Many leading industry figures and companies have also dubbed the cryptocurrency bear market a hardware store. New Nasdaq data shows investors had this mindset as they continued to pour money into Web3, particularly Metaverse-related projects. According to last year’s data, 216 Metaverse financing deals were closed, with a total funding volume of nearly $2 billion. At the forefront of the support group were “support” based services, also known as the core components of Building.
Animoca Brands, a major developer of Metaverse ecosystems, closed the most Metaverse deals last year with 15 deals. The company received more than $564 million in funding in 2022. It also recently announced plans to launch a multi-billion-dollar Metaverse fund for developers in space. The report states that the largest Metaverse platforms have received the most attention from investors this year. However, this paves the way for smaller niche projects in the future.
According to Nasdaq, those with “Open Metaverse” plans will have an advantage. The report says AI support services and avatar companies will continue to see heavy investment. In addition, the expansion of open Metaverse platforms will define the next development phase, along with improved economic models and usability in GameFi.
2021 was the year of the Non-Fungible Token (NFT) Year; this year could similarly be considered the Year of the Metaverse as it took second place as the Oxford Dictionary Word of the Year. Both existed before their respective booms, but this year, developers, brands, and consumers jumped on board in droves. Research even shows that the Metaverse is a key factor in the long-term success of NFTs. More than 90% of consumers, according to a recent survey, are interested in learning more about the Metaverse and how it will affect their digital experiences.