author ：Mary Liu
Citibank released a report on Thursday that lasted for 184 page 「 The universe and money —— Decrypt the future 」 research report （ Click here to view the original report ）. The report details the following ten key points ：
1. What will we do in the metauniverse ？
Metauniverse may be the next generation Internet . It will combine the physical world and the digital world in an immersive way . Use cases may include everything we use the Internet today , Including games 、 business 、 art 、 The media 、 advertisement 、 Intelligent manufacturing 、 Health care 、 Virtual community and social collaboration （ Including business and education ）.
2. How big will the meta universe be ？
Because the current field is dominated by immersive and multiplayer experience , Games are seen as a key use case for the metauniverse in the coming years , Final , The metauniverse will find new ways to enhance all its current activities , Including business 、 Entertainment and media 、 Education and training 、 Manufacturing and general enterprise use cases .
Analysts estimate , To 2030 year , The potential market size of the yuan universe economy （Total Addressable Market ：TAM） May be in 8 Trillion dollars to 13 Between trillions of dollars .
Expert contributors to the Citigroup Global Positioning System report point out that , The potential user range of metauniverse is up to 50 Billion , Depending on the broad definition （ That is, the only number of Internet users ） Or just based on a narrower sense of one billion users （ It's virtual reality / Augmented reality device user base ）.
3. Is the universe the same as virtual reality ？
No , The metauniverse is not just virtual reality . For the foreseeable future , Most users may access the immersive Internet experience through their mobile phones , Only a few metacosmic participants will use VR equipment . however , We expect virtual reality (VR) And augmented reality (AR) The availability of will improve in the next few years , Because many consumer hardware manufacturers are 2021 year Oculus Quest Build on the success of the United States .
4. What infrastructure needs to be built ？
Delay needs to be improved , Need faster connection speed . To 2025 year , It is expected that only 25% Of the global population can use 5G, Therefore, it is necessary to increase and deliver network bandwidth . The lag witnessed by today's world 、 Packet loss and network unreliability make the current state of infrastructure not suitable for building the expected meta cosmic experience .
5. In the meta universe " money " What does it look like ？
The future meta universe may contain more digital native tokens , But it also includes traditional forms of money . Money in the meta universe may exist in different forms , In game tokens 、 Stable currency 、 Central bank digital currency (CBDC) And cryptocurrencies . The current payment track is usually domestic real-time payment and expensive cross-border payment , This makes them unsuitable for the boundless global metacosmic ecosystem , It is expected that decentralized Finance （DeFi） Can coexist with the existing traditional financial system .
6. How many metauniverses will there be ？
If most users access metauniverse through mobile phones , operating system （OS） It will be the same . Consumer hardware manufacturers will become the gateway and potential gatekeeper of the meta universe . Similar to today , The United States / International and Chinese / There may be a split between firewall based metauniverses . Besides , There may also be spectrum based on technology and business models , That is, the centralization and decentralization of the meta universe .
7. Blockchain and Web3 What does it have to do with the meta universe ？
Web3 It refers to the conceptual third iteration of the Internet , Based on ownership and decentralization , Promote... Through blockchain . So-called “ Open metauniverse ” Built on blockchain —— Mainly Ethereum chain —— And with Web3 overlap . But probably a lot Web2 The centralized platform will play an important role in the metauniverse , Even today's Web3 It also depends on centralized elements .
8. User wants Web3 Or do investors want it ？
Web3 Decentralization of 、 The goal of democratic Internet is an attractive goal for some people , But implementation problems still exist . Most users want a better user interface (UI)/ User experience (UX) And quality content , And the current Web3 The solution is far behind the best Web2 Solution . Due to the addition of tokens in the business model , Many Internet users, including gamers, don't like the financialization of online activities .
9. NFT What is the role in the metauniverse ？
It's not just about cute collectibles and the right to boast on social media . Digital assets in the metauniverse , For example, non homogenous tokens (NFT), For the user / The owner provides a form of sovereign ownership , And it's tradable 、 Combinable 、 Immutable and mostly interoperable . In recent months , Game player 、 Investors and businesses are interested in NFT Growing interest in the field . In the meta universe NFT Is a virtual item stored in a digital wallet , It can be carried everywhere in the meta universe .
10. Are laws and regulations ready for the meta universe ？
We have a lot of work to do . If Metaverse(s) Is a new iteration of the Internet , It will attract scrutiny from global regulators and policymakers .Web2 All the challenges of the Internet can be found in Metaverse Magnified in , Including content review 、 Freedom of speech and privacy . Besides , The blockchain based metauniverse will compete with cryptocurrencies and currencies that are still evolving in many jurisdictions around the world DeFi Conflict of laws .
MetaFi： Finance in the meta universe
According to the Research Report , With the development of the meta universe , A range of financial services will be needed to support its activities . Metacosmic Finance （MetaFi） It's probably decentralized Finance （DeFi）、 Centralized finance （CeFi） And traditional finance （TradFi） The combination of , New products are designed to meet the unique needs of new ecosystems . From initial capital formation to supporting commerce in the metauniverse , Can play an important role in the evolution of financial services .
Property rights in the meta universe
- Certain property rights in the metauniverse may be recognized in some jurisdictions , for example , Nonhomogeneous tokens (NFT) Provide digital ownership layer .
- This property right will lead to use and Commerce , MetaFi Can help support around buying 、 The need to sell and fund these property rights .
Provide universal 、 Consistent and resilient wallet infrastructure
- With countless cryptocurrencies 、 Wallet and related private key management options , Financial institutions will be able to support abstraction and wallet management 、 Complexity associated with Multi Chain environments , And realize the capital flow in a regulated way in the meta universe .
- The agency will also provide hosting services to enterprises with one or more trusted third parties , To improve security and flexibility , While providing easier and consistent access .
Payment orbit in the metauniverse
- The foundation of Yuanzhou's economic infrastructure will be a financial infrastructure with seamless and high transaction throughput , Work in decentralized implementations between centralized platforms and decentralized instances . expect 24×7、 Instant micro payment, which is always online, will become the main payment method of metauniverse .
- Although cryptocurrency 、 Stability currency and central bank digital currency (CBDC) Probably coexist in the metauniverse , But it also foresees the important role of financial institutions in payment , In particular, it has the ability to enter gold 、 Gold production capacity , And support countless business and consumer use cases .
Liquidity providers and automated market making
- Financial institutions are expected to play a role in providing liquidity to the market , Including for some DeFi The agreement provides liquidity . Institutional participants may help provide additional liquidity , Promoting price discovery , And make DeFi The agreement is more flexible .
- It is also expected that the number of assets available to exchanges will increase exponentially , Strong institutional liquidity will help stabilize the market and improve efficiency .
Financing in the meta universe
- DeFi With a mortgage 、 Liquidity mining agreement , It is expected to be associated with TradFi coexistence , With various forms of unique credit risk management ability , Including mortgages 、 Offline and online credit history evaluation 、 Crowdfunding and microfinance .
- It is expected that it will make DeFi Can run in its best position , and TradeFi and CeFi Promote further capabilities through off chain due diligence and credit assessment .
NFT And digital native assets as collateral
- as time goes on , It is expected that more and more traditional financial institutions will begin to use NFT And digital native assets such as alternative tokens as collateral .
- In today's context , Main stream NFT And tokens are highly volatile , Resulting in a significant reduction in the value of collateral . It is expected that with the development of the market , The digital nature of this activity can enable new risk models and create different categories of asset baskets .
MetaFi： In the meta universe DeFi
MetaFi Increasingly used as a new term , It combines two major technological trends today ：Metaverse and DeFi.Jamie Burke With him Outlier Ventures Our team pointed out that ,MetaFi refer to “ The decentralized financial instruments of yuancosmos ”, It will push DeFi Most of the growth .
Why choose DeFi？ image Roblox Such a virtual world is not open today . In order to achieve openness , Need ownership of digital assets independent of proprietary implementation . This is achieved by blockchains such as Ethereum , Its market-based standards allow digital objects to be owned in a fully portable way in a metauniverse implementation . Once property rights are established , It opens up the way of asset financialization —— Lease in a way similar to how we currently deal with property in the real world 、 Lending and trading . At present, the traditional media have not interoperated with the open technologies and standards of the meta universe .
No permission is required 、 Services that do not require trust and decentralization
- It is expected that the open metauniverse will be dominated by DeFi Supported unlicensed 、 Running on untrusted and decentralized systems .
- Today's main use cases include decentralized exchanges (DEX)、 To loan 、 Pledge and liquidity, etc . as time goes on , expect DeFi Will work with more and more assets —— From traditional financial assets such as stocks and bonds to collectibles and in-game tokens .
DeFi Composability in
- As “ Currency Lego building blocks ” Smart contract applications that work can be superimposed on each other without trust and permission , So as to produce interoperable and composable Services .
- Users can exchange tokens on decentralized exchanges , Deposit these tokens into loan agreements to earn income , Or bridge the exchanged tokens into other blockchains .
- In the context of the meta universe , Composability and interoperability will make different virtual worlds and NFT Able to use DeFi Protocols are built to each other for transmission and exchange .
Autonomous financial accessibility
- As the popular cryptocurrency proverb says ,“ Not your key , It's not your cryptocurrency .” It is expected that more and more users will keep their cryptocurrency by themselves .
- With the improvement of wallet front-end user experience , It is expected that self hosting and key management in cryptocurrency will become easier and easier , So as to promote mainstream adoption .
- Autonomy, accessibility and Web3 Combination of enabled single sign on , Will allow meta universe users to seamlessly access the virtual world , And carry their digital assets with them .
The early stage is too complex for ordinary users
- The absolute number of tokens and currencies and the management of various assets may be too much for ordinary users .
- It is expected that intermediaries will develop （ Including the current centralized financial services ）, Solve these complexities for metauniverse users or small business owners .
NFT and DeFi Interoperability of
- DeFi You can help unlock... By using it as collateral for loans NFT The value of , Especially for today's high value that cannot be unlocked without direct sale NFT.
- NFT The fine differentiation of NFT And can be based on DEX（ Point to point ） The combination of tokens traded on the liquidity pool , adopt DeFi Bring more liquidity . The nesting and packaging of irreplaceable and replaceable tokens opens up new use cases .
Real world asset markets
- Estimated real world assets and NFT The overlap of will push to unlock NFT The unique way of potential .
- Two way linkage —— Real world assets are chained （ for example , Token real-world mortgages / REITs are used with virtual plots ）, It also includes the transfer of assets on the chain to the real world （ Buy... In the virtual world NFT, In the real world, exchange as an e-commerce product ）.