The Metaverse is not just a new buzzword. According to a report from cryptocurrency giant Grayscale, the market represents a $1 trillion annual revenue opportunity across hardware, the worlds of advertising, e-commerce, and digital events.
In recent weeks, plots of digital lands were sold for exorbitant prices. For instance, plots of land on Decentraland and Axie Infinity were sold for more than $2 million each.
The Metaverse is an online 3D virtual environment. In the virtual space, people can interact, play games, socialize and even work or trade cryptocurrencies and NFTs (Non-fungible-tokens).
The Metaverse is “in its early innings”
Grayscale estimates that the revenue from Metaverse gaming could hit the $400 billion mark in 2025, compared to $180 billion in 2020.
This is despite the fact the Metaverse is “in its early innings’ said Grayscale. The crypto giant argued that Facebook’s $10 billion — allocated to the Meta project — is a sign of the market’s potential.
“The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue,” the report said.