The concept of the Metaverse originated from the science fiction novel "Snow Crash" by American author Neal Stephenson, published in 1992. "Meta" means "beyond" or "transcending," combined with "Universe," forming the term "Metaverse." Simply put, Metaverse is a virtual space that can mirror the real world while existing independently from it. However, the most exciting aspect of the Metaverse lies not only in its technological construction but also in its potential to revolutionize our existing social interactions.
However, according to CoinGecko's report analyzing five popular Metaverse games, namely Otherdeed for Otherside, The Sandbox, Decentraland, Somnium Space, and Voxels Metaverse, Metaverse land prices have fallen to a range of 0.37 ETH to 1.09 ETH. This means that currently, the most expensive mainstream Metaverse land is only priced at 1.09 ETH, with Voxels experiencing the largest price drop of up to 93%.
Furthermore, tech giant Meta (formerly Facebook) has recently initiated the largest layoff in its history. Meta's CEO, Mark Zuckerberg, confirmed the scale of the overall layoffs in an open letter, announcing a reduction of 11,000 employees, which accounts for approximately 13% of the workforce. This downsizing signifies a significant setback for the development of the Metaverse in the real world.
Nevertheless, the Metaverse encompasses emerging technologies, making it challenging to accurately estimate the scale and value of this economic opportunity. However, despite variations in estimates, all projections indicate that the economic potential of the Metaverse on a global scale is immense. Analysts estimate that by 2031, it will contribute $30 trillion to the global GDP.
As an example, a research report titled "The Metaverse and Its Potential for the United States" by Meta suggests that by 2035, the contribution of AR/VR Metaverse to the US GDP will reach $760 billion, accounting for approximately 2.4%.
Additionally, during a recent product launch event, Apple officially unveiled its first-ever MR (Mixed Reality) head-mounted device, a groundbreaking product that will shape Apple's destiny for the next five years since the introduction of AirPods in 2016. The Metaverse remains a track that tech giants can't afford to ignore.
The complete realization of the Metaverse will likely take at least a decade, during which time underlying infrastructure and artificial intelligence may undergo iterative improvements. The industry will benefit from positive long-term trends, resulting in profit growth higher than the average level over the next ten years. In the future, the Metaverse will become a prime ground filled with opportunities and foster inclusive development. Brands and tech companies dedicated to building an inclusive Metaverse will have more chances and a wealth of activities to explore.
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