Since the early 90s, virtual worlds have been compounding at the same rate as Moore’s law roughly. This was something Ed Castranova talked about in his epic book Synthetic Worlds
From this, the market for virtual goods has been expanding at an incredible rate. In 2007, video game researchers Lehtiniemi and Lehdonvirta estimated the virtual goods market at $2 billion.
Androit Research estimate the virtual goods market size to reach $189 billion by 2025
From $2 billion in 2007 to $189 billion in 2025 is a compounded annual growth rate of 28.75% which is absolutely enormous.
With all this money being spent on virtual goods, will people not want to be able to have property rights over their virtual stuff???
According to a survey by Vorhaus Advisors published in Venture Beat, 63% of gamers want virtual goods with real value.
Now big gaming companies suddenly have an enormous problem. They can give property rights of their items via NFTs, but this will kill their profits.
But if they don’t do this, blockchain gaming companies will come in and eat their lunch
No matter what happens, when this slice of digital commerce opens up…
We will officially enter:
THE METAVERSE ERA