest topics in the sector is none other than Metaverse. Some of the most important and key players in the crypto industry as well as traditional markets have been drawn towards it.
Moreover, Grayscale recently declared that there was a possibility that this sector could end up reaching a market value of about $1 trillion soon. The largest digital asset management firm in the world, Grayscale has said that the market cap of the metaverse industry could reach a total of $1 trillion in the next few years.
The recent report that Grayscale provided was titled ‘The Metaverse, Web 3.0 Virtual Cloud Economies’. It was noted in the report that this sector would be in competition with some of the top Web 2.0 companies that are currently valued at a whopping $15 trillion.
One of the most prominent indications about the growth of its sector is the rebranding of Facebook as Meta, which is the social media giant’s initiative towards providing its users with a metaverse experience. According to Grayscale, the plans of Facebook would turn out to be a catalyst towards the growth and expansion of this entire sector.
It also added that some of the other tech companies could soon be expected to make similar announcements. One of the primary reasons that the metaverse sector has experienced such massive growth quickly is because of how it is associated with the gaming sector.
After all, it gives players the opportunity of transferring the wealth they have in games to the real world and it doesn’t get any better than that. All of this has become possible because of Web 3.0, which is working on making Web 2.0 completely obsolete. Non-fungible tokens (NFTs) have played a key role in bringing the play-to-earn feature in the gaming industry.
With these tokens, players are able to earn digital assets in the form of NFTs and they can trade these with other gamers. Furthermore, these tokens can also be used by players for having several digital experiences and this can lead to a free market economy that would be internet-native.
There has been explosive growth in the metaverse sector in recent weeks. It is important to remember that while metaverse is most active in the gaming industry, it also extends beyond it and permits every brand using it to offer a virtual world experience to its clients.
There has been significant growth reported by coins that have gained a strong foothold in the metaverse industry. In recent weeks, coins like GALA, The Sandbox and Decentraland have all seen a bullish rally and they are still reaching new record highs.
According to on-chain metrics, investors are also drawn towards the metaverse sector. This is obvious from the number of wallets relating to these coins, as they have seen a 10 times increase between the beginning of 2020 and the last quarter of this year. Further growth is expected as more brands adopt it.