“The total addressable market (TAM) for the Metaverse economy could be between $8 trillion and $13 trillion by 2030, with up to five billion users,” Citibank, a New York-based financial services subsidiary, recently stated in a report. “However, getting to that market level will require sizable infrastructure investment.” Citi is the latest Wall Street firm to give a positive prediction for web3 and the Metaverse, a future vision for the online platform on decentralized technology and virtual worlds.
Citibank is Citigroup’s consumer bank. The City Bank of New York, which eventually became the First National City Bank of New York, was formed in 1812.
The bank’s understanding of the Metaverse extends beyond virtual worlds such as gaming and virtual reality applications. Citi’s comprehensive vision of the Metaverse includes smart manufacturing technologies, virtual advertising, online events such as concerts, and digital currencies such as bitcoin.
“Under this umbrella, the Metaverse might see 5 billion particular web visitors by the end of the decade, creating billions of dollars in income in this next-generation of the internet,” the bank continued. Citi is the latest financial giant to declare the Metaverse and web3 a trillion-dollar possibility. “The Metaverse’s content streaming environment would likely require a computational efficiency boost over 1,000 times today’s levels,” the bank stated, adding that investment will be necessary in areas like as network infrastructure, consumer hardware, storage, consumer hardware, and game design platforms.
Goldman Sachs set a $12.5 trillion value on the industry in research released in December 2021, in an optimistic prognosis that projected one-third of the digital world switches into virtual worlds and subsequently increases by 25%.
The notion of the Metaverse is not new, according to the bank’s experts. However, enthusiasm in the Metaverse began to soar around the end of 2021 as a result of an increase in non-fungible-token (NFT) sales and significant technological corporations expressing interest in the industry.
Author: To The Verge Team
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