Would you be shocked if I told you – referring to the global financial services firm Citi – that there will be a “metaverse population” of five billion people, with an economy of between eight and 13 trillion dollars by 2030? According to the company, “this is a broad definition of metaverse.”
Do you feel that this estimate is exaggerated? Perhaps, but you should know that the gross domestic product of the whole world in 2020 amounted to about 84.7 trillion dollars, and that the figure determined by experts for the Metaverse economy was made is by looking at the global GDP forecasts for 2030, and calculating the ratio The digital economy’s percentage of global GDP.
And if we take into account that the nature of money in the future economy will differ, and will largely include digital financial assets such as cryptocurrencies, NFT and other future blockchain projects, then the estimated figure for the Metaverse Economy 2030 will not be surprising not.
Still in doubt about the number? .. Well, let’s take the lowest and lowest available estimates, and go back to PwC International, IDC and New Zoo, as the three institutions estimated Metaverse’s revenue at about $ 500 billion in 2020 and will rise to $ 800 billion in 2024.
By 2030, Metaverse’s annual economic contribution will reach one trillion and a half trillion dollars. The number is still large and large, and this encourages us to ask: Will Metaverse change the global economy?
Whatever figures are available on the contribution of metaverse to the international economy and trade, the answer in short, yes metaverse will change the international economy and coping mechanisms.
But before we continue to explore those mechanisms by which metaviral drugs will change the stereotype of the international economy, let’s ask what are these metaverse?
If you like technology, you probably heard the word metaverse when Facebook founder Mark Zuckerberg announced that he was renaming his company “meta” to match his ambition to build metaverse.
In turn, dr. Aston Sam, a professor of computer science at the University of Glasgow, told Al-Eqtisadiah: “The word consists of two parts, the word death, which means non-existent, and the word virus, which in English means the world, and therefore it is a description of a virtual world that does not exist on the ground. In short it can be Consider the term as a description of the digital world similar to the Matrix movie.In this world you can be located where you want to be, without being physically present, and in this world users will interact with it have through a 3D environment, this virtual world is the future of the internet, and it will access it using virtual reality technologies VR and augmented reality AR.
If this is the concept of metaverse, how do business people see the future contribution of metaverse to the global economy.
According to the World Economic Forum, 71 percent of business people who take part in a survey in this regard believe that it will have a positive impact on business, while 42 percent consider it a “breakthrough” or “transformation” of the business world, as metaviruses are expected to infiltrate the business.In all economic sectors without exception in the coming years, amid Mark Zuckerberg’s assurance that it will represent the biggest business opportunity since the creation of the internet.
In turn, Kelly Nick, an economics researcher, explains how metaviruses will change the face of the world economy, while explaining to Al-Eqtisadiah that “almost 15 years ago, cloud storage programs made a significant shift in the economy. which led to an increase in the value of some companies and opened up economic prospects. ” New for a group of players, and for the companies that have seized the opportunity to change their growth trajectory forever. “
Nick added, “Metaverse similarly opens up new possibilities, as it will be in the ability of customers to explore sites and try new products without having to go to the store, there will be new business opportunities to explore. and it will be in the ability of companies from different physical locations to participate in a single market economy without trade barriers, and it will be There are whole exchanges and trading markets on Metaverse that are open to all. ”
But what can this virtual economy offer for the real economy?
In turn, Alison Hunter, the investment expert, believes that the picture is not yet complete, but there is no doubt that Metaverse will have its own production and service requirements, and will provide tremendous opportunities for people to hone their skills through education. and training, as it will be more in-depth and comprehensive than the resources currently available, and this training will lead to higher salaries for employees, and in many cases higher wages means higher taxes, and more opportunities for the growth of local economies. ”
Hunter added in his speech to Al-Eqtisadiah, saying: “Metaverse can significantly improve the idea of remote work, which has grown as a result of the Corona pandemic, and skilled workers can apply to fill jobs without leaving their jobs. countries, which means that workers generate money and direct it to their national economies, which contributes to its development, and Metaverse will enable remote work platforms to grow significantly, and users will be able to access their offices. and can communicate with colleagues, regardless of location, and this progress will significantly expand employment options, and the return on the labor market will be more positive.
But the most prominent areas that will particularly benefit Metaverse are the digital infrastructure. There is a need for major digital infrastructure projects to sustain and develop the Metaverse ecosystem, and perhaps the most attractive area for investment of be a data. perspective, as there is expected to be a huge global demand for large-scale data centers to hold the massive volume of data that will be generated in this system.
This will require electronic chip makers to meet this huge demand, as well as developers of computers and other devices, as the possibility of an alternative virtual world working 24 hours a day, seven days a week, and users can enter it anywhere and leave. time, can not function with the required efficiency without meeting the infrastructure of these needs.
Here he mentions to the “Economist” Morgan Bobosk, an economic researcher, that “the increasing bets by technology companies that there is a bright future for the Metaverse economy are pushing them to pump large investments on this technological scale, and this stems from the belief that the emerging virtual world will unleash money in the real world. “.
He added, “Of course everyone understands that this world will take a long time to build, but they bet that during the construction process it will require the manufacture and sale of devices that are suitable for its needs and the design of the necessary programs to world of Metaverse, and this is accompanied by the need to provide the Metaverse environment with a lot of goods, services and virtual advertising within the digital world. ” For technology leaders, Metaverse is emerging as a revolutionary change in digital interactions and commerce, which will have a profound impact on daily and economic life and new ways of trading and exchanging, offering new ways of shopping that will stimulate sales . ”
“It’s hard to grasp the sheer number of revenue-generating opportunities in Metaverse, but there’s no doubt that the world economy is growing steadily, and the best part is that in the virtual world there are no limits to growth,” Morgan concludes. off. Popocic.