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- Metaverse as a concept has grown by leaps and bounds in the past year, especially after Facebook rebranded itself as Meta.
- A Citibank report indicates that the Metaverse market might have a valuation between $8 trillion to $13 trillion by the year 2030.
- Reaching that market level would need infrastructure investment and a focus on other areas as well, the report highlighted.
A Citibank report indicates that the currently popular market of Metaverse might have a valuation between $8 trillion to $13 trillion by the year 2030.
Metaverse is the Next Iteration of the Internet
It also signified this via the official Twitter account, highlighting that they believe Metaverse might be the next generation of the internet amalgamating the physical and virtual world in an immersive way.
The report says that the metaverse as a concept has been prevalent for a few decades now. But the interest in the virtual world saw a massive surge in the past year, especially late last year following an increase in the Non-Fungible Tokens (NFTs) sales, along with announcements from prominent tech entities who highlighted their interest and investment in the sector.
Further highlighting that Metaverse might be the next iteration of the internet or Web3. And that this open metaverse would be owned and governed by the community itself.
The users should increasingly be able to access a host of use cases like commerce, art, advertising, media, social collaboration, and healthcare. And that a device-agnostic metaverse would be accessible through personal computers, smartphones, and gaming consoles.
But it also highlighted that to grow massively by 2030, and reach that market level would need infrastructure investment. And a computational efficiency enhancement would need to be 1,000x of current levels for the content streaming environment.
The areas that might need an investment can be storage, compute, consumer hardware, network infrastructure, game development platforms, etc.
This is indeed a fact that Metaverse as a concept has grown by leaps and bounds in the past year especially after Facebook rebranded itself as Meta. And the related concepts like NFTs, DeFi, etc are also quite prevalent now. But it is looking forward to how exactly the industry will emerge and perform in the upcoming years.
A lot of entities have already started to think about the concept of Metaverse, and there are a lot of currently popular Metaverse projects like Sandbox, Decentraland, etc. More and more such projects are expected to come as the virtual world is gaining massive attention from folks now.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
