SBC News Voice of the Sports Betting Industry
As the Metaverse continues to grow in popularity, igaming is expected to play a key role in the adoption of Web 3.0 technologies.
This is according to new research carried out by CryptoGamble, a subsidiary of FirstByte Media, which sought to analyse the current trends within the predictions for the Metaverse market.
CryptoGamble found that virtual gaming revenue is predicted to hit the $500bn mark in 2025, largely driven by the growing popularity of the metaverse.
While the Metaverse has undergone rapid growth over the course of the last three years, its current market value is estimated to be $47.48bn – a significant increase from $38.85bn in 2021.
The report read: “It’s no wonder that the market size is expected to reach such heights considering how much an average person spends on the Metaverse. Take the US metaverse market as an example. The potential total consumer expenditure for 2022 was estimated at $8.3trn for 2022, with 30.4% of that money being spent on virtual real estate.
“Metaverse games are not far behind. In fact, they might be leading the bunch, with the virtual gaming world revenue sitting at $180bn in 2020, with the estimates that it will rise up to $400bn in 2025.
“Metaverse games oftentimes collide with Metaverse casinos in the sense that players enjoy experimenting with both. The latter requires purchasing Metaverse NFTs, after which the world of web 3.0 casinos opens up.
“Decentraland, which is a browser-based Metaverse, has reported revenue of $7.5m for its metaverse casino. And that kind of revenue took place over the course of three short months.”
