December 5, 2022

Meta Says Metaverse Could Contribute Over $3 Trillion to Global GDP by 2031

Meta

Meta

Meta Platforms Inc. said the metaverse could contribute more than $3 trillion to the global GDP by 2031, making it a promising economic opportunity, according to Investing Website.

In a press release, Meta referred to cities like Dubai, Seoul, and Vietnam as places that develop plans to maximize the rise of the metaverse trend, pointing out that the metaverse can be intensively used in sectors like training, education, and remote employment.

In this regard, Head of Fintech at Edward Bowles Meta Platforms pointed to the economic impact that the virtual space could do by contributing over $3 trillion to the global GDP by 2031.

Bowles highlighted interoperability and portability as key factors for making the metaverse successful at the economic level, adding these two factors should be backed by further adoption of web3 technologies.

“Understandably, policymakers are giving considerable attention to the application of blockchain technology in financial services, whether in the form of stablecoins, cryptocurrencies, or crypto exchanges, but it is important to recognize that blockchain also has extensive non-financial applications that can be foundational to the metaverse economy,” according to the press release.

It also said that non-financial blockchain-based assets like NFTs are in a pleasant position.

Meta further stressed that policymakers have to outline fair regulations for web 3.0 technologies. It asserted that these regulations should include adopting a technology-neutral approach, adding such decentralized systems can take part in unleashing new economic opportunities and accommodate cooperation between the public sector and metaverse businesses.

The company has already been undertaking various initiatives to help creators develop their businesses in the metaverse. The company announced several new features and tools across Facebook and Instagram for creators in 2022. The latest of these initiatives was the launch of the Meta House at Miami Art Week from December 1-3, showcasing mixed reality experiences, and live performances by Doja Cat and GloRilla.

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