1、Citi is one of the worlds largest financial institutions, operating in all major established and emerging markets. Across these world markets, our employees conduct an ongoing multi-disciplinary conversation accessing information, analyzing data, developing insights, and formulating advice. As our p
2、remier thought leadership product, Citi GPS is designed to help our readers navigate the global economys most demanding challenges and to anticipate future themes and trends in a fast-changing and interconnected world. Citi GPS accesses the best elements of our global conversation and harvests the t
3、hought leadership of a wide range of senior professionals across our firm. This is not a research report and does not constitute advice on investments or a solicitations to buy or sell any financial instruments. For more information on Citi GPS, please visit our website at GPS: Global Perspectives &
4、 Solutions March 2022METAVERSE AND MONEYDecrypting the Future群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信：xxyg_weixxyg_wei备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维
5、、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料Citi GPS:Citi GPS: Global Perspectives & Solutions March 2022 Ronit Ghose, CFA Head of Banking, FinTech and Digital Assets, Future of Finance Citi Globa
6、l Insights +44-20-7986-4028 | Nisha Surendran Project Manager ICG Digital Assets, Citi +44-20-7986-7766 | Sophia Bantanidis Future of Finance Analyst Citi Global Insights +44-20-7500-9655 | Kaiwan Master Future of Finance Analyst Citi Global Insights +91-22-4277-5037 |Ronak S Shah Future of Finance
7、Team Citi Global Insights +44-20-7986-3960 | Puneet Singhvi Head of Digital Assets ICG Digital Assets, Citi +1-212-723-3269 | Expert Contributors Jamie Burke CEO and Founder Outlier Ventures Phil Chen Founding Partner, Race Capital Chief Decentralized Officer, HTC Stani Kulechov CEO and Founder The
8、Aave Companies Urszula McCormack Partner King & Wood Mallesons Sandeep Nailwal Co-Founder Polygon Yonatan Raz-Fridman Founder and CEO Supersocial Rebecca Rettig General Counsel The Aave Companies Yat Siu Co-Founder and Executive Chairman, Animoca Brands Founder and CEO, Outblaze Ioana Surpateanu Web
9、3 and DeFi Investor, Advisor, and Entrepreneur Huy Nguyen Trieu Co-Founder of Centre for Finance, Technology, and Entrepreneurship and CEO of The Disruptive Group With thanks to: Victor Alexiev, Karan Agrawal, William Artingstall, Joseph Ayoub, Matthew Ball, Anas Bhurtan, Jonathan Bloohn, Victor Geo
10、rges Marie Jan Du Mesnil Du Buisson, Ana Duek, Namrate Kanzaria, Richard Lomas, Omid Malekan, Niall McDermott, Alison McGaughey, Deepak Mehra, Rachael Montgomery, Gareth Robinson, Ashwin Shirvaikar, Ajit Tripathi, and Jelena Zec. March 2022 Citi GPS:Citi GPS: Global Perspectives & Solutions 2022 Cit
11、igroup 3 METAVERSE AND MONEY Decrypting the Future Have you ever had one of those “aha” lightbulb moments when you realize your grasp of technology, or lack thereof, showed your age? One of those moments hit me like a ton of bricks this week when I was asked to create my own avatar for a presentatio
12、n in the Metaverse. I did manage to create something functional and presentable. What I did not do, or should I say could not do, was operate my avatar make it walk or interact. Given the speed at which the Metaverse is advancing, I need to learn this quickly because it was very obvious I was an un-
13、savvy older person in the Metaverse room. The Metaverse as a concept has been around for a few decades. However, interest in the virtual world spiked at the end of 2021 following a rise in sales of non-fungible tokens (NFTs) as well as announcements from Big Tech players indicating their interest an
14、d investment in the space. Today, the most popular way to experience the Metaverse is via a video game played on a virtual reality (VR) headset. But in the report that follows, we discuss the possibility that the Metaverse is moving towards becoming the next iteration of the internet, or Web3. This
15、“Open Metaverse” would be community-owned, community-governed, and a freely interoperable version that ensures privacy by design. Users should increasingly be able to access a host of use cases, including commerce, art, media, advertising, healthcare, and social collaboration. A device-agnostic Meta
16、verse would be accessible via personal computers, game consoles, and smartphones, resulting in a large ecosystem. Using this broad definition, the total addressable market for the Metaverse could be between $8 trillion and $13 trillion by 2030, with total Metaverse users numbering around five billio
17、n. But getting to that market level is going to require infrastructure investment. The content streaming environment of the Metaverse will likely require a computational efficiency improvement of over 1,000 x todays levels. Investment will be needed in areas such as compute, storage, network infrast
18、ructure, consumer hardware, and game development platforms. The definition of what counts as money in the Open Metaverse is also likely to be very different from what counts as money in the real world today. Interoperability and seamless exchange between underlying blockchain technology are critical
19、 to ensure a frictionless user experience. Different forms of cryptocurrency are expected to dominate, but given the multi-chain trend in the crypto ecosystem, cryptocurrency will likely coexist with fiat currencies, central bank digital currencies (CBDCs), and stablecoins. Finally, if the Metaverse
20、 is indeed the new iteration of the internet, it will mostly likely attract greater scrutiny from global regulators, policymakers, and governments. Issues such as anti-money laundering rules for exchanges and wallets, the use of decentralized finance (DeFi), crypto assets, and property rights will a
21、ll have to be addressed. The opportunity for the Metaverse looks exciting, so Im off to find a seven-year old to teach me some avatar moves. Kathleen Boyle, CFA Managing Editor, Citi GPS 11001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110
22、000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100
23、101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010
24、101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001
25、001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010
26、101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010
27、001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001110011010010101010001010110011100100100011101010111011001000110110111000010011010
28、010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001
29、010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100
30、100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101
31、010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001
32、000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111
33、000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110
34、110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010
35、011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101
36、0100010101100111001001000111010Metaverse The Next Generation of the InternetWe believe the Metaverse is the next generation of the internet combining the physical and digital world in a persistent and immersive manner and not purely a Virtual Reality world. A device-agnostic Metaverse accessible via
37、 PCs, game consoles, and smartphones could result in a very large ecosystem. Based on our definition, we estimate the total addressable market for the Metaverse economy could grow to between $8 trillion and $13 trillion by 2030.THE METAVERSE IS POTENTIALLY AN $8 TRILLION TO $13 TRILLION OPPORTUNITYG
38、aming is viewed as a key Metaverse use case for the next several years due to the immersive and multi-player experience of the space currently. But we believe that the Metaverse will eventually help us find new enhanced ways to do all of our current activities, including commerce, entertainment and
39、media, education and training, manufacturing and enterprise in general. Enterprise use cases of the Metaverse in the coming years will likely include internal collaboration, client contact, sales and marketing, advertising, events and conferences, engineering and design, and workforce training.METAV
40、ERSE USE CASESDIGITAL EVENTS/CONCERTS/TOURISMSOCIAL COMMERCEVIRTUAL CITIES/PUBLIC SERVICESSMART MANUFACTURINGVIRTUAL ADVERTISINGVIRTUAL SPACES/COMMUNITIESDEVELOPER/ CREATOR ECONOMIESHEALTHCAREEDUCATIONMetaverse: narrow definitionMetaverse: broad definition2030 VR/AR headset users2030 unique internet
41、 usersTotal addressable market estimateTotal addressable market estimate900mn1bn5bn$1tn$2tn$8tn$13tn 2022 CitigroupWe believe the Metaverse may be the next generation of the internet combining the physical and digital world in a persistent and immersive manner and not purely a Virtual Reality world.
42、 A device-agnostic Metaverse accessible via PCs, game consoles, and smartphones could result in a very large ecosystem. Based on our definition, we estimate the total addressable market for the Metaverse economy could grow to between $8 trillion and $13 trillion by 2030. 1100100100011101010111011001
43、000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111
44、000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010
45、010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001
46、010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100
47、100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101
48、010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001000110110111000010011010010101010001010110011100100100011101010111011001
49、00011100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100010101100111001001000111010101110110010001101101110000100110100101010100
