From Metaverse to Blockchain: The New Digital Economy Shaped by Technological Convergence in 2025

As of November 2025, one of the most notable trends in the global technology industry is the convergence of metaverse and blockchain technologies. According to the latest report from market research firm Gartner, the volume of blockchain-based transactions within the metaverse reached $12.7 billion in the first half of 2025 alone, marking a 340% increase compared to the same period last year. In particular, in the Korean market, services combining Naver’s ZEPETO and Kakao’s Klaytn blockchain have surpassed 12 million monthly active users, setting a new standard for the metaverse economy in the Asian region. This technological convergence is garnering significant attention from the industry as it not only provides experiences in virtual spaces but also builds entirely new business models that create real economic value.

The key reason for the attention on the combination of metaverse and blockchain is its ability to ensure transparency in the ownership and transactions of digital assets. California-based Meta introduced a feature in its October 2025 ‘Horizon Worlds 3.0’ update, allowing Ethereum-based NFTs to be displayed and traded directly in virtual spaces. The total value of digital real estate transactions on this platform reached $84 million in one month, with the average transaction price of individual virtual land at $2,300. Interestingly, these virtual assets exhibit price volatility similar to the real estate market. The price of land in prime virtual locations has risen by an average of 45% over the past six months, significantly outpacing the 12% increase in U.S. real estate prices during the same period.

Meanwhile, China’s Tencent is taking a different approach. Tencent has developed a transaction system based on Central Bank Digital Currency (CBDC) on its self-developed ‘Tencent Metaverse Platform.’ This system, developed in line with China’s cryptocurrency regulation policies, supports commerce within the metaverse using the digital yuan. As of the third quarter of 2025, the platform’s average daily transaction volume is 3.4 million yuan (approximately $470,000), with major transaction items being virtual clothing (32%), digital art (28%), and virtual real estate (23%). Tencent’s approach contrasts with the decentralized blockchain model of the West but is evaluated as an alternative model that revitalizes the metaverse economy while harmonizing with government regulations.

The Leading Role of the Gaming Industry and the Evolution of the P2E Model

The gaming industry is at the forefront of the metaverse-blockchain convergence. The evolution of the Play-to-Earn (P2E) model is particularly notable. ‘MetaWorld: My City,’ developed by Korea’s Netmarble, secured 8.5 million global users within eight months of its launch, with an average monthly transaction volume of $21 million on its in-game NFT marketplace. The unique aspect of this game is that players can not only exchange tokens earned in the game for real cash but also run businesses within the game to generate revenue. The top 1% of players earn an average monthly income of $1,200, exceeding the average monthly salary in some countries.

Japan’s Square Enix is pursuing a strategy of combining more traditional game IPs with blockchain. ‘Final Fantasy XIV: Blockchain Edition,’ released in September 2025, introduced an NFT-based item ownership system to the existing MMORPG. In the three months following the game’s release, the total transaction volume of rare item NFTs reached $43 million, with the most expensive legendary weapon selling for $15,000 each. However, this model has sparked controversy within the existing gaming community, as more players focus on profit generation rather than the enjoyment of the game due to the connection of the in-game economic system with real monetary value.

In contrast, America’s Epic Games is taking a more cautious approach. Known for developing Fortnite, Epic Games proposed measures to prevent excessive speculation while utilizing blockchain technology in its ‘Metaverse Economy Policy’ announced in the first half of 2025. They introduced a ‘hybrid model’ that allows the NFTization of in-game items but limits trading frequency and restricts conversion to real currency. This approach is praised for maintaining the advantages of blockchain transparency and ownership assurance without compromising the intrinsic fun of the game. Epic Games’ model resulted in a 20% increase in daily active users within six months of its launch.

Corporate Entry into the Metaverse and New Business Models

Traditional companies are also accelerating their entry into the metaverse, with blockchain technology playing a key role in this process. Germany’s Adidas opened a virtual store called ‘Adiverse’ in August 2025. In this virtual store, customers can purchase NFTs linked to real products, and NFT owners can receive physical products as well as wear the items in virtual spaces. Within three months of its launch, sales of NFT-physical linked products in Adiverse reached $18 million, with 40% being limited edition products not available in traditional offline stores. Notably, limited edition sneakers NFTs, created in collaboration with famous influencers, sold out within 24 hours of release and are trading at 3-5 times the original price on secondary markets.

France’s luxury brand Louis Vuitton is attempting a more innovative approach. In October 2025, they launched the ‘Louis Vuitton Metaverse Atelier,’ allowing customers to design and order custom products directly in virtual spaces. This platform combines AI-based design tools with a blockchain-based ownership certification system. Products designed by customers are registered as NFTs, ensuring the originality and ownership of the design, and this NFT serves as a certificate when producing the actual product. The average order value in the two months following the service launch was $8,500, more than double the average purchase amount of $4,200 in traditional stores. Interestingly, customers can license the NFTs of their designed products to other users to generate additional revenue.

Korea’s Hyundai Motor Company is presenting new possibilities for metaverse-blockchain convergence in the mobility sector. In September 2025, they launched the ‘Hyundai Mobility Metaverse,’ where users can experience autonomous vehicles in a virtual city and earn tokens that can be used for actual vehicle purchases. Furthermore, a system has been established where users can design their own vehicles in virtual spaces and register them as NFTs to share with other users. Within three months of the platform’s launch, over 150,000 user-designed NFTs were registered, and the top 100 designs are set to be reflected in actual concept car production. Hyundai Motor Company is presenting a new model of customer-participatory product development through this initiative and announced that creators of selected designs will be rewarded up to $500,000.

Innovative changes are also occurring in the education sector. Arizona State University in the United States began officially operating a ‘Metaverse Campus’ in the fall semester of 2025. On this virtual campus, students can receive blockchain-based digital degrees and certificates, which are verifiable worldwide. To date, 8,200 students have registered for the metaverse campus, with 60% residing outside the United States. Notably, students can receive ‘learning badges’ in NFT form for achievements obtained through learning activities and project participation in virtual spaces. These learning badges can be used as portfolios when seeking employment, and some companies offer preferential benefits to badge holders.

However, along with this rapid development, several challenges are emerging. One of the biggest issues is the lack of technical standardization. Currently, metaverse platforms use different blockchain networks, limiting asset movement between platforms. For example, using an NFT purchased in Meta’s Horizon Worlds on Microsoft’s Mesh platform is currently impossible. To address this interoperability issue, IEEE (Institute of Electrical and Electronics Engineers) established the ‘Metaverse Interoperability Standards Committee’ in November 2025 and announced plans to prepare an integrated standard by the first half of 2026.

Another important issue is environmental sustainability. The increase in blockchain-based transactions raises concerns about energy consumption, especially for platforms using proof-of-work blockchains like Bitcoin and Ethereum. In response, many metaverse platforms are considering transitioning to more environmentally friendly blockchain networks. Proof-of-stake blockchains like Solana are known to use over 99% less energy than traditional methods, and several metaverse projects are already migrating to the Solana network.

The regulatory landscape is also complex. The European Union passed the ‘Digital Assets Regulation Act’ in October 2025, establishing a regulatory framework for NFT transactions within the metaverse. According to this law, metaverse platform operators are required to maintain transparency and reporting obligations for users’ digital asset transactions similar to traditional financial institutions. Meanwhile, the United States shows varying regulatory approaches by state. New York focuses on investor protection through strict regulations, while Wyoming and Texas provide relatively liberal regulatory environments to encourage innovation.

As of the end of 2025, the metaverse-blockchain convergence market is still in its early stages, but its potential is already evident. According to the latest report from market research firm IDC, the global metaverse blockchain market is expected to reach $45 billion by 2026, representing a 280% growth from the current level. The Asia-Pacific region is projected to account for 45% of the total market, with Korea, Japan, and Singapore expected to lead growth in this area. This growth is driven by the digital native tendencies of the younger generation and the accelerated digital transformation following COVID-19. Over 80% of Generation Z and Millennials have a positive attitude towards economic activities in virtual spaces, and 35% of them have already experienced generating real income within the metaverse.

From an investment perspective, venture capital and private equity interest is strong. In the first half of 2025 alone, startups related to metaverse-blockchain convergence raised a total of $7.8 billion in funding, a 190% increase compared to the same period last year. Notable investment cases include Korea’s blockchain game developer Wemade raising $350 million in a Series C round and Singapore-based metaverse platform developer Animoca Brands receiving a $500 million investment from Japan’s SoftBank. These large-scale investments demonstrate institutional investors’ strong belief in the growth potential of this field.

From a technological perspective, the integration with artificial intelligence is driving new innovations. In the metaverse environment, AI-based NPCs (Non-Player Characters) are increasingly participating in blockchain-based economic activities. For example, on some platforms, AI NPCs engage in transactions with users, manage virtual real estate, and even create original digital art to sell as NFTs. This ‘AI-to-Human’ economic model significantly increases the complexity and diversity of the metaverse economy while simultaneously raising new legal and ethical issues.

In conclusion, as of 2025, the convergence of metaverse and blockchain has established itself as a new paradigm that creates substantial economic value beyond mere technological experimentation. However, for this transformation to successfully settle, challenges such as technical standardization, regulatory framework refinement, and ensuring environmental sustainability must be addressed. Particularly, Korea is in a favorable position to play a leading role in this field, leveraging the global popularity of K-content and advanced ICT infrastructure. The next 2-3 years are expected to be a critical period determining the future of the metaverse-blockchain convergence ecosystem, and it is essential to closely monitor the technological advancements and market formation during this time.