Digital Gold Chapter & Verse

The recent crypto crash notwithstanding, the metaverse still represents an unparallelled new opportunity for businesses and individuals to create wealth—virtually, out of thin air

- Jeremy Chan

Imagine purchasing a plot of land, setting up your own shop and then selling just about any item or service you can think of to a flock of eager buyers from around the world. But here, each customer is represented by a three-dimensional avatar, every transaction takes place using cryptocurrency, and the outlet itself doesn’t exactly come with monthly utility bills.

This scenario takes place in virtual world the metaverse, which allows people to use an avatar to freely roam around a three-dimensional environment, purchase items and property, interact with other avatars and attend events—all in real-time. The potential for growth, however, is anything but virtual. According to a study by a March 2022 Citigroup study, the metaverse economy could be worth up to US$13 trillion and boast as many as five billion users by 2030.

The hype surrounding the metaverse has mushroomed over the past two years, with celebrities and large companies investing in virtual land with the hope that its value will increase over time. The Hong Kong office of Big Four accounting firm PwC, for example, acquired land in The Sandbox, one of many virtual worlds, back in December 2021 as a way to provide advisory services to clients; while in February, JP Morgan became the first bank to own metaverse land.

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