Q: A Citi report in March called "Metaverse and Money; decrypting the future" estimates that the metaverse could be worth anything between US$8 trillion and US$13 trillion (S$18 trillion), with as many as five billion users by 2030. What are the opportunities to make money in the metaverse economy?
Making money in the metaverse
Neal Stephenson's 1992 novel Snow Crash conjures up a vision of a "computer-generated universe" which is called "the Metaverse".
The concept of the metaverse has gained prominence as Big Tech giants have announced ambitions in this area.
Metaverse can help teach users about real world of finance
When Facebook rebranded its parent company Meta last year, there was a buzz about the reason. Facebook chief executive Mark Zuckerberg noted: "I want to anchor our work and identity on what we're building towards."
While gaming in the new world of extended reality tends to blur the boundary between real and virtual, technology's move towards the metaverse opened up a new conversation in the financial services industry that has been catalysed by growth with applications of fintech in various industries.
Investing in the metaverse akin to going down a virtual rabbit hole
In Lewis Carroll's novel Alice's Adventures In Wonderland, Alice follows the White Rabbit down the rabbit hole and is transported to an alternate universe known as Wonderland.
It is an apt analogy for the metaverse. While grounded in science and technology, going down this figurative rabbit hole can lead you into virtual digital spaces or augmented reality environments, limited only by your imagination.
Hotels, luxury brands and games jumping on metaverse bandwagon
Tycoon Kwek Leng Beng's Millennium Hotels and Resorts has launched a new M Social hotel, but don't worry about packing anything - all you'll need is a laptop to visit it.
The hotel occupies a prime spot in the virtual world of Decentraland, just one tram stop from Genesis Plaza, the starting point for all visitors to this corner of the metaverse.
