Citi has big aspirations for the metaverse, projecting that the Web3 economy would be worth $8 trillion to $13 trillion by 2030, according to the bank’s researchers.
In a research note issued Thursday, the analysts wrote, “We believe the metaverse could be the next iteration of the internet.” “Creating a persistent and immersive experience by combining the physical and digital worlds.”
The metaverse has been dubbed “the next phase of the internet” by Citi analysts.
While the concept of the metaverse has been around for a long time – it was first proposed in a visionary fiction in 1992 – the growing interest in a Web3 future has resulted in hundreds of new practical use cases.
According to the remark, “the most common way to experience the metaverse now is to play a video game with a virtual reality (VR) headset.” However, it’s feasible that the metaverse will evolve into Web3, the third generation of the internet. This ‘open metaverse’ would be community-owned and governed, as well as a freely interoperable version with built-in privacy protection.”
Analysts believe the business will be driven by the use cases and rising user base, citing commerce, art, media, advertising, healthcare, and social cooperation as just a few examples of how the predicted five billion people would eventually adopt digital copies of themselves.
The letter echoes a broader Web3 sentiment: it’s tough to envisage the metaverse’s future in the light of Web2’s current dominance.
At the Avalanche Summit in Barcelona, Calvin Chan, CEO of Legitimate, an ecosystem that connects physical objects to digital identities, said, “Fundamentally, one of the mistakes I see many companies and designers doing is projecting Web3 technologies onto Web2 experiences.”
People will be able to access the metaverse on computers, game consoles, and smartphones, wherever they are, assuming it is developed successfully, which most analysts consider as a large “if” that hinges on significant infrastructure improvements.
For MetaNews.