Grayscale recently published a report on metaverses. The report estimated that getting metaverse into the mainstream would present a market opportunity that could be valued above $1 trillion.
Analysts at Grayscale who authored the report, examined the growth in the metaverse space principally in open metaverse together with Decentraland that represents the linked crypto-economy.
The report found that more and more new users are being attracted to the novel online experience. The new experience has been created by the integration of metaverse platforms with DeFi services, crypto tokens, and NFTs together with decentralized governance and decentralized cloud storage.
According to the report, which examined all the active metaverse wallets globally, the user base has grown 10X – since the beginning of 2020. The current user level in Jun 2021 stands at 50K.
It is still early days for metaverse, but if the current growth rates persist, it will not be long before metaverse becomes mainstream.
The report also highlighted that there are numerous VCs who are willingly to bet on the opportunities presented by the growth of metaverse. A total of $1 billion in funding has been raised in Q3 which amounted to around 12% of the total fund raise. This took this sub-sector to the top rank among the Web 3.0 and NFT sector.
The report listed out the factors that the authors believe would further metaverse’s growth. The important ones being – availability of more leisure time among users, disposable income for spending on digital pursuits, and a new culture of trying free gaming. Also, Web 3.0 features such as play-to-learn are helping increase the user base.
Revenues have also touched an all time high of $180 billion, of which $40 billion came from premium spending. The revenues have the potential to rise to $400 billion by 2025. In-game spending and play-to-earn models are also helping accelerate growth.