The Metaverse and NFTs are reshaping business and consumer interaction over the web. Citibank analysts expect the Metaverse Economy to reach a total addressable market (TAM) of $8-13 trillion and five billion users by 2030.
The first Metaverse Fashion Week (MVFW) offered a glimpse into the future of retail. Dolce & Gabbana, Estée Lauder, Forever 21, and Tommy Hilfiger were among the +70 brands, artists, and designers who participated in the entirely virtual experience.
Mark Zuckerberg confirmed plans to integrate NFTs with Instagram and provide the platform’s +1 billion users the ability to showcase existing NFTs and potentially create new ones. Instagram joins a growing list of social media platforms, such as Tik Tok and Twitter, pursuing NFT adoption.
Universal Music’s Web3 label is launching a virtual group called Kingship where band members are NFTs from the Bored Ape Yacht Club and Mutant Ape NFT projects. Are you ready for concerts in the Metaverse?
Bridgewater Associates, the world’s largest hedge fund, announced plans to invest in a crypto fund. The founder of Bridgewater Associates Ray Dalio reported to personally own bitcoin in May 2021. Despite the admission by Ray Dalio last year, the hedge fund is now willing to invest with their own money.
Starting in Q2 of 2022 Goldman Sachs plans to offer clients of their private wealth management group the ability to invest in digital assets “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles”.
As corporate adoption of cryptocurrency, NFTs, and the Metaverse continues, individuals and small businesses should start to contemplate their strategy in this evolving landscape.