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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 most of the traffic and user data. These platforms are designed to maximize advertising revenue, which is why they constantly come into conflict with users, who are seen as merchandise.
As we’ve already discussed, the metaverse has naturally presented itself using platforms like Meta – as a unique solution to the problem of scarce online space. While this is a good start, it’s only a fraction of what’s possible.
The metaverse has the potential to become a billion dollar industry because it solves the scarcity problem in a way that no other technology has done before. In this article, we’ll take a closer look at the huge economic opportunity that exists in building the metaverse.
The internet today: what is the scarcity problem?
To understand the possibility that exists in building the metaverse, it is first necessary to 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 is on Amazon. However, to advertise, you must create an account and pay a listing fee. It may not be immediately obvious what is wrong with this process. After all, if you want to list your product on Amazon, you don’t have to 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 companies, this hinders innovation and entrepreneurship. This is because 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 afford the listing fees. So instead you list your product on eBay. However, many potential customers don’t think about searching for your product on eBay because they don’t think about searching 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 managed by a single 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 than what we have today, where a few centralized platforms control most of the traffic and user data.
The metaverse is also designed to be efficient. This means there is no wasted space and everything is designed to be used. This is in stark contrast to the current 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 in it.
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 in building the metaverse is huge. The potential market size is in the trillions of dollars and the possibilities are endless. Some important reasons are:
- The metaverse solves the scarcity problem in a way that no other technology has done before. This is a fundamental shift that will have a huge impact on the economy.
- The metaverse is still in the early stages of development. This means there is a huge opportunity for early movers to get involved and build something big.
- The metaverse has the potential to become the platform for the next generation of the internet. This would be a major shift in the way the internet is used and would create a whole host of new opportunities.
Today’s internet is used by billions of people around the world. It pays off 3.4% of the economies of major countries that make up 70% of global GDP.
The metaverse has the potential to be much bigger. It can become the platform for the next generation of internet and it can have a global economy of $30 trillion or more. This growth will come from the new applications and experiences being built on top of the metaverse.
Some of the main uses of the metaverse include:
- Ecommerce: The metaverse allows businesses to sell products and services in a virtual environment. This allows 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 be movies, games and other types of content that can be experienced in a virtual environment.
- Social Networks: The metaverse allows 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 communicate with each other.
- Education: The metaverse will provide a new platform for education and training. These can be 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 CEO and co-founder of StrongNode.
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