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Crypto Metaverse Could Be Worth $ 1 Trillion Soon



The crypto investment firm Grayscale recently released an in-depth research report on the potential of the Metaverse.


At the same time, Metaverse and gaming tokens have been hyped in the crypto market since the news that Facebook was renaming itself Meta . Coins such as Decentraland (MANA) , The Sandbox (SAND) or Axies Infinity (AXS ) have shown a solid performance in the last 7 days, while the big Altcoins (such as Cardano or Ethereum ) and the Bitcoin price recorded greater losses. Do these coins only benefit from the current hype or do they really have greater potential?


What is “the Metaverse” - a definition


There are numerous definitions for “the” metaverse found on the Internet. NVIDIA describes the Metaverse as " 3D virtual world (s) that are interactive, dynamic, and collaborative ". The Oxford Dictionary, on the other hand, describes a metaverse as a “ virtual reality area ” in which users can interact with a computer-generated environment and other users.


In a sense, platforms like Facebook or Reddit are already a “metaverse” - just in 2D, just as 3D games are already “metaverse”. Crypto metaverse, on the other hand, are again a class of their own.


Crypto Metaverse 3.0 could soon be worth more than $ 1 trillion


In the Grayscale Report from November 2021 , the crypto investment company discusses different types of metaverse, such as open, closed, centralized or decentrally controlled metaverse. In the report, the crypto investment firm compares the currently prevailing " closed, company-controlled web". 2.0 metaverse ”(such as Facebook), with the developing“ decentralized, open, crypto-currency based Web 3.0 metaverse ”(such as Decentraland).


In fact, the market capitalization of the crypto web is 3.0. Metaverse quite small compared to the market capitalization of the gaming industry and the market capitalization of the Web 2.0 metaverse. According to Grayscale , part of the money from the Web 2.0 metaverse could flow into the new crypto-Web 3.0 metaverse.


The crypto-based Web 3.0 worlds could also offer NFTs , DeFi products , virtual business premises, events and much more. And that without the limits of the central control. Grayscale wrote in the conclusion of the report:


“The Metaverse (3.0) is still evolving, but the Web 3.0 crypto networks of the open virtual world offer a glimpse into the future of the Internet. The market opportunities for making this type of metaverse could generate annual sales of over $ 1 trillion and compete with Web 2.0 companies that are currently valued at $ 15 trillion. "


Grayscale: crypto metaverse still "in their infancy"


According to the Grayscale Report, the number of active crypto metaverse addresses is just 43,000 (!). Compared to the almost 3 billion Facebook accounts or the 1 million Shiba Inu wallets , the number is still quite small.


“The users of the virtual metaverse worlds are still in their infancy. If the current growth rates maintain their momentum, then the growing market segment could become mainstream in the coming years. ”


Even if metaverse cryptocurrencies like MANA or SAND are currently being hyped, it is quite possible that this type of crypto could actually experience a boom in the coming years. Whether the web. 3.0 Crypto metaverse will really prevail against social media platforms such as Facebook or Meta is still open. However, the potential of the Web 3.0 crypto metaverse is quite large, according to the Grayscale report.


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