09 December 2021
The CEO of Ark Investment Management, Cathie Wood, says that the metaverse can become a multitrillion-dollar market. “It’s a big idea that will probably infiltrate … every sector in ways that we cannot even imagine right now,” she said.
Ark Investment Management (Ark Invest) CEO Cathie Wood shared her prediction about the metaverse in an interview with CNBC last week. She explained that the metaverse will be a multitrillion-dollar opportunity that will impact every part of the economy.
The Ark Invest CEO opined:
It’s a big idea that will probably infiltrate, just like technology is, every sector in ways that we cannot even imagine right now.
The metaverse has gained much attention after social media giant Facebook changed its name to Meta.
Wood was asked whether she thinks the metaverse can become a multitrillion-dollar market. She simply replied, “We do.”
The Ark Invest CEO noted that the metaverse will expand substantially away from the current focus on gaming and consumer goods, elaborating:
We’re going to have our digital twins, and it’s going to enable a lot of fun and a lot of efficiencies.
Recently, Grayscale Investments published a report stating that “The market opportunity for bringing the metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today.”
Last week, Bank of America’s strategist said that the metaverse is a massive opportunity where cryptocurrencies will be widely used as currencies.
However, some are skeptical about the metaverse. They pointed out that people have played games in virtual worlds for years, emphasizing that the idea is far from revolutionary. Raj Gokal, co-founder of Solana Labs, tweeted last week: “I worry that the metaverse is overhyped (industry-wide). I haven’t seen this much hype in mainstream media over an unreleased product or category of products, maybe ever.”
Do you agree with Cathie Wood on the metaverse becoming a multitrillion-dollar market? Let us know in the comments section below.
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