Metaverse has overtaken the NFT hype this bull season as more mainstream projects aims to enter the virtual reality world in near future. A Grayscale research report has estimated that the number of Metaverse users have risen by 10X in one and a half year.

The report also predicted that if the Metaverse universe continues to flourish at the current rate, it could very well become a trillion-dollar industry by next year. The following chart shows the growing number of Metaverse wallets that has peaked to new highs in the last quarter of 2021.

The report takes note of how Metaverse has already become a hit in the entertainment and real estate industry despite it being in the early stage. Metaverse would be the key to Web 3.0 quite similar to what Facebook did for Web 2.0. The report read,

The Web 2.0 mobile internet changed how, where, when, and why we used the internet. In turn, this changed the products, services, and companies we used, which changed our business models, culture, and politics – the Web 3.0 Metaverse has the potential to do the same.

The Web 3.0 based economy is already a trillion-dollar industry in making, which is certainly one of the key reasons for organizations like Facebook to do a complete branding overhaul.

The following graph shows the difference between today’s online games and what metaverse with an open world system could bring to the table.

Metaverse Tokens on The Rise

At a time when most of the crypto market is experiencing a bearish trap right after a mammoth October, Several Metaverse tokens have surged to new all-time highs and look immune to the ongoing bearish trends. Decentraland (MANA) is one of the most popular metaverse tokens which have got attraction from many celebrities and also saw the recent sale of a virtual property worth $2.45 million which is higher than some of the luxury apartments in New York.

The native token MANA has surged nearly 9X over the past month even when most of the other crypto tokens are down by 20%.

About Author

Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.