Economics in Metaverse: A little over a year ago, we announced our plans for the metaverse, a future iteration of the internet focused on the seamless integration of various media. Since then, we’ve discussed some additional preliminary ideas about the metaverse’s potential benefits,
The significance of constructing it in an open and interoperable fashion, and the critical need for cooperation between the private sector, lawmakers, civil society, academia, and the various groups of people who will experience it.
We also collaborated with like-minded groups to form the Metaverse Standards Forum, an industry-wide initiative to provide a foundation of open standards for the future of the metaverse.
When we consider how the digital revolution has altered our lives over the last three decades, it becomes apparent that the metaverse offers a potential new economic battleground.
It has been speculated that by 2031, the global metaverse would have contributed more than $3 trillion to the world economy. Dubai, Seoul, and Taiwan are just a few of the locations making strides in their ambitions to take advantage of the metaverse.
Outcome
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The metaverse offers a promising new field of business opportunity, with the potential to increase global GDP by more than $3 trillion by 2031.
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It also gives decision-makers the chance to establish just regulations for web3 technologies that safeguard users’ security and foster innovation.
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These regulations need to take a technology-neutral stance, value decentralised systems, and encourage more cooperation between the public and private sectors.
And new opportunities are emerging in a wide variety of industries, including education, training, remote work, and more; as well as opportunities for creators to make new forms of art and entertainment, build more direct and profitable relationships with their audiences, and engage with more people in ways that go beyond the limitations of current technology.
Importantly, the continued acceptance of web3 technologies will fuel the two critical components for making the metaverse a commercial success: interoperability and portability.
While it is understandable that regulators are focusing heavily on the use of blockchain in financial services (such as stablecoins, cryptocurrencies, and crypto exchanges), it is essential to remember that blockchain also has numerous non-financial applications that can serve as a bedrock for the metaverse economy.
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Non-financial blockchain-based assets, like non-fungible tokens (NFTs), are poised to create ownership of digital things in the metaverse and allow users to traverse experiences and worlds in ways that platforms do not now support.
Setting fair standards for web3 technologies that keep people safe and stimulate innovation is crucial for policymakers to do to properly grow the metaverse economy and guarantee its breakthroughs benefit as many people, companies, and artists as possible.
These Rules at their Heart, Should:
- Take the “same risks, same rules” approach that is agnostic to specific technologies.
- Admit that distributed systems may help usher in a wave of new financial possibilities by promoting creativity, rivalry, interoperability, and the ability to take one’s ownership and identity with one everywhere one go.
- Any future regulatory frameworks must include more public-private cooperation as their cornerstone.
In this study, we go further into these three guiding concepts. With the help of businesses and government officials, we can’t wait to keep constructing the metaverse.
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