As this digital asset found new utility, investors who hold a considerable amount of these assets will have a favourable advantage in the future of meta and future economy,” he added.According to Citi’s report, metaverse only has the potential to create revenue which is equivalent to more than 10 times the market capitalization of the entire crypto space, hovering around $1.25 trillion.
A neon logo of cryptocurrency Bitcoin is seen at the Crypstation cafe, in downtown Buenos Aires, Argentina May 5, 2022. Picture taken May 5, 2022. REUTERS/Agustin MarcarianAccording to a report from Citi, the Metaverse space represents a revenue shot of as much as $13 trillion by 2030 and believes it has a major impact on not just key tech players, but also cryptocurrencies
Metaverse is an immersive digital world created by virtual reality, augmented reality and the internet. However, this concept is not new.
Market participants said that metaverse is booming with every passing day as utility grows and so does the number of crypto assets. In 5 years, it is expected to be more than a few trillion dollars at least.
Did you Know?
Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.
View Details »
Sathvik Vishwanath, Co-Founder and CEO, Unocoin, said that metaverse is a digital world, and crypto is its currency. This relation will not only impact the crypto exchanges but the entire crypto market.
“As this digital asset found new utility, investors who hold a considerable amount of these assets will have a favourable advantage in the future of meta and future economy,” he added.
According to Citi’s report, metaverse only has the potential to create revenue which is equivalent to more than 10 times the market capitalization of the entire crypto space, hovering around $1.25 trillion.
The report argued that theoretically, the total addressable market of the metaverse should be calculated by adding all internet-related revenue to that of the physical-world activities being displaced.
This makes some major assumptions about the future of e-commerce business across the globe because it implies that all parts of the e-commerce stack are going to be disrupted by the metaverse.
“We anticipate that an increasing number of traditional financial institutions will begin to use NFTs and fungible tokens as collateral over time,” said Abhay Sharma, CMO, MetaOneVerse.
The integration of numerous new technologies and infrastructure, such as Web3, decentralized finance (DeFi), NFTs, and mining protocols, would be required for the metaverse, he added.
The interest in the metaverse really began to rise rampantly by the end of 2021 because of the robust interest and surge in sales of non-fungible-tokens (NFTs) and big technology companies announcing their interest in the sector.
If the metaverse is the new iteration of the internet, it is likely to attract greater scrutiny from regulators, policymakers and governments, and issues such as anti-money laundering rules, the use of DeFi, crypto assets and property rights will all have to be addressed, the note added.
However, it cautioned that with the metaverse still in the early stage of development, there are ample risks and challenges in technology, regulation, privacy and crypto that need to be addressed before widespread adoption takes place.
Crypto Returns Calculator
0x1inchAaveAirSwapAlgorandAlien WorldsAmbire AdExAnkrApeCoinAugurAvalancheAxie InfinityBancorBand ProtocolBasic Attention TokenBinance CoinBitcoinBitcoin CashCOTICardanoCeler NetworkChainlinkChilizChromiaCivicCompoundCosmosCurve DAO TokenDFI.moneyDIADaiDashDecentralandDigiByteDogecoinEOSElrondEnjin CoinEthereumEthereum ClassicEthereum Name ServiceFantomFetch.aiFilecoinGASGalaGolemHarmonyIOSTInternet ComputerIoTeXJasmyCoinKyber NetworkLitecoinLivepeerLoopringMakerMetalMy Neighbor AliceNEMNEONKNNanoNumeraireOmiseGOOrigin ProtocolPax DollarPolkadotPolygonPower LedgerQuantstampQuarkChainRepublic ProtocolRequestRippleShiba InuSolanaStatusStellarStorjSushiSwipeSynthetix Network TokenTerra 2.0TetherTezosThe GraphThe SandboxTheta FuelTheta NetworkThresholdTronTrue USDUMAUSD CoinUniswapVeChainWavesZilliqaaelfdistrict0xiExec RLCyearn.finance
Bought on₹Current Value₹ Buy
Read the now!
Indulge in digital reading experience of ET newspaper exactly as it is.