Banking giant Citi thinks more than 60% of the world’s population could use the metaverse by 2030.
In a new report, the multinational financial institution claims that the metaverse’s total addressable market could grow to between $8 trillion and $13 trillion over the next eight years.
The size of the global metaverse market in 2021 was estimated to be around $38.85 billion, according to business data provider Statista.
“Today, the most popular way to experience the Metaverse is through a video game played on a virtual reality (VR) headset. But in the report that follows, we discuss the possibility of the Metaverse becoming the next iteration of ‘Internet, or Web3.’ This ‘open metaverse’ would be community-owned, community-governed, and a freely interoperable version that would ensure privacy by design.
Users should increasingly be able to access a multitude of use cases, including commerce, art, media, advertising, healthcare, and social collaboration. A device-agnostic metaverse would be accessible through personal computers, game consoles, and smartphones, creating a vast ecosystem.
However, to grow, the metaverse will need significant infrastructure investment, according to the banking giant.
“The Metaverse content streaming environment will likely require an improvement in computational efficiency over 1,000 times current levels. Investments will be needed in areas such as compute, storage, network infrastructure, consumer hardware and game development platforms.
Citi predicts that different forms of cryptocurrency will “dominate” the metaverse, but the financial institution also notes that crypto will likely have to co-exist alongside fiat currencies, stablecoins, and central bank digital currencies (CBDCs).
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Feature image: Shutterstock/A. Solano