The Future of Economics in a Developing Metaverse

 

We as humans have made huge technological strides in the past decade. By the looks of things, we have set the bar high for ourselves and we're reaching for the stars, literally. Shown by the efforts made by pioneers such as Elon Musk.

 

In a completely different sphere is technology the concept of the metaverse. We will try to understand what it is and its implications, especially in the economic sector.

 

What Is the Metaverse?

Ever since its inception in 1883, the internet has continued to develop and in the process reach across the globe. As, of 2021, the number of users has exceeded 4 billion and this number will keep rising. After achieving this level of accessibility, what could be the next big thing for the internet?

 

Taking things to the next level will come in the form of a metaverse. By definition, it is going to be a cyberspace platform that works with both AR and VR to equip avatars to perform a wide range of activities online. Getting the metaverse up and running will undoubtedly require the efforts of all the big tech giants today as maintaining such a complex ecosystem will surely prove to be a difficult task.

 

Mark Zuckerberg, the CEO of Facebook has shown a lot of interest in this project and is currently working to set Facebook as the starting point for the metaverse. One such stride made by Facebook is the creation of a VR workspace for its Oculus virtual reality headset. Such small developments could potentially serve as a blueprint for the creation of a stable metaverse in the future.

 

Getting this technology to work efficiently requires a VR headset. Such hardware is expedited to be significantly cheaper in order for the metaverse to be globally accepted. Currently, Facebook is one of the biggest players in the development of headsets that could be used for this very purpose.

 

What Are the Economic Implications of the Metaverse?

An economic metaverse will be a platform that individuals can socially interact and perform various forms of trade. In this vein, many ordinary jobs will be transformed from what they are today and most of them will take place in virtual reality. One key feature of today’s economy is the level of education required to get a job in the industry.

 

Today, having a college education will put you at the forefront of getting a job in economics. In addition to this, having graduated from a highly prestigious educational establishment increases your odds even further? What's the significance of this in regards to the metaverse?

 

Isolated Network

Creating online communities might lead to the modification or complete abandonment of traditional economic practices. Other than being focused on educational credentials, business leaders can focus on building their teams solely based on their skills to work with and influence markets.

 

As a result, many individuals will have the ability to create an isolated or decentralized network that is free from the influence of larger companies as well as governments.

 

Every cyberspace community will consist of individuals who work virtually and each will have a personalized avatar to represent them. Like everything tech-related, this will start small but the number of members could potentially increase to the tens of thousands with each one having a significant role to place in the economic ecosystem. So what’s next?

 

Increasing Popularity

To get started, you will require crypto punks which are currently quite rare as a result, expensive. Initially, they were quite affordable but due to the growing popularity of decentralized networks can go as much as $50 thousand.

 

Prices are always fixed meaning they don’t rely on any external factors except a decision made directly by its owner. Therefore, in order to function in the metaverse, you will need a flag.

 

Each of these new spots will be created for new members in the metaverse and can be used to show their ranking or professional status. A blockchain network could offer avatars for sale as NFTs. Using these avatars on social media profiles could further increase the popularity of the blockchain making it even more valuable.

 

Summing Up

It is important to point out that a working metaverse is still an idea. We still have to advance in many other aspects of software and hardware developments to provide sufficient resources to sustain it. So we won't have to think about the complexities of the economy of a metaverse ecosystem for just yet.

 

Virtual and Augmented Realities are still in their infancy as technologies. However, making efforts to exclude AR and VR as niche tech would open doors for the ecosystem to be built and help people understand its practicality. Facebook is still working on making the metaverse a reality through their oculus product and other companies such as Microsoft are also working to get their share in the metaverse as well.

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