In a recent report released by Citi, the US investment bank says the Metaverse economy may be valued at $13 trillion by 2030.
Citi examined all the possibilities of the Metaverse, including fiat money, Crypto, stablecoins, and in-game tokens.
According to the global banking giant, to create a smooth user experience, interoperability and seamless trade across underlying blockchain technology are essential.
The company stated that different types of cryptocurrency are predicted to take the lead. However, due to the multi-chain trend in the crypto community, cryptocurrency will most likely coexist with fiat money, central bank digital currencies (CBDCs), and stablecoins.
The investment bank concluded that in the next era of the internet, what’s used as money will be significantly different from what we use today.
In Citi’s 189-page report, the New York-headquartered investment bank stated, “The definition of what counts as money in the Open Metaverse is also likely to be very different from what counts as money in the real world today.”
Over the last few years, Metaverse has received praise and criticism. While some have fully immersed themselves in all the virtual world has to offer, others have remained skeptical.
However, the popularity Metaverse has gained is undeniable. The topic of Metaverse has managed to work its way into conversations around the globe.
And with Facebook converting its name to Meta, the buzz around Metaverse has shot up even more.
This buzz has left many companies, particularly those in the financial sector, rushing to figure out how their businesses and the economy will be affected by the imminent shift to a more virtual world.
Metaverse is currently in its early development phase, but it’s essentially an immersive virtual world where people from all over the world gather to engage, work, learn, and so much more.
Users can communicate in a shared place while using different platforms. This digital world will combine virtual and real experiences to create a fantasy of science fiction.
Metaverse is a virtual world that you can explore using your computer or a VR headset. It’s like an improved version of a regular video game; in the metaverse, your avatar can interact with other avatars.
Metaverse can change people’s lives in a variety of ways. Education, medicine, finance, immersive learning, and gaming are just a few of the top metaverse applications.
As humans move from the real to the virtual world, there are limitless options to explore.
And according to Citi’s report, “the Metaverse is the next generation of the internet — combining the physical and digital world in a persistent and immersive manner — and not purely a Virtual Reality world.”
From this report, it’s safe to say that there are a lot humans can expect from Metaverse in the years to come.
Image by Pete Linforth from Pixabay