More

    What is the metaverse economy

    Published on:

    Economic insecurity in the metaverse

    Last year, the world learned the term “metaverse” to describe what happens when the lines between the real world and the internet blur. In theory, most people are scratching their heads about this concept. But what do we do within and with this metaverse?

    First mentioned in Neal Stephenson's 1992 science fiction novel snow crash, the Metaverse is basically an online world where you can go to school, go to work, play games, see concerts, and go shopping without leaving your home. It's two-dimensional text and images on the Internet brought to life like a mirror world. matrix.

    The first frontier, virtual reality headsets that visually transport people to different worlds, was achieved several years ago. Since then, attempts have been made to fill the Metaverse with all the senses and make it “livable” in all its glory.A few startups are working on integrated scent; Tactile gloves allow the wearer to touch and feel things.there is lickable tv Prototypes and different technologies Electrodes are used on knives Recreates sour, sweet, salty, or bitter sensations in the mouth.

    However, in most cases, the metaverse that has been imagined and exploited until now is not yet widespread. There are too many questions and not enough answers: what will the policies and governance be like? How will children be protected? What are virtual shoes really worth? Getting those answers will take time and money.Expert divided in the middle On whether fully immersive virtual worlds are possible.

    So is it worth investing in this massive virtual economy? Grab your headset and enter.


    Expressed in numbers

    2.8%: The Metaverse's contribution to global GDP over 10 years, forecast for May 2022 by Analysis Group (research firm contracted with Meta)

    $40 billion: How much will the Metaverse impact Sub-Saharan Africa's GDP in 10 years, according to Analysis Group

    238,000: Kaira, India's first Metaverse influencer, has amassed a following on Instagram. His internet personality, created by TopSocial, has brand deals with headphone manufacturer boAt, Chinese smartphone company Realme, TV channel His Colors, and more.

    $25: Catriona Campbell, one of the UK's leading AI experts, estimates how much it will cost per month to raise a “virtual child” in 2070.

    77%: In the first quarter of 2023, there will be less funding for metaverse startups (virtual reality (VR), augmented reality (AR), and virtual world industry companies) compared to the same period two years ago.

    $3,499: Apple's Vision Pro headset costs $999 price tag For the top model Metaquest


    price is incorrect

    Metaverse isn't cheap

    Meta initially led Metaverse negotiations, but other large companies microsoftchipmakers Nvidia, Amazon and Disney will soon I myself am making a big bet on that possibility.starbucks and Nike I jumped on the bandwagon. The one thing all these companies had in common with their Metaverse hype: money to burn.

    But all those dollars didn't pay off. Meta (formerly Facebook), the largest company in the sector, has not yet tipped the economic balance. In fact, far from it. literally, renamed It costs money to demonstrate commitment to a cause, and therefore losses are mounting. Since its founding in 2019, his Reality Labs division of the company has Over $46.5 billion. Meta warned investors to expect the situation to: it gets worse before it gets better.

    Some companies are now trying to pivot their virtual world dreams to AI. Google trains language models at scale. Improve your search. Microsoft is betting $13 billion on OpenAI to improve search, and it's likely to see an early return on its AI investment.Sales of AI integration Across Microsoft Office's entire suite of apps.Disney is Establish an AI special committee To explore how this technology can save huge costs of entertainment. Mr. Zuckerberg, the head of meta, explicitly stated AI will be the company's “biggest investment area in 2024” in both engineering and computing. May I suggest a new name: “Chatbook”?


    A brief (recent) history of reversing metaverse bets

    January 2023: Microsoft has closed its virtual workspace AltSpaceVR.

    February 2023: After just four months, Microsoft shut down its Industrial Metaverse project and laid off 100 people. The company also reduced the number of people on its VR headset HoloLens team.

    Also in February 2023: Chinese internet giant Tencent has abandoned plans to develop VR hardware as a mature market looks years away.

    March 2023: Meta is “year of efficiency

    Also in March 2023: Walmart has shut down a six-month-old branded space called Universe of Play within the gaming industry Roblox.

    March 2023, again: Disney will discontinue its 50-person Metaverse team.

    June 2023: Google has discontinued Project Iris for its AR glasses, choosing instead to focus on AR software.


    Quotable

    “The Metaverse is experiencing winter, but we don't yet know how long that cold will last. The hype is based on the technology's capabilities, interest from both enterprise and consumer customers, and the overall maturity of the market. It far exceeded the reality of… We think there will be something like a metaverse in the future, a 3D experience layer on the internet.”— JP Gownder, vice president and principal analyst on Forrester's Future of Work team


    pop quiz

    Once upon a time, Meta-nee Facebook…

    A. Review sites like Yelp about campus dining and food.

    B. A popularity voting site where two student ID photos compete.

    C. Pet sitting services for professors.

    D. A chat room service for anonymous homework transactions.

    Scroll to the bottom to find the answer. No headset required.


    Fun fact!

    Last October, the global police organization Interpol announced its first ever Metaverse designed specifically for law enforcement agencies around the world. Its purpose is twofold. One is to define what acts are considered crimes in the virtual world, and the other is to protect human rights, as the Metaverse exists as a kind of mass surveillance tool.


    vote

    What do you actually use the Metaverse for?

    • Attended Beyoncé's concert in LA while in Laos
    • Buy land to build a house (but keep in mind that land in the Metaverse isn't cheap either)
    • Always raise children. The $25 per month cost is much more attractive than the $1,334 she needs on average for a real child.
    • Equip the cow with a headset and put it in a better environment to increase milk production. I know it sounds crazy, but what if I told you it's already done?

    please tell us Which scenario would you choose?.


    💬 Let's talk!

    In last week's poll, megatrend, 45% Some people said that climate change is the megatrend that will most impact human life in 2100. 37% Some people say that the most influential megatrend is AI. 18% He said the population would continue to age.

    🐤 Please tweet this!

    🤔 What did you think about today's email?

    💡 What should I stick to next?


    I wrote today's email Ananya Bhattacharya (I hope it doesn't all turn out to be a meta curse), Editor morgan hefner (I prefer written poetry).

    The correct answer to the questionnaire is B. In 2003, while a student at Harvard University, Mark Zuckerberg Launched Facebook, then called FaceMash—as an online service for students to judge the attractiveness of other students.

    Related

    Leave a Reply

    Please enter your comment!
    Please enter your name here