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Metaverse will be multi-trillion-dollar economy

Cryptopolitan


TL;DR Breakdown

  • Metaverse can grow into a vast market, impacting all-economy sections.
  • The sale capacity for metaverse may be higher than $1 trillion.

Cathie Wood has come forward and stated that metaverse would grow into a vast consumer base. The CEO of Ark Invest made the statement during a talk with CNBC recently. Cathie hinted that the metaverse would have an impact on the entire economy.

Cathie Wood said that metaverse is a terrific pitch that might infiltrate all sectors. She compared the infiltration of the metaverse with technology which nowadays applies everywhere. Cathie believes that metaverse infiltration in the economy will be unimaginable.

Cathie Wood sees an opportunity in the metaverse

Recently, it got a lot of traction. This has seen social media bigwigs converting its brand from Facebook to Meta.

During the talk, Cathie was asked about the virtual realm. Suppose metaverse has a chance to turn into a considerable client base. She answered with a yes.

The established CEO said that metaverse would grow in other fields. She cited that their focus might shift from gaming and consumables. Besides, she stressed that metaverse would soon launch their digital twins. The digital twins will increase the fun in the sector. Also, it will enhance efficiency.

Some months ago, Grayscale launched a report touching on metaverse. The document highlighted the customer availability for the virtual reality asset. Part of it read, “there is a huge client base ready to roar metaverse to life. It is almost over $1 trillion in annual revenue. Also, it may trigger competition with Web 2.0 organizations worth ~$15 trillion.”

In the recent past, a strategist from the Bank of America classified metaverse as a big chance. He went ahead and hinted that people would use cryptos as currency in the metaverse world.

Dissenting voices

But, not everyone is optimistic about the metaverse. Some people are very cynical about this virtual realm. For instance, they don’t see the metaverse as a unique invention. And to justify their stand, they say people have been playing games virtually for ages. So, this makes the metaverse concept normal. To them, it is not a unique invention.

Raj Gokal, one of the co-founders of Solana labs, made a tweet targeting metaverse. He relayed his worry about how metaverse is so flaunted in his tweet. He further said he has never experienced such praises in mainstream media. More so when it comes to unreleased products. This is a significant concern since the promotion seems to have strong sponsorship.

Elsewhere, the excitement of metaverse has seen enormous amounts of money in the industry. In China, semiconductors and metaverse hype have led to overvaluations of property. Yet, this may be generally risky.

The metaverse is a general term for the virtual realm. In the realm, users who are avatars can perform different tasks. The tasks may vary, but they include building things, playing games, working, and watching live events. Recently, metaverse popularity has risen so much.



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