A trillion dollar opportunity in building the metaverse

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dated: 2022-11-20 08:16:29 .

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We can’t really discuss building the metaverse without addressing the trillion dollar opportunity that exists.

The Internet as we know it consists of a limited number of centralized platforms that control most traffic and user data. These platforms are designed to increase ad revenue, which puts them in constant conflict with users who are considered commodities for sale.

Of course, as we mentioned before, with the help of platforms like Meta, Metaverse has presented itself as a unique solution to the problem of low online storage space. While this is a good start, it is only a fraction of what is possible.

Metaverse has the potential to become a trillion-dollar industry because it solves the problem of scarcity in a way that no other technology has before. In this article, we will take a close look at the enormous economic opportunities that exist in building a metaverse.

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Internet Today: What is the problem of scarcity?

To understand the possibility that exists in the construction of the metaverse, it is first necessary to understand the problem of scarcity. 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 products.

The most obvious place to list your product would be Amazon. However, listing requires creating an account and paying a listing fee. It may not be immediately apparent what is wrong with this process. After all, if you want to put your product on Amazon, don’t you have to pay?

The problem with this system is that it creates a barrier to entry for new companies and entrepreneurs. To list more products on Amazon, you need to have money.

This may not seem like a big deal, but it actually has a very negative effect on the economy. When there are barriers to entry for new businesses, innovation and entrepreneurship are hindered. This is because the only businesses that can list their products on Amazon are those that already have funding.

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 afford the listing fee. Instead, list your product on eBay. However, many potential buyers don’t think to look for your product on eBay because they don’t think to look 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.

Metaverse and the problem of scarcity

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 the opportunity can benefit from it. This includes artists, musicians, freelancers and other creatives who can share their work with a much wider audience. This is a very different model than what we have today, where a few centralized platforms control most traffic and user data.

Metaverse is also designed for efficiency. This means that no space is wasted and everything is designed for use. This is in stark contrast to the current Internet, which is full of unused or underutilized disk space. Finally, Metaverse is designed to be accessible to everyone. Everyone in the world can build something in it.

The combination of these three factors – no barriers to entry, efficiency and affordability – makes Metaverse the perfect solution to the shortage problem.

The possibilities of building a metaverse are enormous. The potential market size is in the trillions of dollars, and the possibilities are endless. Some important reasons are:

  • Metaverse solves the problem of scarcity in a way that no other technology has before. This is a fundamental change that will have a huge impact on the economy.
  • Metaverse is still in the early stages of development. This means there is a great opportunity for early adopters to get involved and build something big.
  • Metaverse has the potential to become the platform for the next generation of the Internet. This would mean a big change in the way the Internet is used and would create a whole range of new possibilities.

The current internet is used by billions of people around the world. It makes up 3.4% of the economies of large countries and accounts for 70% of world GDP.

The metaverse has the potential to be much bigger. It can become the platform for the next generation of the Internet and have a global economy of $30 trillion or more. This growth comes from new applications and experiences that build on Metaverse.

Some of the most important uses of metaverse are:

  • E-commerce: Metaverse will enable companies to sell products and services in a virtual environment. This will enable companies to reach the global market and create new types of experiences for their customers.
  • Entertainment: Metaverse will offer 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: 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.
  • Education: 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 early days. Now is the time to get involved and build something big.

Daniel Saito is the CEO and co-founder of StrongNode.

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Source: venturebeat.com

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