Meta: Metaverse's Contribution to the Global Economy Donates Three Trillion Dollars by 2031

Metaverse will contribute profits to the global economy (photo: Meta)

JAKARTA - It has been more than a year since Meta introduced the metaverse as a new era of the internet built on an immersive and integrated experience.

Since then, Meta has shared some early thoughts around the benefits the metaverse would provide, the importance of building the metaverse in an open and interoperable way, and the vital need for collaboration between the private sector, lawmakers, civil society, academia, and diverse groups of people. who will experience it.

Meta considers that the metaverse can now reflect changes in all ways of life over the last three decades by the digital revolution. The Mark Zuckerberg-owned company also upholds that the metaverse presents promising new economic opportunities.

The global #metaverse economy is predicted to reach $3 trillion by 2031. We’re sharing thoughts on how policymakers should approach setting fair rules for #web3 technologies. Read more: https://t.co/c362r9uFuV

— Meta Newsroom (@MetaNewsroom) December 2, 2022

Meta predicts preliminary estimates suggest that the metaverse's contribution to the global economy could be worth more than $3 trillion by 2031, as many countries have put forward metaverse technologies such as Dubai, Seoul, and Taiwan.

"And there are new opportunities that have emerged in various industries, ranging from education, training, remote work, and more, as well as opportunities for creators to create new forms of art and entertainment," Meta wrote in a report shared on Twitter.

So far, Meta has seen that policymakers are only paying great attention to the application of blockchain technology in financial services, either in the form of stablecoins, cryptocurrencies, or crypto exchanges, without realizing that blockchains also have broad non-financial applications that could be the basis for the metaverse economy.

To build a metaverse economy responsibly and ensure its innovation benefits as many people, businesses, and content creators as possible, it is important for policymakers to set fair rules for web3 technology that keep people safe and promote innovation.

In essence, Meta claims that the regulation should:

1. Adopt a technology-neutral approach focused on “same risk, same rules”.
2. Recognize that decentralized systems play a role in unlocking new economic opportunities by fostering innovation, competition, interoperability, and the portability of ownership and identity.
3. Embrace greater collaboration between the public sector and industry as an important foundation for any future regulatory framework.