• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Saturday, April 1, 2023
Jefferson County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Metaverse

Citi Predicts Metaverse Could Be $13 Trillion Opportunity With 5 Billion Users – Metaverse Bitcoin News – Bitcoin News

citi-predicts-metaverse-could-be-$13-trillion-opportunity-with-5-billion-users-–-metaverse-bitcoin-news-–-bitcoin-news
Share on FacebookShare on Twitter

Citi Predicts the Metaverse Could Be a $13 Trillion Opportunity With 5 Billion Users

Citi has predicted that the total market for the metaverse economy could grow to between $8 trillion and $13 trillion by 2030. In addition, the global bank expects that the number of metaverse users could be as many as five billion.

The Metaverse Is Potentially an $8 Trillion to $13 Trillion Opportunity, Says Citi

Citi released a new Global Perspectives & Solutions (Citi GPS) report titled “Metaverse and Money: Decrypting the Future” Thursday. The leading global bank has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.

The 184-page report explores various aspects of the metaverse in-depth. They include what a metaverse is; its infrastructure; digital assets including non-fungible tokens (NFTs) in the metaverse; money and defi (decentralized finance) in the metaverse; and regulatory developments applicable to the metaverse.

Regarding the size of the metaverse economy, Citi described: “We believe the metaverse may be the next generation of the internet — combining the physical and digital world in a persistent and immersive manner — and not purely a virtual reality world.”

Noting that “A device-agnostic metaverse accessible via PCs, game consoles, and smartphones could result in a very large ecosystem,” Citi wrote:

We estimate the total addressable market for the metaverse economy could grow to between $8 trillion and $13 trillion by 2030.

In addition, the report explains that Citi believes the total number of metaverse users could be around five billion.

Report co-author Ronit Ghose, global head of Banking, Fintech & Digital Assets, Citi Global Insights, explained:

Expert contributors to the report indicate a range of users of up to 5 billion, depending on whether we take a broad definition (mobile phone user base) or just one billion based on a narrower definition (VR/AR device user base) — we adopt the former.

The report also discusses how users would access the metaverse. “Consumer hardware manufacturers will be portals to the metaverse and potential gatekeepers,” the authors wrote. “Similar to today, there will likely be a split between a U.S./international and a China/ firewall-based metaverse in addition to a spectrum based on technology and business model too, i.e., metaverse centralization versus decentralization.”

Moreover, the report details that “The metaverse of the future would encompass more digitally-native tokens but traditional forms of money would also be embedded,” adding:

Money in the metaverse could exist in different forms, i.e., in-game tokens, stablecoins, central bank digital currencies (CBDCs), and cryptocurrencies.

“In addition, digital assets and NFTs, in the metaverse will enable sovereign ownership for the users/owners and are tradeable, composable, immutable, and mostly interoperable,” the Citi report notes.

The authors also explored what metaverse regulation would look like, predicting that “If the metaverse(s) is the new iteration of the internet, it will attract great scrutiny from global regulators and policymakers.”

They additionally warned, “All the challenges of the Web2 internet could be magnified in the metaverse, such as content moderation, free speech, and privacy,” elaborating:

In addition, a blockchain-based metaverse will brush up against still evolving laws around cryptocurrencies and decentralized finance (defi) in many jurisdictions around the world.

In January, global investment bank Goldman Sachs said that the metaverse could be as much as an $8 trillion opportunity. Another major investment bank, Morgan Stanley, predicted the same size for the metaverse in November last year. Meanwhile, Bank of America said that the metaverse is a massive opportunity for the entire crypto ecosystem.

Tags in this story

Citi, citi bank, citi group, citi metaverse, citi metaverse prediction, CitiBank, metaverse $13 trillion, metaverse crypto, metaverse cryptocurrency, metaverse economy, metaverse regulation, metaverse users, size of metaverse

Do you agree with Citi about the metaverse? Let us know in the comments section below.

Kevin 200x200 closeup

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

shutterstock 1996044491

Tommy Hilfiger to Showcase Spring 2022 Collections and NFT Wearables at Decentraland’s Metaverse Fashion Week

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Jefferson County News Online

© 2021 Jefferson COunty News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Jefferson COunty News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT