What is the metaverse economy and how it can explode in the coming years

What will we need to build the metaverse, that parallel and completely digital world that large corporations like Facebook or Microsoft are turning to develop?

This universe in the cloud based on augmented reality will require many resources, years and the collaboration of corporations from different sectors.

Creating a new world is developing the economy through goods and services that do not yet exist and, probably, inspiring the generation of new companies along the way.

Experts agree that a single company is unlikely to be able to build and maintain the cyberworld.

Bank of America includes the metaverse among the 14 technologies that are going to revolutionize our lives.

“The metaverse will comprise countless virtual worlds connected to each other and to the physical world,” write the experts in the recent “Bank of America Thematic Report: The 14 Technologies That Will Revolutionize Our Lives.”

“They will generate a robust economy that will span from work to leisure, while transforming long-established industries and markets such as finance and banking, retail and education, health and fitness, as well as adult entertainment.”

“At the end of the decade – in 2030 – we will spend more time in the metaverse than in” real life, “said American inventor Raymond Kurzweil, a pioneer in developing various technological advancements, and Google’s director of engineering since 2012.

Metaverses are not new. What is new is the amount of investment that is being allocated and the growing acceptance of digital assets among an increasingly digital-native population, “explains Benjamin Dean, director of digital assets at WisdomTree, an investment and analytics firm. .

In recent years, in industrialized countries, the majority of people (more than 50%) do not remember what life was like before the internet. This demographic shift will continue to occur, especially in countries where smartphones are ubiquitous and the population is younger, “says the WisdomTree expert.

“I called this process the virtualization of the world a decade ago,” Dean adds.

According to the explanation of Mark Zuckerberg himself, the founder of Facebook, in the digital universe that will be the metaverse “you can instantly teleport like a hologram to be in the office without having to travel, or to a concert with friends or to your parents’ room. to catch up. ”

But unlike today’s virtual reality, which is used primarily for video games, the metaverse is expected to encompass entertainment, games, concerts, movies, work, education, and more.

The singers Ariana Grande, Marshmello or the rapper Travis Scott have performed in the famous video game Fortnite, from Epic Games, in a demonstration of what the future of concerts in metaverse could be.

Up to 12.3 million players on the platform gathered in real time in April last year to witness the release of the song The Scotts that the rap superstar composed with fellow rapper Kid Cudi.

And Mickey Mouse himself seems ready to interact in the metaverse.

Walt Disney CEO Bob Chapek said the entertainment conglomerate is preparing to make the technological leap into a world of virtual reality in its theme parks.

Jhostin Bescanza

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