2021 saw tremendous growth in the cryptocurrency industry. The rise that started with DeFi continued with NFTs. Now, the metaverse is emerging as the biggest factor that can sustain the bull season in the crypto industry. Grayscale's latest report also supports this thesis.
Metaverse, which is estimated to have increased the number of users 10 times in 1.5 years, continues to grow day by day with many projects in the traditional market turning to this area.
For the 10-fold growth forecast stated in the report, active metaverse wallets for the period of 2020 – 2021 June were taken as a basis. Accordingly, the size of the number of users was calculated as 10 times, according to the number of wallets, which was around 50,000 as of June 2021.
Crypto asset management company Grayscale, in its report, pointed out that if the growth of the virtual reality universe continues at this rate, the metaverse could become a trillion-dollar industry next year.
The report, named “Metaverse: Web 3.0 cloud economies”, revealed that although the industry is in its early stages, it has already become a center of attraction for the real estate and entertainment industry.
The report also points out that the integration of DeFi services such as crypto asset trading, staking, crypto loans and NFTs in the crypto economy with the metaverse is the biggest factor in the increase in the number of users.
According to the Grayscale report, there is no capital problem for metaverse activities. The amount of funds collected by blockchain-based games in the third quarter has reached $ 1 billion. This amount equates to 12 percent of the total fund raised for the crypto industry.
Especially the game industry makes an important contribution to the growth of Metaverse. Accordingly, with the transition from the premium payment model to the in-game spending model, it is estimated that this industry will raise $400 billion in funds by 2025.
Metaverse-Based Cryptocurrencies Continue to Rise
The first crypto assets that come to mind when Metaverse is mentioned are Sandbox token SAND and Decentraland token MANA. Metaverse-based crypto assets reached all-time high prices during the periods when the crypto money market was in a downtrend. This intense interest in the Metaverse causes these two tokens to remain resistant in the bearish market.
Decentraland (MANA) managed to increase its value by 9 times in the last month, when the crypto money market generally retreated by 20 percent. The SAND token, on the other hand, was priced at just $0.74 at the end of October. The crypto asset, which was in great demand in November, increased its price to $ 8 in a short period of about 1 month as of now. This means that the SAND token has increased its value by more than 10 times against the dollar.