Analysis Group report says Metaverse Contribution to Global GDP could reportedly reach $3 Trillion in the next decade
According to the international economic firm, Metaverse could contribute $3 trillion, a 2.8% growth to global GDP, if it evolves in the same way as mobile technology in terms of adoption.
The Metaverse depicts a highly interactive 3-dimensional (3D) virtual world just like the real world, enabling users to trade lands and other digital assets using their personalized avatars. This virtual space is supported by development technologies such as mixed reality (MR), augmented reality (AR), and virtual reality (VR), all working in harmony to change the global technological and economic landscape.
In a recent report published by Analysis Group, the international economic consulting firm revealed that if the Metaverse were adopted with the same manner as mobile technology, its contribution to global GDP could hit $3 trillion in the next decade. Additionally, this would see the Metaverse technology impact the economies of Canada, Sub-saharan Africa, Europe, the Middle East, North Africa, Latin America, and India.
The economic potential of the Metaverse in heralding a new form of the digital economy is enormous. Several tech giants have identified these possibilities in the Metaverse and are currently heading into the space to explore it. Therefore, just like mobile technology, it is expected that the Metaverse will have extensive applications with the potential to transform broad economic sectors such as entertainment, communication, education, health care, etc.
The Metaverse now has sports brands enrolled in its space alongside other major industries. Recently, Nike started its sports shoe business in the Metaverse and opened a virtual store, “Nikeland,” in the game Roblox with its users, mostly teenagers. Furthermore, Nike and NFT brand “RTFKT” had earlier in April 2022 developed new NFT virtual sneakers.
The objective of the entry of these brands into the space is for them to build a virtual identity to enable them connect with a younger generation of consumers. As the adoption of the Metaverse by the global populace grows, the space is bound to achieve its immense potential.