The metaverse, an emerging collection of three-dimensional virtual worlds, has the potential to significantly impact the future economy. As the metaverse continues to develop, it is expected to bring about various economic opportunities and benefits. Here are some key points to understand about the metaverse and its potential impact on the future economy:
- Definition of the Metaverse: The metaverse refers to a virtual environment where users can interact in real-time and share immersive experiences. It is often seen as a three-dimensional evolution of the internet, where users can access virtual worlds using virtual reality (VR) or augmented reality (AR) devices [2].
- Economic Potential: The metaverse holds significant economic potential. According to research conducted by economists at Analysis Group, if the metaverse were to grow similarly to mobile technology, it could add an estimated $3.01 trillion (2.8%) to the global economy after 10 years [3]. Additionally, it is projected that the benefits to the global economy could reach up to US$3.6 trillion per year in additional GDP by 2035 [1].
- Value Creation in the Metaverse: The metaverse offers opportunities for value creation in various sectors. It can enhance the market for goods and services through augmented reality (AR) and virtual reality (VR) applications. For example, AR can facilitate the selection, customization, and decoration of physical goods, while VR can deliver non-material aspects of goods and create appealing virtual environments for services [2].
- Transformation of Industries: The metaverse has the potential to transform industries such as gaming, entertainment, communication, education, and more. It can enable new forms of social connection, immersive experiences, virtual meetings, virtual field trips, and augmented training. Transportation and communication sectors could also be fundamentally transformed as more immersive experiences reduce the need for physical transportation [3].
- Investment and Development: Major companies, including gaming companies, big tech companies, and social media platforms, are investing significant resources in the development of the metaverse. For example, Facebook (now Meta) has invested over $10 billion in the metaverse, and other companies like Alphabet, NVIDIA, Microsoft, and Apple are also investing in virtual and augmented reality technologies [2].
The metaverse is still in its early stages, and its exact form is yet to be determined. However, it holds immense potential to shape the future economy by creating new economic opportunities, transforming industries, and revolutionizing the way people interact and experience virtual environments.
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