Metaverse, a virtual, immersive, and persistent 3D space is ready to offer an outstanding virtual experience to humans. The idea has already secured its unbeatable position in the field of gaming, social interaction, and the commercial sector and is ready to skyrocket the global economy. Metaverse is still evolving and is expected to take the global economy to US$3.6 Trillion annually in additional GDP by 2035.
Let’s take a look at the potential of the metaverse and the extent to which the concept is going to pull the global economy.
What is Metaverse?
Metaverse is a term used to define a combination of the mixed reality and virtual world which can be accessed through a browser. The term was first coined by author Neal Stephenson in 1992 and opened for public use in 2003 to boom social interaction over the Internet. Currently, the platform has approximately 400 Million monthly active users exploring the idea using different metaverse platforms. Metaverse has 230 Million, 165 Million, and 85 Million users on Roblox, Minecraft, and Fortnite platforms respectively.
The platform includes games, virtual items, virtual currencies, and a wide range of products, allowing individuals to use all these items virtually. Apart from all these, the idea is ready to develop its strong positioning in the global economy.
Metaverse is already in the development phase and is predicted to benefit the global economy to reach approximately $3.6 Trillion GDP by 2035 end.
How Metaverse is Influencing the Global Economy?
Metaverse has a strong foot in the field of gaming, education, wellness, and commerce and is continuously attracting businesses to enter the virtual space. The technology is widely adopted and is generating more economic opportunities like new markets, advanced ways of working, and transformation of training and development.
A study carried out by economists at the international consulting firm analysis group represents that the expansion of Metaverse will be beneficial for the European Union (EU) and the United Kingdom (UK). However, the action will also benefit some other regions including Canada, Sub-Saharan Africa, North Africa, the Middle East, Asia, and Turkey, but the EU and UK as these regions are well positioned to harness the metaverse potentials.
Based on the study, virtual space will take the EU’s economy up to $440 Billion within 10 years. Also, every nation that started investing in technology on a large scale in 2022 is expected to hike by 2.8% to the world’s GDP by 2031. UAE in the race will reach around $8.8 to $16.7 Billion by the end of 2035.
The idea has the capability to transform or alter the current economic factors including industry specialization, employment, and infrastructure.
The virtual space is continuously moving towards driving creativity, innovation as well as generating economic opportunities across the world. From education, gaming, wellness, and commerce the idea is now ready to boom the global economy to US$3.6 Trillion annually by the end of 2035.