A new report by Citi paints a bullish outlook for the Metaverse economy. More specifically, the industry may represent $13 trillion by 2030. Cryptocurrencies like Bitcoin would be worth roughly ten times today’s value at that valuation.
The Future Looks Promising For Metaverse Builders
There is a substantial global interest in building the metaverse and unlocking its financial benefits. More specifically, numerous projects in this space represent millions, if not billions of dollars today. But, per a new report by Citi, that situation may change for the better. It is not impossible to see a Metaverse economy representing $13 trillion by 2030, which is just eight years away. It remains a monumental milestone to achieve, although nothing is impossible.
The Citi report dives deeper into the Metaverse and what it all entails. Topics covered include in-game tokens, cryptocurrency, stablecoins, fiat currency, and even CBDCs. All of these aspects can play crucial roles in the future of Metaverse development. There are several use cases for the Metaverse, ranging from commerce to advertising and social collaboration.
However, the way we think about money today may not necessarily apply to how things will work in the Metaverse either. Citi’s report mentions that the concept of money will need to be “revised” and definitions of money may change forever. That can lead to some intriguing developments, although nothing has been set in stone just yet. Looking at previously successful projects, like Second Life, may not offer many valuable insights, as the world is a very different place today.
Part of the report states:
“Interoperability and seamless exchange between underlying blockchain technology are critical to ensure a frictionless user experience. Different forms of cryptocurrency are expected to dominate, but given the multi-chain trend in the crypto ecosystem, cryptocurrency will likely coexist with fiat currencies, central bank digital currencies (CBDCs), and stablecoins.”