The Metaverse represents a $1 trillion opportunity after users increase 10x: Grayscale report
A well-known challenge with multiplayer online games and virtual worlds is that consumers must accept all of the hazards associated with excessive centralization, such as unexpected blocking of game accounts, database crashes, and physical server damage. The transformation of internal game currency to blockchain and the creation of NFT, where each game item corresponds to NFT issued on a decentralized network, solved the problem of trustworthy data storage and digital capital. This article describes what is metaverse and how it solves the problem.
The metaverse is a completely new concept that has opened the possibility of a new and exciting area of investing. Grayscale Investments, the world’s largest digital asset management business, predicts that the meta sector will be worth more than $1 trillion in the next few years. According to recent industry research titled “The Metaworld, Web 3.0 Virtual Cloud Economy,” it might compete with Web 2.0 enterprises, which are presently valued at around $15 trillion if it continues at its current rate. This popularity has prompted other corporations, including social media tech giant Facebook, to enter this new market. Grayscale also said that Mark Zuckerberg’s ambitions might act as a catalyst, with other industry titans and Web 2.0 investors following suit.
What is Metaverse
The term metaverse was originally used in Neal Stephenson’s 1992 fantasy book Avalanche. This word refers to a single virtual realm that replicated and replaced the actual world and allowed users to interact with digital things and other users. As you may know, nowadays metaverse concepts combine augmented reality and a steady virtual space where users may socialize, play, and interact. The metaverse is the aggregate of all virtual worlds, augmented reality, and the Internet.
The establishment of a “meta-universe” as the successor technology to smartphones and mobile Internet is being discussed by tech corporations and their leaders. Its idea is closely similar to virtual reality and augmented reality technologies, which are also being developed by Apple, Google, Amazon, and Microsoft.
Read our latest article: 3 top metaverse coins you would like to know about.
Although the gaming industry is the first to spring to mind when thinking about the Metaverse, there are many other sectors to disrupt. According to the investment firm’s research, Metaverse’s potential goes far beyond gaming. It might be worth more than a trillion dollars in other areas, such as advertising, social commerce, digital events, hardware, and monetization for developers and creators. Today’s gamers are often unable to monetize their investments and efforts. Developers in the Web 2.0 meta-closed universe’s corporate realms restrict players from transferring their game money into the real economy. However, the open networks of the Web 3.0 cryptocurrency metasets want to eliminate capital constraints placed on them.
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