Metaverse expected to add $3 trillion to global economy in 10 years

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With almost every major company under the sun looking to get into The Metaverse, many can see how companies will force users into the virtual world. As so many companies are hopping on the virtual bandwagon, economics experts are predicting that a lot of money is soon to be made. 

How much will The Metaverse make? 

Reported by EuroNews, a multitude of studies have been conducted across the world to determine how much money The Metaverse will add to worldwide economies. 

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Across Europe, extensive Metaverse projects are expected to bring in a total of $440 billion to the region’s economy. This would be a contribution percentage of 1.7 percent. If mass adoption began this year, that percentage would rise to 2.8 percent. 

Canada was less well off than that. While not gigantically lower in percentage, the region’s projected 0.9 percent contribution only equates to around $20 billion.

Additionally, Asia-Pacific regions are expected to see a 2.3 percent contribution from Metaverse projects, bringing in $1.04 trillion. This is the largest projected gain from the technological trend. 

With other regions also benefiting from the technology’s contribution to GDP, global projects claim that around $3 trillion will be funnelled into global income from this tech. 

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How will The Metaverse make money? 

Just like any platform, The Metaverse will be selling a product. However, due to its mixed reality nature, Metaverses sell both physical and digital products. 

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For example: Meta, once Facebook, sells Oculus Quest headsets to enter its Metaverse platform Horizon Worlds. Additionally, within Horizon Worlds, digital items can be sold where Meta takes a 50% commission

Other platforms will likely follow this same trend. Companies such as Apple are already working on virtual, augmented and mixed reality headsets to take advantage of the ongoing trend. 

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Will it be successful? 

Of course, it’s not yet known if the Metaverse will be successful. Virtual reality platforms may be good for games, but how many people want to spend all of their time socialising inside a headset? 

With Augmented Reality, access to the virtual world will certainly become more comfortable. However, it will come at the cost of full virtual immersion.