Check out the on-demand sessions from the Low-Code/No-Code Summit to learn how to successfully innovate and gain efficiency by improving and scaling citizen developers. look now.
We can’t really discuss building the metaverse without addressing the trillion dollar opportunity that exists in doing so.
The Internet as we know it consists of a limited number of centralized platforms that control the majority of user traffic and data. These platforms are designed around maximizing advertising revenue, which puts them in constant conflict with users, who are seen as commodities for sale.
Of course, as we have already mentioned, the metaverse presented itself with the help of platforms like Meta – as a unique solution to the problem of scarcity of online space. However, while that’s a good start, it’s only a fraction of what’s possible.
The metaverse has the potential to become a a trillion dollar industry because it solves the problem of scarcity in a way that no other technology has before. In this article, we’ll take a close look at the immense economic opportunity that exists in building the Metaverse.
Internet today: what is the problem of scarcity?
To understand the opportunity that exists in the construction of the metaverse, we must first understand the scarcity problem. This is best explained with a simple example. Let’s say you have a product that you want to sell online. To do this, you need to find a place to list your product.
The most obvious place to list your product would be on Amazon. However, registration requires creating an account and paying a registration fee. What is wrong with this process may not be immediately obvious. After all, if you want to list your product on Amazon, shouldn’t you pay?
The problem with this system is that it creates a barrier to entry for new businesses and entrepreneurs. To list multiple products on Amazon, you need to have money.
This may not seem like a big deal, but it actually has a very negative impact on the economy. When there are barriers to entry for new businesses, it stifles innovation and entrepreneurship. Indeed, the only companies that can list their products on Amazon are those that already have money.
This system also creates a lot of waste. Let’s say you have a product you want to sell, but you can’t list it on Amazon because you can’t pay the listing fee. So instead, you list your product on eBay. However, many potential customers don’t think to search for your product on eBay because they don’t think to search there.
As a result, your product never sells and you end up wasting a lot of time and money. This is just one example of how the current system creates waste.
The metaverse and the scarcity problem
The metaverse has the potential to solve the scarcity problem in a very fundamental way. It is a decentralized platform that is not controlled by any company or organization.
This means there are no barriers to entry and anyone can build whatever they want. People who would otherwise have had the opportunity can benefit. This includes artists, musicians, freelancers, and other creatives who can share their work with a much wider audience. This is a very different model from what we have today, where a few centralized platforms control the majority of user traffic and data.
The metaverse is also designed to be effective. This means there is no wasted space and everything is designed to be used. This is in stark contrast to today’s Internet, which is full of unused or underused space. Finally, the metaverse is designed to be accessible to everyone. Anyone in the world can build something there.
The combination of these three factors – no barriers to entry, efficiency, and accessibility – makes the Metaverse the perfect solution to the scarcity problem.
The opportunity to build the metaverse is vast. The potential market size is in the trillions of dollars and the opportunities are endless. Here are some key reasons:
- Metaverse solves the scarcity problem in a way that no other technology has before. This is a fundamental change that will have a huge impact on the economy.
- The metaverse is still in its early stages of development. This means there is a huge opportunity for pioneers to get involved and build something big.
- The Metaverse has the potential to become the Internet’s next generation platform. This would be a major change in the way the internet is used and create a whole new set of opportunities.
Today’s internet is used by billions of people around the world. It counts for 3.4% of the economies of the major countries which represent 70% of the world’s GDP.
The Metaverse has the potential to be much larger. It can become the platform for the next generation of the Internet and it could have a global economy of $30 trillion or more. This growth will come from new apps and experiences that are built on top of the metaverse.
Some of the most important applications of the metaverse will be:
- Electronic commerce: The metaverse will allow companies to sell products and services in a virtual environment. This will allow companies to reach a global market and create new types of experiences for their customers.
- Entertainment: The Metaverse will provide a new platform for entertainment experiences. This can include movies, games, and other types of content that can be experienced in a virtual environment.
- Social networks: The metaverse will allow people to connect with each other in a virtual environment. This could lead to the development of new social networks and the creation of new ways for people to interact with each other.
- Education: The Metaverse will provide a new platform for education and training. This could include courses, seminars, and other types of educational content that can be experienced in a virtual environment.
This is a trillion dollar opportunity and it’s still early days. Now is the time to get involved and build something big.
Daniel Saito is CEO and co-founder of Strong Node.
Welcome to the VentureBeat community!
DataDecisionMakers is where experts, including data technicians, can share data insights and innovations.
If you want to learn more about cutting-edge insights and up-to-date information, best practices, and the future of data and data technology, join us at DataDecisionMakers.
You might even consider contributing an article your own!