The metaverse: the interconnected, experiential, 3D virtual worlds where people located anywhere can socialize in real-time to form a persistent, user-owned internet economy spanning the digital and physical worlds.
The above is Grayscale's definition of the concept. Probably accurate, but a little convoluted, if you ask me. I'm finding that "virtual worlds" is often enough to explain what most people think of when they say metaverse. However, I usually follow it by explaining that, in many senses, the metaverse is already here insofar as we already play, socialize and, more and more, conduct our finances in the digital realms. Bulky glasses are optional.
Grayscale recently published a report claiming that the metaverse may represent an over $1 trillion annual revenue market opportunity, with $400B of it coming from gaming. Grayscale bases their prediction on current tangible trends, like the ongoing flow of venture capital into metaverse related ventures, including the $10B committed by Meta, the company formerly known as Facebook. Also, in just the past weeks, virtual real estate sales have broken records with purchases of a $2.43M plot in Decentraland and $2,48 in Axie Infinity.