The Impact of the Metaverse on the Growing Global Economy

October 15, 2022

The next evolution of the internet is here, with countries and businesses across the globe investing in a virtual world. The metaverse is a digital world that not only connects the whole internet but completely changes how we interact with it. You can enter an alternative world where you can purchase real estate, attend trade exhibits and travel to your dream destination without needing to leave your house. The metaverse encompasses robotics, virtual reality and artificial intelligence, all while keeping in mind the value of human interaction. It constructs technologies so people can connect, interact in communities and grow their businesses.

Global Growth and Impact

The global accessibility to the metaverse can lead to endless future possibilities. Although the long-term impact might not yet be clear, the current impact is evident. Renowned companies are shifting their focus to the metaverse and executing strategies to help it develop.

Since the pandemic, there has been a shift in the workforce with an increase in remote or hybrid work. This shift leads to growth in the metaverse itself. Virtual client meetings, conferences, health appointments and education courses are all possibilities, thanks to the metaverse. The rise in cryptocurrencies and non-fungible tokens (NFTs) also has a positive impact on the metaverse market. Plus, the value of the metaverse is expected to grow at a compound annual growth rate (CAGR) of 40.4% from 2021 to 2030.

The Metaverse and the UAE

The UAE is dynamic and encompasses a strong vision for the future, with technology leading the way. In alignment with its vision, Dubai is at the forefront of innovation with its collaboration in the metaverse. Recently Sheikh Hamdan bin Mohammed Al Maktoum, crown prince of Dubai, announced a plan to boost the UAE’s involvement in the metaverse economy to roughly four million by 2030 with more than 40,000 virtual jobs. This will help the UAE drastically increase the number of blockchain companies.

The strategy aims to establish and contribute to global standards in security so users can interact with the platforms in a safe and regulated manner. As part of this ‘Gross Metaverse Product,’ individuals don’t need to be physically present to contribute to the economy and will include retail, real estate, education, tourism and the government.

The Positive Impact of the Metaverse

The metaverse will help economies and individuals in a variety of ways, including:

Revenue streams

The metaverse’s impact on the economy can open up a new avenue of revenue streams. It can also provide opportunities for companies to find solutions to use in the real world.

Global communities

Thanks to the metaverse, anyone can join a global community or build a space where they can sell or exchange their products with the world. Global collaboration will be possible in a new way and will impact the way we work and interact together.

Education, shopping & travel

The metaverse will open up a new world regarding the way we learn, shop and travel. Students can experience the concepts as part of their learning, making the information more applicable. You’ll be able to try on clothes and see the wonders of the world from the comfort of your couch.

The metaverse opens up doors for new possibilities. With countries like the UAE investing in this cyberspace, there are new opportunities for global growth and development of the metaverse.