What’s holding back metaverse now? 🤔
The concept of the metaverse has been around for decades now but only caught a major break in the tech world last year when Mark Zuckerberg decided to concentrate his company's efforts and money on building one.
The result has been a sharp rise in real estate prices in the metaverse, a trend that is expected to continue in 2022. Earlier this year, JP Morgan Chase became the first bank to set up shop in the metaverse, which it saw as aCiti's bullish estimates come more than a month after Morgan Chase's and have been put together after consulting experts in the metaverse space.
Apart from the use cases in retail, art, media, and advertising that we have already seen companies talk about, Citi thinks the metaverse will also find applications in social collaboration, as well as healthcare. Even though today the metaverse needs a virtual reality headset to be experienced, the metaverse of the future will be device-agnostic. A shift to such a metaverse that is accessible via personal computers, smartphones, gaming consoles, and other such devices could connect more than five billion people globally and reach a market potential between $8 - $13 trillion by 2030.
With money pouring in and the user base expected to swell, the industry will also attract regulators and governments that will need to formulate new rules for this new world order. Stay ahead with the latest science, technology and innovation news, for free:
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