Monday, Aug 08, 2022
Outlook.com
Outlook Money

Metaverse Market May Be Worth $13 Trillion By 2030, Says Citibank; Shiba Inu, Bitcoin Gain

The metaverse economy could be valued anywhere between $8 to $13 trillion by 2030, according to a report by Citibank.

undefined
Bitcoin

The metaverse economy could be valued anywhere between $8 trillion and $13 trillion by 2030, says a Citibank report. Meanwhile, a group of Taiwanese puppeteers want to use non-fungible-tokens (NFT) to bring their traditional street entertainment culture into the digital world.

The global crypto market cap increased by 5.46 per cent to $2.15 trillion at 8.50 am. However, the global crypto volume was down by 7.01 per cent to $124.96 billion, as per Coinmarketcap data. 

“As the volatility faded, Bitcoin recovered above $46,000, and Ether rose by 7 per cent in the last 24 hours. Among major altcoins, Solana witnessed a significant rise of 13.3 per cent,” says Gaurav Dahake, CEO and founder, Bitbns.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $46,462.38, higher by 4.31 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also trading lower by 7.13 per cent at $3,463.83.

Among other major coins, Cardano (ADA) was up by 5.8 per cent at $1.17, Algorand (ALGO) by 6.72 per cent at $0.9568, Binance Coin (BNB) by 7.26 per cent at $447.59, Solana (SOL) by 13.18 per cent at $134.65, and Polkadot (DOT) was also trading higher by 6.28 per cent at $22.15.

Today’s top gainer was Blockchain Brawlers (BRWL), which was up by 358.04 per cent at $0.5342. The top loser was Geojam Token (JAM), which was down by 23.92 per cent at $0.01723.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 5.88 per cent at $0.1427. Its volume to market cap ratio stands at 0.03934. Rival Shiba Inu (SHIB) was up by 5.54 per cent at $0.00002643.

Dogelon Mars (ELON) was trading with a gain of 11.84 per cent at $0.000001042, Floki Inu (FLOKI) was up by 5.11 per cent at $0.00003518 and Samoyed Coin (SAMO) too gained 17.19 per cent at $0.02478. 

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 6.74 per cent at $23,604.59. Terra (LUNA) was up by 7.47 per cent at $107.16. Avalanche (AVAX) gained 5.84 per cent to $97.11, Uniswap (UNI) was also up by 4.52 per cent to trade at $11.58, and Aave (AAVE) gained 13.54 per cent to $244.66.

Latest Update

Citibank said in the report that for the metaverse market to reach , the total addressable market (TAM) of up to $13 trillion, significant investments were required in areas like storage, network infrastructure, consumer hardware and game development platforms, reported Coindesk.

Seika Huang, brand director, Pili International Multimedia, who produces Taiwan's longest-running television show featuring puppets, said, “The sort of imagination everyone nowadays has for the online world is developing so fast that we are almost unable to grasp it,” reported Ndtvgadgets360.

Advertisement
Advertisement
Advertisement