Banking giant Citi goes bullish on Metaverse

The Metaverse space has seen massive growth and adoption over the last year. More mainstream institutions and players are taking up positions in anticipation of a revolution in the industry. And the increased level of trademark applications showed that the market is experiencing massive growth in virtual engagement.

In line with the potential in the market, international banking giant Citi, in its latest research report, predicted a bullish outlook for the Metaverse space.

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The report is coming when a lot of high-profile firms are signaling their intentions to enter the online digital space.

According to Citi’s prediction, the next evolution of the Metaverse and the internet (Web3) will grow beyond gaming. It will also encompass advertising, media, art, social collaboration, healthcare, and commerce. Such a wide ecosystem could easily be a multi-trillion dollar market, Citi noted.

Materverse market could hit $13 trillion by 2030

The report predicted that the total number of Metaverse users could hit 5 billion while the market could be between $8 trillion and $13 trillion by 2030. However, even Citi admitted that it is a lofty projection, looking at the present value of the Metaverse market.

The report noted that the present Metaverse’s content streaming market will likely need a thousandfold increase in computational efficiency to reach the projection. This means there needs to e massive infrastructure development in the market. Major investments will be required in network infrastructure, storage, game development platforms, consumer hardware, as well as computing.

Cryptocurrencies play a massive role

The report stated that Metaverse is increasingly becoming the next generation of the internet, as it will bridge the physical and digital worlds in an immersive manner.

Citi also noted that cryptocurrencies will play an important role if Metaverse is going to reach such a projection I value ad number of users. It added that they will need to coexist with other traditional currencies to make it work.