The Economics of Metaverse

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Mark Zuckerberg recently announced that the name of his company is changed to Meta. The main reason why he changed the company name is because it will operate within the Metaverse. This news received a lot of media attention. However, they missed out the most important part of this story. That’s because they were just focusing on the name change. They ignored the new technological trend that will come along with Metaverse to change the world that we live in. While keeping that in mind, let’s deep dive and explore how Metaverse will change world economy.

What is Metaverse?

Metaverse, which is also known as X-Verse or Meta-World, will bring the newest world of augmented reality and virtual reality. This will eventually replace the internet that we use as of now. According to tech gurus, this will create a major impact on the lives of people living all around the world. That’s because Metaverse will introduce a spatial internet instead of internet that we use as of now. It will also affect the world economy and work that we do.

What can we expect from Metaverse?

It is important to keep in mind that there are multiple internet companies who are working along with new Meta concept. They include Sony, Microsoft, Apple, and Google. All of them are working at their maximum capacity in order to create a digital multi-dimensional universe. Therefore, we will not just be able to experience a single Metaverse. Instead, w will have to experience thousands or even millions of Metaverse worlds in the future. They will be replacing the websites that we are accessing in our day to day lives.

You will have all the freedom to create a Meta World on your own. Then you can invite another person to come and sit down in your living room virtually. Or else, you will be able to do work digitally together from an office, or any other place of your choice. You can do all this with the help of eyeglasses.

As of now, you can see how a simple technology is available with heavy goggles. However, using heavy goggles is quite inconvenient. Metaverse will replace those heavy goggles with fashionable glasses. In the long run, these glasses will even be replaced with chips positioned within our heads.

How does Metaverse create an impact on economy

Along with the introduction of Metaverse, economy will move from physical world to digital world. However, the concepts that you learnt from economics tuition will not change a lot.  We will be able to attend digital conferences in the future. On the other hand, you can take part in virtual gala dinners from the comfort of your home. However, you will be dressed in digital clothes. Luxury clothing companies that exist out there would start to sell their accessories and dresses online.

We can also expect Metaverse to contribute towards the production of digital elements, which we can use in the Meta world. These digital elements would further widen technological gap that exist in between rich countries and poor countries out there in the world. For example, the rich companies who are equipped with top-notch digital infrastructure will be able to receive the most benefits.

Along with Metaverse, you will also be able to get into meta-world manufacturing. For example, an engineer coming from Germany will be able to work with factory workers in Mexico and work on repairing a broken machine. Likewise, we can see how the Meta world will contribute towards the development of numerous virtual products such as digital clothing.

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