Metaverse Users Increase Rapidly, Market Targets $1 Trillion

Metaverse is the next trillion dollars opportunity, according to a report published by the digital asset management firm, Grayscale. The report added that the Metaverse has the potential to compete with Web 2.0 companies.

In terms of growth, the total number of Web 2.0 Metaverse virtual world users crossed 50,000 this year, which is up by 10x compared to the start of 2020. Despite the rapid growth, the virtual world is still at an early stage.

Additionally, the report outlined the importance of Web 3.0 crypto Metaverses. According to Grayscale, the total market cap of Web 3.0 Metaverse crypto networks stands at around $27.5 billion, compared to the $15 trillion market cap of Web 2.0 companies.

“Web 3.0 crypto Metaverses are emerging market virtual world economies with a continually developing complex mix of digital goods, services and assets that generate real-world value for users. Early Web 3.0 metaverse worlds have been typically built on top of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term computing platforms (layer one) with a host of parties contributing to the development of the games and in-game items that can be freely traded on the blockchain,” the report mentioned.

Adoption

Earlier in November, Barbados’ Ministry of Foreign Affairs and Foreign Trade signed an agreement with Decentraland to launch the world’s first Metaverse embassy. Moreover, the country has increased its efforts to expand its presence in the virtual world. Grayscale’s recent report by David Grider and Matt Maximo highlights the potential transformation of the internet economy through Web 3.0 open virtual world crypto networks.

“The Metaverse is a digital universe that moves beyond the internet we know today. This vision for the future state of the web has the potential to transform our social interactions, business dealings and the internet economy at large. The Metaverse is still taking shape, but Web 3.0 open virtual world crypto networks are offering a glimpse of what the future of the internet may hold. The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue,” the report added.