How Metaverse Will Affect Our Economy In The Next 10 Years

The term Metaverse is becoming more and more popular in the community these days, especially after Facebook announced that they would shift their focus to building a new digital universe of their own. Ever since other large organizations and companies are also starting to race into virtual space in the hope of getting a piece of that big pie.

However, how the Metaverse will affect the economy in real life and how they will build their own trading market in that virtual world is an entirely different matter that requires in-depth discussion. In this article, we will help you go through that matter with ease, so that you may find potential investment opportunities that could suit you well when the right time comes.

Metaverse will redefine the labor market

The covid pandemic in the past 2 years has dealt a heavy blow to the world economy, not excluding any country. To adapt to new living conditions, people’s way of working has also changed from working in an office to working partly or entirely remote. And when everything is returning to normal, that shift doesn’t seem to go back to the pre-pandemic, signalling a new era where people are getting used to doing all kinds of activities in cyberspace.

At the present time, the Internet has opened up the gate for developed countries to hire talented workforce abroad at a much cheaper cost than domestic labor, and vice versa, helping talented people from the 3rd-world get the chance to work for top companies globally. Now thanks to the involvement of the Metaverse, not only merely teleworking but also real-world physical objects like offices or colleagues (in the form of their avatars) and more will be gathered together at someplace inside the virtual reality, where they can interact with each other as if they were all in the same room in real life. This also opens up extraordinary opportunities that are not currently available such as instant transactions of cash or information without the need for an intermediary.

Educational opportunities

Imagine a world where a poor kid in an African village could get into a class at Harvard if he’s good enough, and if he has the suitable device to enter Virtual Reality — That is the future vision that Metaverse hopes will change the education industry someday. Similar to the scenario of a virtual office, the learning model at schools and colleges should be no different from the real world, only without the direct presence of physical subjects like classrooms, lecturers, equipment, labs, etc. Basically, anything that can be digitized will become non-physical, and so there will not be any gap in space or time any longer.

In fact, this has already begun to be applied to some other areas of society such as the healthcare industry, typically emerging projects like IVIRSE which are at the forefront of incorporating blockchain technology into the traditional healthcare process, promising to bring new reform to the world medical industry.

Source: ivirse.com

Being without being — that’s the motto that Metaverse is all about. Metaverse universities will not need to pay for infrastructure construction, facilities, rent locations or buy real estate. And by reducing such a large amount of maintenance costs, schools and colleges will be able to better focus on improving the quality of teaching and student learning experience, as well as raising teacher salaries significantly, contributing to the national economic growth in the end.

Infinite space opens up infinite capacity

The most obvious application that Metaverse offers is infinity in cyberspace. Most of our troubles in real life come from not having enough room for everything. For example, in the real estate industry, not enough land to build a house leads to overpricing and limited living space for families who cannot afford it. Or the over-crowded population density leads to traffic jams, thereby increasing the accident rate annually. With Metaverse, the amount of space that each person owns can become extremely large: a separate city, a separate continent, or even a separate planet. The endless human imagination takes us to the limits that seem to be only possible in sci-fi movies like Ready Player One or Guy. Larger space allows unlimited non-physical infrastructure to be built, thereby increasing the productivity of virtual factories and promoting the creation of visible surplus value in the real world. Ideally, if the Metaverse were to actually become a reality, global hunger would theoretically be solved within just a few weeks.

Overall economic growth

Basically, excluding rumors and hype, the Metaverse is a reflection of the real world. It will help people simulate existing places and social structures, thereby creating a separate virtual economy, but the values ​​created from it have a direct impact on the real world.

It’s hard to understand right now the potential opportunities in the Metaverse and how this economy will guide humanity for centuries to come. But one thing is for sure, for Metaverse, anything is possible.