The multitrillion-dollar market for the metaverse is inevitable.
In the future, the metaverse will be far larger than we can conceive, and it will be present in every sector.
It will have a significant influence on our economy and permeate all areas of activity in the years to come.
For many people, this implies that the Metaverse is likely to provide a wide range of possibilities that might be life-changing.
Metaverse coins and enterprises based only on the Metaverse are examples of investment prospects.
The name shift from Facebook to Meta is the primary factor in all of this.
As a result, many people have taken this new technology more seriously and decided to work in the field.
Several well-known celebrities and brands have joined the Metaverse since Facebook changed its name.
Grayscale Investments just released research predicting the same thing, and it’s worth noting.
Grayscale has issued a 19-page study paper (named “The Metaverse: Web 3.0 Virtual Cloud Economies”) prepared by Grayscale’s Head of Research David Grider, Head of Research, and Research Analyst Matt Maximo.
First, Grider and Maximo defined the word “metaverse”:
“Crypto cloud economies are the next emerging market investment frontier and the Metaverse is at the forefront of this Web 3.0 internet evolution. The Metaverse is a set of interconnected, experiential, 3D virtual worlds where people located anywhere can socialize in real-time to form a persistent, user-owned, internet economy spanning the digital and physical worlds…
“Projects like Decentraland are creating an open-world metaverse where users can log in to play games, earn MANA (the native token of Decentraland, with which users can purchase NFTs, including LAND or collectibles, and vote on economy governance), or create NFTs, giving them real-world interoperability for the value of their time spent in-game.“
“Web 2.0 Closed Corporate Metaverse” and “Web 3.0 Open Crypto Metaverse” are compared in the study as well:
“Many gamers today spend their money and hours of their time building digital wealth within Web 2.0 closed corporate metaverse worlds. The problem is, most game developers don’t let players monetize their investment and efforts. Developers prohibit players from trading items with other players and keep these worlds closed so players cannot transfer their in-game wealth to the real economy.
“Web 3.0 open crypto metaverse networks solve this problem by eliminating the capital controls imposed on these virtual worlds by Web 2.0 platforms. 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. This evolution of the ‘creator economy’ is known as ‘Play to Earn’.“
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To Sum it Up
Every year, it is possible that the Metaverse might compete with WEB 2.0 technologies and generate over $1 trillion in income. Even in a future where cryptocurrency is generally accepted as currency, NFTs will also be viewed as true artworks.
Yes, we are influenced by the present market excitement, therefore our views aren’t completely unadulterated. It’s just a matter of time until we learn more about this.