How the Metaverse Will Affect People's Lives and the Global Economy

How the Metaverse Will Affect People's Lives and the Global Economy
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How the Metaverse Will Affect People's Lives and the Global Economy
Introduction
The primary topic of research is how the metaverse will affect people's lives and the global economy. Metaverse is a concept of a network of virtual worlds focused on social links. Indeed, it stands out in a world full of fascinating technological innovations. Although the metaverse has only begun, many people and organizations pay close attention to it. There is a high likelihood that the metaverse will be more popular worldwide in the future. As a researcher and technology enthusiast, one is fascinated to learn more about the metaverse. The metaverse is a significant topic that can solve numerous problems that the world has or is facing due to the upcoming, unanticipated problems, such as the Covid-19 pandemic. In reality, coronavirus has significantly changed individuals' lives adversely. Some have lost their jobs, some have given up their studies, and others have even lost family members and friends to this deadly viral disease. A significant proportion of people are demotivated to engage in physical interactions due to the coronavirus pandemic. As such, when the idea of the metaverse might be the only solution for these issues and others that are likely to be experienced in the future. But some of the questions that one should answer include, what form will the metaverse appear? How will it impact the global economy? For example, with the metaverse, it would be possible for people to work at home using an agile technological environment. In addition, companies and government agencies can train individuals in specific positions using this technology. The paper aims to discuss how the metaverse will affect people's lives and the global economy.
Background on the Topic
Before doing this research, the metaverse concept was vague to an individual, and one did not understand how the technology works. The first time a person was introduced to the metaverse was when one learned about pixel painting. In particular, some people in China are already trading through pixel paintings in the non-fungible token (NFT) marketplace. Notably, it is a website in China where people can sell pixel painting and earn virtual currency. According to Kieron Allen, an Acceleration Economy Analyst, the metaverse will significantly affect the global economy and transform distributed labor, training opportunities, and digital infrastructure expansion in the future. In addition, it will support overall economic growth. Despite the challenges involved in implementing this new technology, it is evident that the metaverse will have significant impacts on the social, political, and economic sectors. However, the primary question to ask is whether the metaverse will adversely affect the actual economic system.
Literature Review
Specifically, it is critical to note that the metaverse is a significant technological innovation. Numerous organizations, individuals, and countries are ready to engage and invest in this technology that will likely change how people live and conduct business activities. In connection to this, the following literature reviews examine how the metaverse will impact the global economy and individuals' lives.
Allen (2022) argues that the metaverse significantly supports virtual reality, and it will be the dawn of distributed workforce, training opportunities, digital infrastructure expansion, and overall economic growth. Besides, almost everyone has seen how the Covid-19 pandemic affected the global economy due to the interconnection of countries' economies brought by the Internet. The web has made the world a global village and what happens in a particular country is likely to affect others. With the proper implementation of the metaverse, highly skilled and experienced individuals will be able to apply for employment positions without leaving their home country (Allen, 2022). In addition, metaverse users will manage to access their offices, conduct businesses, and interact with their colleagues and other stakeholders regardless of their geographical location. Virtual training programs will be available for people to advance their careers so that they can get higher wages.
A proper understanding of how the metaverse works is crucial to propelling this technology so that it can be beneficial to society. In addition, it is extremely complicated to comprehend the opportunities for creating revenue in the metaverse because the economy is yet to expand exponentially in the global market. Nevertheless, as the metaverse continues to grow and develop, specific essential sites can guide individuals so that they can engage and apply this technology optimally (Allen, 2022). On that note, it will be guaranteed that a person understands the advantages, innovations, and disadvantages that might result from this technology. Another research indicates that the metaverse offers evidence that the existence of humans is not usually limited to their physical world.
According to Vasilisin (2021), the metaverse facilitates a 3D immersive environment. In that light, users will be able to interact with friends, colleagues, business partners, physicians, and others using their virtual reality avatars, such as how it happens in video games. Vasilisin (2021) asserts that even though this technology is not perfect, it guarantees that everything is performed correctly and effectively in the long run. In addition, the author depicts that the metaverse will significantly affect three primary areas, namely the global economy, property, and the Internet. The metaverse will give people opportunities to contribute to the global economy, something that politicians have failed to achieve for many years. For instance, individuals will participate in the metaverse without being affected by issues such as racism, sexism, and prejudice. In addition, people will have a platform to showcase their talents and earn from them. The metaverse will likely involve 8 billion individuals in global affairs, which will positively improve the international gross domestic product (GDP) (Vasilisin, 2021). As such, the metaverse will promote equality, where all individuals would have the right to access and participate in the global economy.
According to Matthew Kanterman and Nathan Naidu, both analysts from the Bloomberg Intelligence Senior Industry, the metaverse is the next significant technology platform. Indeed, it will attract online game developers and other technology leaders who will be eligible to get a slice of the estimated $800 billion markets (Bloomberg Intelligence, 2021). Since the metaverse is the convergence of digital and physical realms in the next evolution of social and Internet networks using real-time 3D software, it is critical to observe it. Therefore, the metaverse presents a chance for social media companies and leading online entertainment to take advantage of the new streams of revenue (Bloomberg Intelligence, 2021). Consequently, the metaverse technology will open new opportunities to positively change how people live and do business.
Munster et al. (2018) argue that the metaverse will be monetized just like the Internet in the coming days, and more innovative techniques will be developed being influenced by the power of this technological innovation. The article asserts that currently, all business entities need a website and an outline or an online commercial strategy. Nevertheless, in the future, most of these entities will have employees who are dedicated to understanding the tactics of selling, advertising, or creating a product inside the metaverse. In addition, the authors emphasize that a new group of businesspeople will have the ability to develop and build the next huge technology entity because of a perfect economic organization developed inside the metaverse (Munster et al., 2018). Furthermore, Ratan et al. (2022) note that there are numerous strategies that professionals of the metaverse replicas will integrate with the physical world. Although such a scenario may get more complex as various technologies are being developed every day, it might propel the metaverse interaction with the physical world (Ratan et al., 2022). Although a better metaverse has not been created, scientific practicalities, for example, blockchain assets and cryptocurrency, have continued to be developed, creating a crucial platform for the emerging market and facilitating a universal computer-generated future.
Another significant thing to note is that the metaverse will create several job opportunities for those with appropriate technological skills. These jobs will encompass designers operating on monetizing gamers according to their abilities. Also, these designers will have the opportunity to work on gaming media daisies and NFT trades. Into the bargain, the researchers indicate that speculations surrounding the capitalist so...