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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

Citi Expects a $13 Trillion Metaverse by 2030

Cameron Murphy

Apr 01, 2022 09:51


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According to Citi researchers, the Web3 economy would be worth $13 trillion by 2030.


The positive view is bolstered by increased access to host use cases like commerce, art, media, advertising, healthcare, and social cooperation.


To achieve the estimated five billion Metaverse users, significant infrastructure expenditure is required.


The market's view of the Metaverse has shifted even more positively. The Metaverse is attracting more mainstream players. According to trademark registration files, there has been a significant growth in virtual involvement.


Metaverse-related news has been a primary driver of price action in the broader crypto market. In response to Metaverse-related news updates on Metapolis, Zilliqa (ZIL) has increased by more than 100 percent this week. Zilliqa is the company behind Metapolis.


Banks have become particularly bullish on their Metaverse estimates as a result of the increasing activity and limitless possibilities.

Forecast: $13 Trillion Metaverse, 5 Billion Users

On Thursday, Citi issued a bullish appraisal of Web3.


According to an expert report, the Metaverse will be the next version of the internet, seamlessly linking the digital and physical worlds.


Two projections were made in the report:


Metaverse usage is confined to VR/AR headset users under this definition. Analysts believe that there will be 900 million to one billion users by 2030, with a total addressable market of between $1 trillion and $2 trillion.


The Metaverse has unique internet users, hence this is a broad description. Analysts believe that there will be 5 billion users by 2030, with a total addressable market of $8 trillion to $13 trillion.


Citi sees gaming as the most common Metaverse application. Analysts predict that the Metaverse will spread, allowing people to discover new ways to carry out routine tasks.


'In the next few years, internal collaboration, client interaction, sales and marketing, advertising, events and conferences, engineering and design, and workforce training will likely be among the Metaverse's enterprise use cases.'


The paper did point out that the internet infrastructure is insufficient for 'creating a fully-immersive content streaming Metaverse environment' in its current state.


Integration of the Metaverse with the real world will necessitate a significant expenditure. Low latency is seen as a vital component in offering a satisfactory user experience.


The paper emphasizes the necessity for sub-12ms latency and better network rates for a completely immersive Metaverse experience.


NFTs will likewise play an important role in the Metaverse. NFTs can be stored in digital wallets and carried around the Metaverse by users.

Big Names Support Citi's Outlook in the Metaverse

Since the beginning of the year, mainstream interest in Web3 has increased dramatically. Corporations from a variety of industries have entered the Metaverse or applied for Metaverse-related trademarks.


McDonald's entered the Metaverse in February, providing fans with a virtual experience to commemorate the Lunar New Year.


The Sandbox (SAND) was purchased by Warner Music Group, and the fashion sector is likewise turning virtual.


Decentraland (MANA) had a four-day fashion week last week, with significant personalities in the industry in attendance.


Web3 has been adopted by sport as well. Tennis Australia went virtual for the Australian Open in January. Melbourne Park was made virtual for fans via the Metaverse.


JPMorgan had seen increased activity early this year.

JPMorgan Buys Land for $1 Trillion Metaverse

JPMorgan bought land in Decentraland in February, putting its money where its mouth was. The American investment bank is optimistic on the Metaverse, predicting a market worth $1 trillion.


JPMorgan spoke on the Metaverse's unlimited possibilities, which include everything from virtual workspaces to music artists holding concerts. As a result of these potential, the bank expects a wide range of businesses to enter the Metaverse.


JP Morgan drew attention to a number of concerns that need to be addressed. These activities range from taxation to policing.


The more bullish estimates will likely have a cascade effect as more industries enter the Metaverse, speeding up infrastructure investment and mainstream acceptance.

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