According to a recent Grayscale report Grayscale's report, titled 'The Metaverse, Web 3.0 Virtual Cloud Economies,' issued in November 2021, delves into the Metaverse's current state and its vast potential.
Download the report here ( PDF ).
Observing the digital landscape's journey from Web 1.0 through to Web 2.0, and now Web 3.0, the Metaverse is earmarked as the Internet's next horizon and a significant digital development post the NFT phenomenon.
Leading tech players like Apple, Facebook, and Microsoft are already laying out plans to create products that cater to the burgeoning Metaverse trend.
Widespread Adoption
Industry experts point out that companies are spotting new opportunities within this virtual realm, ranging from products facilitating Metaverse access to a thriving market for digital services and advertising.
Corporate giants in tech are setting their strategies in motion within the Metaverse.
Microsoft revealed its intention to roll out a suite of tools aimed at its Metaverse ventures soon, although pricing details remain to be announced. For instance, their Teams app is expected to feature personalized digital avatars next year.
Furthermore, the company is actively enhancing augmented reality capabilities.
Meanwhile, Facebook changed its name to Meta It sells Oculus glasses for $299 among other ongoing AR and VR projects. Meanwhile, gaming companies like Roblox and Epic Games are pioneering virtual concerts and free-to-play role-playing games, enriching their platforms with virtual merchandise.
Smaller enterprises are also gearing up for Metaverse integration. In October, Accenture PLC disclosed its acquisition of 60,000 Oculus glasses for onboarding purposes. On the fashion front, Nike has taken steps to trademark its products as digital versions.
The Grayscale report authors, including Grayscale Head of Research David Grider and analyst Matt Maximo, attribute the surge in Metaverse engagement to the rise of DeFi services, NFTs, and notably, Play-to-Earn games.
“Users of Metaverse's virtual realms are still early adopters compared to other Web 3.0 and Web 2.0 sectors, but the segment holds, if current trends hold, the potential to soon become commonplace.”
To wit,
Innovations within the Metaverse are not only progressing from businesses but also driving its mainstream acceptance. While some may sideline cryptocurrency or blockchain, the Metaverse's impact has gained undeniable recognition.
Consider China as an example. Recently, China's rigid stance on crypto-regulated businesses has dominated discussions.
However, concerning the Metaverse, as per information from Tencent, a leading Chinese tech conglomerate, the government's stance remains benign as long as operations conform to regulations.
Over time, individuals have become increasingly intrigued by terms like cryptocurrency and NFT, with many investing both funds and time into these digital interactive spaces.
The FOMO!
Enterprising individuals leverage blockchain technology to architect financial systems, partake in virtual real estate ventures, and establish decentralized governance not controlled by single entities.
It's premature to label the blockchain or crypto trends as mere FOMO – Grayscale's report remains optimistic about Metaverse adoption, projecting a trillion-dollar market as the user base multiplies by ten.
“Web 3.0's Metaverse worlds are beneficiaries of rapid tech advances and significant efficiency improvements. Crypto-driven virtual realms have opened up substantial creator and asset owner markets by dismantling traditional financial barriers.”
The report stated,
Despite the Metaverse being a relatively recent term, many of its components are already interwoven into our daily experience. While people are keen to understand the Metaverse's makeup, many familiar elements comprise its foundation.
Nicholas Say, originally from Ann Arbor, Michigan, has a diverse background of travels, a lengthy residency in Uruguay, and now resides in the Far East. His works span the web, spotlighting realism and the future of human technology.
