The metaverse is one of the fastest-growing areas of the cryptocurrency space and is expected to grow even bigger in the coming year.
LinkedIn CEO and co-founder Reid Hoffman believe that the metaverse space is set to experience massive growth and investment in the coming year. The LinkedIn executive made this known during a recent interview with CNBC. Hoffman said;
"We're already in it; it's already evolving, and it's already an essential part of our lives. Right now, we are speaking through the metaverse. The internet is almost an early version of it."
According to Hoffman, the metaverse is no longer an idea or a concept. Instead, he believes that the metaverse is already here and the internet is just an early version of the metaverse itself. The LinkedIn CEO added that he expects the metaverse space to be won by companies who focus on leveraging its use cases.
Social media giant Facebook rebranded to Meta two months ago in a bid to expand its portfolio and become one of the leading metaverse companies in the world. Hoffman said Meta already has the numerical advantage in the social media sector, and the company will need to build several use cases if it becomes the dominant force in the metaverse world.
In the cryptocurrency space, metaverse-focused projects have gained a lot of attention from investors since the start of the year. Projects such as Decentraland, Axie Infinity and The Sandbox have recorded a huge surge in both the number of users and investors.
As a result, metaverse-focused projects in the cryptocurrency space now have a combined market cap of over $5 billion. The metaverse is still in its early days, and market experts believe more investments would come in as retail and institutional adoption rises.