“The total addressable market (TAM) for the metaverse economy could be between $8 trillion and $13 trillion by 2030, with up to five billion users, but getting to that market level is going to require sizable infrastructure investment, Citi said in a report on Thursday.
‘This “open metaverse” would be community-owned, community-governed and a freely interoperable version that ensures privacy by design.’ Its use cases include commerce, art, media, advertising, healthcare and social collaboration.
What counts as money in this open metaverse is expected to differ from the real world, with different forms of crypto currency expected to dominate, alongside fiat currencies, central bank digital currencies (CBDCs) and stablecoins, the report said.”
“Buyers on OpenSea can soon pay for NFTs with a credit card, debit card, or Apple Pay—without having any cryptocurrency. The move comes through a partnership with MoonPay, a fintech player that builds payment infrastructure in the crypto space.
Last month, OpenSea announced that it generated over $5 billion in total trading volume in January between Ethereum and Polygon sales. This broke OpenSea’s previous record, which was set in August of 2021.”
“In block 730002, mined by SBI Crypto, the 19 millionth Bitcoin entered circulation. SBI Crypto earned 6.32 BTC, roughly $293,000 for the trouble in transaction fees and block reward. Nineteen million Bitcoin are now in circulation, with just 2 million Bitcoin yet to be minted (or mined) until roughly the year 2140.
The 18,500,000 millionth Bitcoin was mined in September 2020, as the current issuance rate is 6.25 Bitcoin per block. The next halving, where the issuance rate is cut in half, is scheduled for 2024.”
“Terraform Labs CEO Do Kwon has conceded that a crash in the price of Bitcoin (BTC) would be “negative” for the stability of the TerraUSD (UST) stablecoin but that he expects Bitcoin to go up.
I’m sort of betting that the long-term scenario of Bitcoin going up, and the reserves being strong enough to withstand UST demand drops is the more likely scenario.
Kwon has been buying Bitcoin to hold in Terra’s treasury as 40% of the collateral for UST. So far, Terra has acquired 30,727.9 BTC and most recently purchased 2,943 BTC on Tuesday. This makes Terra the third-largest single-wallet BTC holder.”
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“So a lot that banks do wrong, if you think, ‘We could improve that in a digital world,’ the answer is, ‘Sure you could.’ But in that case, let’s do a central bank digital currency.
Yes, I think it’s time for us to move in that direction.”