The Current Status of the Metaverse
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Recently, the size of the metaverse market was estimated at $61.8 billion. This demonstrates the space’s rapid overall expansion and growth. In this article, we shall attempt to assess the metaverse’s current condition, highlight important trends and investment potentials, and offer perspective on the metaverse’s future for cryptocurrency investors.
Metaverse was once a science fiction movie concept, featured in a number of movies in the past. It is about escaping into a whole new world of 3D imagery. Through the technology of the internet, several attempts were made to bring the metaverse out of the world of fiction and into the realm of reality.
However, in the current condition, it does not yet fit the general concept of the metaverse, but several industries are already making their mark there.
The Growth of the Metaverse in the Past Few Years
According to ‘Precedence Research’, the growth of the metaverse is rapid. Over the past two years, the market capitalization of blockchain-based metaverse projects has also increased significantly. The overall market value of these projects was about $5 billion in 2021. The amount had almost tripled to almost $15 billion by the beginning of 2023. The adoption of more metaverse initiatives is the cause of this expansion. In the same time frame, the top ten list in terms of market cap has also changed, with a more recent initiative like “Internet Computing” making the cut.
Investment Opportunities in the Metaverse
- Real Estate: These are virtual buildings and landed properties that are for sale in the metaverse. In the real world, real estate is a highly valued asset, just as it is in the metaverse. Big investment companies are investing millions of dollars in metaverse real estate.
- Fashion: Famous fashion brands and companies, such as Dolce & Gabbana, Louis Vuitton, and Gucci, are launching virtual products in the metaverse.
- Music and Entertainment: Another sector that jumped on the metaverse trend quickly is the music business. Famous artists are holding virtual performances there.
The metaverse market is still in its infancy, so cryptocurrency investors who invest in it are simply betting on its future potential. They are betting on the early market leaders in an effort to profit from the value that will become apparent as the sector develops and matures. Areas of investment include metaverse tokens and cryptocurrencies, as well as metaverse stocks.
The Metaverse concept is attractive to tech companies, and we have seen the CEO of Facebook make the necessary preparations to accept and adopt Metaverse. It is also attractive to chip manufacturers, such as Nvidia, and even exchange trading platforms like Blackrock iShare Future Metaverse Tech and Communications. The sector saw another major investor last year, Andreessen Horowitz. This firm invested $600 million in funds intended for metaverse gaming. Also, Coinbase has recently joined the list of companies backing the metaverse project.
Some of the top metaverse projects include the following: ICP, MANA, SAND, ENJ, and AXS.
Internet Computer (ICP):
In order to offer a decentralized, open internet platform that can handle smart contracts and other decentralized apps, the Dfinity Foundation developed the Internet Computer (ICP) in 2021. By planning them to run on a decentralized network of computers, it enables users to create websites and applications that aren’t governed by a centralized authority.
Venture capital firms are supporting this project and have been able to raise $190 million in investment. Since its inception, it has grown dramatically and now ranks as the largest metaverse blockchain project by market cap. Its market cap is worth $1.5 billion.
Decentraland (MANA)
This platform is a 3-dimensional virtual-world game. The Decentraland lets players experience, produce, and make money from content. Real estate, making and selling wearables, and play-to-earn games are all ways for players to make money. MANA is the virtual currency on the platform.
Sandbox (SAND)
This project was once a mobile game initiative before it was purchased by Animoca Brands. Animoca transformed it into a virtual metaverse world. Players may construct, trade, and generate digital goods like NFTs. SAND is the currency on the platform.
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