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Sun. 28 Nov 2021, 2:29pm ETBenzinga
In: News

Grayscale Investments, the world's largest crypto asset manager, which offers funds such as Grayscale Bitcoin Trust (OTC:GBTC), has issued a report which predicts that the emerging metaverse tech sector will develop into a $1 trillion market.

The new report titled “The Metaverse, Web 3.0 Virtual Cloud Economies” says the metaverse will fundamentally transform gaming, as players have now begun participating in play-to-earn platforms.

“This new paradigm allows users to own their digital assets as non-fungible tokens (NFTs), trade them with others in the game...creating an entirely new free-market internet-native economy that can be monetized in the physical world,” the report indicates.

The investment firms says, “The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today.”

Gray Scale anticipates the financial rewards in the metaverse will be found well beyond gaming, including opportunities “across advertising, social commerce, digital events, hardware, and developer/creator monetization.”

“Compared to the $10 billion that companies like Facebook plan to invest, and the amounts that could follow from other companies and venture capitalists, the Metaverse is in its early innings,” Grayscale said.

Some of the most popular metaverse-related cryptocurrencies are Decentraland (CRYPTO: MANA), Enjin Coin (CRYPTO: ENJ), and The Sandbox (CRYPTO: SAND).  

Related Link: Sandbox Tops $4 Amid Metaverse Frenzy