According to the banking giant Citi, the total target market for Metaverse is 13 trillion dollars
Citi has argued that cryptocurrencies will play a huge role in the Metaworld
Citi immersed itself in the virtual world in a March report entitled Meta Universe and Money. The banking giant has predicted an extremely optimistic future for Metaverse after a number of high-ranking companies signaled their intentions to enter the online digital world in one way or another.
City predicted that the next evolution of the Internet (Web3) and Metaverse would develop outside of gaming and would cover commerce, art, media, advertising, healthcare and social cooperation. Such a large ecosystem could be a multi-trillion market, it is noted:
“The total target market for Metaverse could be between $ 8 trillion and $ 13 trillion by 2030, and the total number of Metaverse users is about five billion.”
Large investments are needed
Achieving such a high market value will require a lot of infrastructure development, Citi added. The report notes that Metaverse’s streaming content environment is likely to require a thousandfold increase in computing efficiency.
This will require large investments in computer technology, storage, network infrastructure, consumer equipment and platforms for game development.
Citi has argued that cryptocurrencies will play a huge role in the Metaworld, adding that they will have to coexist with existing forms of money.
“Different forms of cryptocurrency are expected to dominate, but given the multi-chain trend in the crypto-ecosystem, cryptocurrency is likely to coexist with fiat currencies, central bank digital currencies (CBDCs) and stablecoins.”
For this to happen, the digital asset industry and any major Metaverse ecosystems must be regulated, and digital property rights must be considered.
The company also hinted that there will likely be two forms of Metaverse: a closed version, similar to Web2, which companies such as Meta (formerly Facebook) are seeking, and an open, decentralized, community-driven version of Metaverse, which will be Web3.
In mid-March, HSBC partnered with The Sandbox to acquire virtual land for eSports and gaming.
Fast food becomes virtual
In recent weeks, Metaverse has announced its intentions to a growing number of major brands. Fast food companies are trying to get a piece of the Metaverse pie, and Yum! Brands are the last to do so.
The company, which owns Taco Bell, Pizza Hut and Kentucky Fried Chicken (KFC), filed several incompatible token (NFT) trademark applications this week and Metaverse products and services.
This follows companies such as McDonalds, Dunkin ‘and Hooters, which recently applied for virtual food and restaurant brands.