The CEO of Ark Invest believes the metaverse will be a multibillion-dollar market.

Cathie Wood, CEO of Ark Investment Management, believes the metaverse has the potential to become a multitrillion-dollar industry. “It’s a big idea that will probably infiltrate… every sector in ways we can’t even imagine right now,” she added.

Cathie Wood, CEO of Ark Investment Management (Ark Invest), predicted the metaverse in an interview with CNBC. She described the metaverse as a multitrillion-dollar potential that will affect every sector of the economy.

According to Ark Invest’s CEO:

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 received a lot of attention after Facebook changed its name to Meta.

Wood was asked if she believes the metaverse has the potential to become a multitrillion-dollar business. “We do,” she simply said.

The CEO of Ark Invest stated that the metaverse would expand significantly beyond its current concentration on games and consumer products, elaborating:

We’re going to have our digital twins, and it’s going to enable a lot of fun and a lot of efficiencies.

According to Grayscale Investments, “the market opportunity for bringing the metaverse to life may be worth over $1 trillion in yearly revenue and may compete with Web 2.0 businesses worth $15 trillion in market value today.”

Last week, a strategist at Bank of America stated that the metaverse is a big potential in which cryptocurrencies would be extensively utilized as currencies.

Some people, however, are doubtful of the metaverse. They emphasized that individuals have been playing virtual world games for years, highlighting that the concept is far from innovative. Last Thursday, Raj Gokal, co-founder of Solana Labs, tweeted, “I worry that the metaverse is overhyped“. I haven’t seen this much hype  in the mainstream media over an unreleased product or category of products.”

Patrick

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