Could the Progress of Metaverse Benefit Cryptocurrencies?


The Metaverse has got everyone’s attention, especially the people who are invested in crypto assets. Grayscale, the crypto investment behemoth, recently published a report in favor of Metaverse. According to the report, there has been a 10x increment in the users of Metaverse.

This increase in users has also boosted the “market opportunity” according to which, Metaverse will be worth around $1 trillion in the coming years.

The Grayscale report also highlights the fact that the Metaverse is incorporated with crypto tokens and a lot more. Hence, with the increase in Metaverse users, the number of people inclined towards digital assets is also likely to increase.

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Grayscale Report Regarding Metaverse and its Impact on Crypto

Grayscale is a giant in cryptocurrency investing. It was founded in 2013 and is based in New York. The company issued a report this month, with the title “The Metaverse, Web 3.0 Virtual Cloud Economies”.

Grayscale’s research analyst Matt Maximo and head of research David Grider are the authors of the report.

This Grayscale report talks about the flourishing sector, keeping in view the open Metaverse worlds that are integrated with crypto-economy such as Decentraland.

The Metaverse platforms are not only integrated with crypto tokens but are also linked with:

  • NFTs
  • Decentralized finance (DeFi) services such as lending and staking
  • Decentralized cloud storage
  • Decentralized governance

This remarkable incorporation has created a new and innovative “online experience” that has captivated a large audience.

The report by the Grayscale duo also highlighted the fact that the number of Metaverse users has increased 10x since the start of 2020. This was concluded after analyzing the “global all-time active metaverse wallets” since the beginning of last year.

As per the report:

Compared to other Web 3.0 and Web 2.0 segments, Metaverse virtual world users are still in their early innings, but if current growth rates remain on their current trajectory, this emerging segment has the potential to become mainstream in the coming years.”

The significance of Web 2.0 closed corporate Metaverses is likely to decrease as compared to Web 3.0 open crypto Metaverse networks, as they present a better play-to-earn potential.

The report reads:

Web 3.0 Metaverse virtual worlds have benefited from rapid innovation and productivity gains. Crypto virtual worlds have created a multi-million dollar primary and secondary market for creators and asset owners by eliminating capital controls and opening their digital borders to free-market capitalism,”

The global revenue generated from virtual world gaming was noted to be around $180 billion in 2020. This revenue is expected to go as high as $400 billion by 2025, which will be highly beneficial for the crypto space as well.

What Should Crypto Investors and Traders Know?

The crypto space sees price fluctuations for digital assets every now and then. Despite the fact, the significance of the crypto assets is not decreasing. In fact, the utility of digital currencies is undoubtedly increasing, in both the real world and the digital one.

The integration of Metaverse with crypto is unlike anything else and has already brought in a huge number of new users. This number is anticipated to increase with time, along with the significance of digital currencies and profits for crypto investors.

However, the actual numbers and progress are yet to be seen in real-time.

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