Do you know what’s the best thing about living like a Millennial in the digital era? Technology!!! Yes, the constant development in technology has opened doors to an advanced industrial and financial infrastructure for the world economy to grow and flourish. Where virtual assets continue to gain pace amongst investors, there has been a surge in the popularity of new-age technologies like Metaverse which offers unprecedented support to multiple concepts like Virtual Reality, Artificial Intelligence, and Web3 exposure.
Highlighting the potential of Metaverse technology, American banking, and financial service provider, Citi has released a report called Global Perspectives & Solutions (Citi GPS). Titled ‘Metaverse and Money: Decrypting the Future,’ the report details the core aspects and features of the metaverse industry to develop a better understanding of the fast-developing technology. In its 184-page long document, Citi experts have made several predictions concerning the growth and future of metaverse.
The firm has speculated that the total economic infrastructure of metaverse might soar exponentially to reach a figure between $8 trillion to $13 trillion by 2030 amid the constant rise in its popularity. The report also predicted that there would be a potential rise in the number of metaverse users as well that will bring the number count to a whopping five billion in the coming years. The global bank has made an attempt to touch each and every aspect of the metaverse sphere in its report. The creators have explained the word metaverse, its infrastructure, the scope of virtual assets including NFTs in the metaverse, potential growth of money, and DeFi in the metaverse, along with the regulatory guidelines pertaining to the sector in the report.
Talking about metaverse, Citi stated that the firm is confident about the success of metaverse technology. The team feels that metaverse can be the next-gen tool of the Internet. It combines the physical and digital infrastructure in a reliable and engaging interface which is not completely a virtual reality space. The report mentioned that a device-friendly metaverse channel seamlessly accessible through PCs, game consoles, and smartphones can form a stronger and bigger ecosystem of its own.
The expert contributors to the report also shared their views on how people, in general, will access the metaverse in the near future. The authors described that user hardware manufacturers will work as the facilitators of the technology. There might be a constant rift between the U.S and China-based metaverse sphere. There will also be a struggle between centralization and decentralization-supported metaverse interfaces. They believe that the upcoming metaverse cluster will support a wide range of digital tokens, stablecoins, in-game tokens, CBDCs, crypto along with traditional money. The virtual assets and NFTs in the metaverse will give sole ownership title to the holders. The report also warned the users stating that the issues of Web2 might get amplified in the metaverse. The incompetent law structure for crypto might pose higher risks related to privacy and content security.
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