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According to TASS: The governor of Russias Tula region said that 21 Ukrainian drones were destroyed overnight.On October 30th, Masato Koike, senior economist at Sompo Institute Plus, a subsidiary of Nippon Life Insurance Company, stated that the ETF sale was an unexpected move at the meeting. However, the Bank of Japans current holdings of ETFs are still relatively small. Therefore, while this move may have some impact on the stock market today, in the medium to long term, the market can absorb this change and it will not cause a major shock. Regarding prices, the Bank of Japans statement that interest rates are broadly consistent with its economic outlook, and its upward revision of the CPI forecast, were largely in line with expectations. However, this allows the Bank of Japan to more clearly reinforce its tendency to raise interest rates and its hawkish stance. Considering that the 2% inflation target has already been achieved, this can be seen as a signal from the Bank of Japan suggesting a possible rate hike in December. Key points to note at Kazuo Uedas press conference were his explanation of the ETF sale and his comments on the 2% inflation target.On October 30th, David Chao, Global Market Strategist for Asia Pacific at Invesco, stated that the Bank of Japans hawkish assessment of the inflation outlook creates conditions for a possible rate hike in December. The market will closely watch Kazuo Uedas remarks at this afternoons press conference to see if he will release hawkish or dovish signals, and whether he will reveal how much room there is for interest rates to rise. Surprisingly, the Bank of Japan announced its decision to accelerate the sale of ETFs, while simultaneously trying not to disrupt the market. Although this news may initially unsettle the market, it is actually a positive development, as it demonstrates the Bank of Japans sufficient confidence in the economy and the market.On October 30th, Kazutaka Maeda, senior economist at Meiji Yasuda Research Institute, stated that the Bank of Japans "Economic and Price Outlook Report" shows that the bank is increasingly concerned about upside risks to inflation and economic activity. The reports description of the export and capital expenditure outlook is also more optimistic, citing demand related to artificial intelligence as providing support. Although the Bank of Japans inflation forecast remains generally in line with its 2% target, the bank seems increasingly aware that inflation may exceed the target level. The Bank of Japan may no longer adhere to its previous assumption of raising interest rates every six months, but is considering shortening the rate hike interval to once every three months. This means that the December meeting is likely to be a realistic window for the next rate hike.Saudi-led coalition spokesman Turki al-Maliki: A drone launched by Houthi rebels was intercepted and destroyed in the Mecca region.

Citi Expects a $13 Trillion Metaverse by 2030

Cameron Murphy

Apr 01, 2022 09:51


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According to Citi researchers, the Web3 economy would be worth $13 trillion by 2030.


The positive view is bolstered by increased access to host use cases like commerce, art, media, advertising, healthcare, and social cooperation.


To achieve the estimated five billion Metaverse users, significant infrastructure expenditure is required.


The market's view of the Metaverse has shifted even more positively. The Metaverse is attracting more mainstream players. According to trademark registration files, there has been a significant growth in virtual involvement.


Metaverse-related news has been a primary driver of price action in the broader crypto market. In response to Metaverse-related news updates on Metapolis, Zilliqa (ZIL) has increased by more than 100 percent this week. Zilliqa is the company behind Metapolis.


Banks have become particularly bullish on their Metaverse estimates as a result of the increasing activity and limitless possibilities.

Forecast: $13 Trillion Metaverse, 5 Billion Users

On Thursday, Citi issued a bullish appraisal of Web3.


According to an expert report, the Metaverse will be the next version of the internet, seamlessly linking the digital and physical worlds.


Two projections were made in the report:


Metaverse usage is confined to VR/AR headset users under this definition. Analysts believe that there will be 900 million to one billion users by 2030, with a total addressable market of between $1 trillion and $2 trillion.


The Metaverse has unique internet users, hence this is a broad description. Analysts believe that there will be 5 billion users by 2030, with a total addressable market of $8 trillion to $13 trillion.


Citi sees gaming as the most common Metaverse application. Analysts predict that the Metaverse will spread, allowing people to discover new ways to carry out routine tasks.


'In the next few years, internal collaboration, client interaction, sales and marketing, advertising, events and conferences, engineering and design, and workforce training will likely be among the Metaverse's enterprise use cases.'


The paper did point out that the internet infrastructure is insufficient for 'creating a fully-immersive content streaming Metaverse environment' in its current state.


Integration of the Metaverse with the real world will necessitate a significant expenditure. Low latency is seen as a vital component in offering a satisfactory user experience.


The paper emphasizes the necessity for sub-12ms latency and better network rates for a completely immersive Metaverse experience.


NFTs will likewise play an important role in the Metaverse. NFTs can be stored in digital wallets and carried around the Metaverse by users.

Big Names Support Citi's Outlook in the Metaverse

Since the beginning of the year, mainstream interest in Web3 has increased dramatically. Corporations from a variety of industries have entered the Metaverse or applied for Metaverse-related trademarks.


McDonald's entered the Metaverse in February, providing fans with a virtual experience to commemorate the Lunar New Year.


The Sandbox (SAND) was purchased by Warner Music Group, and the fashion sector is likewise turning virtual.


Decentraland (MANA) had a four-day fashion week last week, with significant personalities in the industry in attendance.


Web3 has been adopted by sport as well. Tennis Australia went virtual for the Australian Open in January. Melbourne Park was made virtual for fans via the Metaverse.


JPMorgan had seen increased activity early this year.

JPMorgan Buys Land for $1 Trillion Metaverse

JPMorgan bought land in Decentraland in February, putting its money where its mouth was. The American investment bank is optimistic on the Metaverse, predicting a market worth $1 trillion.


JPMorgan spoke on the Metaverse's unlimited possibilities, which include everything from virtual workspaces to music artists holding concerts. As a result of these potential, the bank expects a wide range of businesses to enter the Metaverse.


JP Morgan drew attention to a number of concerns that need to be addressed. These activities range from taxation to policing.


The more bullish estimates will likely have a cascade effect as more industries enter the Metaverse, speeding up infrastructure investment and mainstream acceptance.

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