An altcoin market could reach a market cap of over $5 trillion, according to a survey by consulting firm McKinsey.
The altcoin market that will exceed 5 trillion dollars by 2030: Metaverse
In a recent analysis of the metaverse, international consulting firm McKinsey estimated that the market could be worth $5 trillion in eight years, roughly equivalent to the size of Japan’s GDP.
The article contains striking predictions about the market value of the metaverse by 2030. In particular, it is estimated that 50% of live events can take place online as they continue to permeate daily life. Also, 80% of daily trade goes to the metaverse. Every internet user will spend about six hours a day on the metaverse at that time.
In which areas does the Metaverse enter our lives?
According to the report, the metaverse will primarily see games as catalysts. It will surpass other entertainment industries such as music and movies. There are currently over 3 billion players worldwide and the industry is valued at $200 billion.
Besides gaming, it is joining the metaverse in e-commerce and virtual advertising by 2030. It’s possible for both to reach global spending between $2 trillion and $2.6 trillion. Meanwhile, total spending for e-commerce is expected to be $144 billion. For virtual advertising, this amount is over $200 billion.
Altcoin industry prepares Web 2.0-like revolution
The report’s lead author, Eric Hazan, said the metaverse is in a state comparable to Web 2.0 in 2004. User-generated content was on the verge of revolutionizing the way people interacted with each other online at the time. Additionally, Hazan says in a separate blog post:
Infrastructure technology is not yet ready to support utopian concepts such as consumer control and democratization of the internet.
Also, Hazan predicted that money will continue to flow into the industry to develop the core technologies needed for its infrastructure, as the metaverse is a new field comparable to what artificial technology was five years ago:
Billions of dollars are pouring into every aspect of its infrastructure to help get the Metaverse there. This includes physical devices, platforms, and virtual worlds, as well as engines and back-end technology enablers such as Blockchain.
95% of CEOs think the metaverse will help their industry, according to research
Nearly two-thirds of customers are enthusiastic about technologies that connect the virtual and real worlds. In addition to transforming interconnected virtual worlds, social relations and commerce, Hazan highlights:
New ways to deliver public services such as education and health, to start businesses and to design common spaces will be offered.
However, 31% of all CEOs are somewhat concerned about investments in the metaverse. On the other hand, despite all the pessimism in the market, metaverse projects have already seen more than $120 billion in investment. As a result, more than double the total investment of $57 billion in this space by 2021.
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