A sizeable Metaverse total addressable market (TAM) of US$8.0tn, similar to US$8.3tn in the US: The first TAM (US$3.9tn) assumes "online migration"; the Metaverse will become the next-gen-eration platform to replace the mobile internet, including social / media / entertainment offerings with an immersive experience, high engagement, and e-commerce for goods and services with a high transaction conversion and more targeted marketing. The second incremental TAM (US$4.1tn) requires "offline disruption"; the Metaverse will further expand the mobile internet TAM by pene-trating into offline high-value consumer expenditure such as auto (meta test driving), real estate (meta show flat), and education (meta class/tour), as well as enterprise IT spending (meta office/meeting). Similar to the mobile internet, monetization is likely through adver-tising (US$0.02-0.08/hour currently) and commission on transac-tions (mostly <1% to 17% take rates currently).