Bank of America Sees The Metaverse As An Excellent Opportunity And Has Big Plans For The Future

2021-12-02 17:11:23
The Potential of the Metaverse

According to Haim Israel, global strategist and managing director of research at Bank of America, the metaverse represents a unique opportunity to break on the crypto scene.

Moreover, Israel expects the metaverse to become the place where ‘we’re going to start using cryptocurrencies as currencies’.

I definitely believe this is a massive, massive opportunity… You need the right platforms… that is definitely going to be a big opportunity for this entire ecosystem.Haim Israel | Bank of America

In addition to this statement, the managing director also expects that nearly all traditional payment providers will very soon transition to crypto. This is if the metaverse proves as successful as the strategist from the Bank of America predicts.

I see a lot of collaboration between the two.Haim Israel | Bank of America

Yet, one major concern for the Bank is the volatility of the existing coins. Due to this attribute, the managing director of research predicts that the more volatile coins will dominate over any newcomers.

It is fair to say that ever since Facebook rebranded as Meta, the metaverse became an overnight sensation. This resulted in several hefty metaverse transactions and acquisitions.

 

Republic Realm, for example, paid $4.3 million for a digital property in The Sandbox metaverse. Decentraland is another metaverse platform, where recently a parcel of real estate was sold for $2.4 million.

And judging by the looks of it, this is just the beginning.

Trillion Dollar Industry

The news that the Bank of America will utilize on the metaverse is definitely something to be aware of. Especially since another banking giant, Morgan Stanley, reveals plans that the next big investment of the bank will be in the metaverse.

And, considering the Grayscale Investments report on the metaverse, it is very clear why big companies are fighting to enter this digital world.

That is because the metaverse current business value is estimated at a whopping $1 trillion. Hence, we expect to see a lot more of this news in the future.

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