Source: Fortune
Key Points
- The metaverse will be a massive opportunity for wealth and companies are already making moves to invest in it
- Digital spaces within an already infant metaverse are already being sold for massive amounts
The metaverse might still be in the early stages of development, but investor Cathie Wood says it will influence every corner of the economy.
CNBC Pro asked the big-name founder and CEO of Ark Invest on Wednesday if she agreed the metaverse could be a multi trillion-dollar opportunity, and she said that would rise to that level, and push far beyond “gaming and consumer goods,” according to Markets Insider.
“We’re going to have our digital twins, and it’s going to enable a lot of fun and a lot of efficiencies,” Wood said.
“It’s a big idea that will probably infiltrate – just like technology is, anyway – every sector in ways that we cannot even imagine right now,” she added.
Wood’s fund performed very well in 2020, thanks to stocks like Tesla, though it did sink about 7% on Friday, according to Business Insider.
While the metaverse is most well known for virtual gaming through online worlds like Fortnite or Roblox. But it is relatively new to mainstream culture, largely undefined, and has the potential to redefine how we assign value. This week, a piece of digital “land” was sold for $4.3 million. The virtual land, once owned by video game holding company Atari SA, now belongs to metaverse real estate investor Republic Realm. Last week, another piece of digital real estate sold for $2.4 million. The buyer, Metaverse Group, said they intended to use it to break into digital fashion, according to Markets Insider.