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Study indicates that metaverse can add 3 trillion dollars to world GDP in ten years

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The metaverse could add $3 trillion to the world’s Gross Domestic Product (GDP) a decade after its adoption, according to a study released Monday, which also calculated that the contribution in Latin America would be $320 billion.

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The study, conducted by the US firm Analysis Group, specializing in economic reports, compared the impact of metaverse technology, an immersive three-dimensional virtual environment shared between users via the Internet, with that of mobile phones on the economy.

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A decade after the adoption of the metaverse for commercial applications, this technology could add 2.8% growth to the global economy, meaning that if it started this year, by 2031 the contribution would amount to $3 trillion.

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Analysis Group explained that, like mobile phones, the metaverse would transform many sectors of the economy such as education, health, industrial manufacturing, communications, entertainment and commerce.

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The report divides the economic impact by region and indicates that the most benefited by the implementation of the metaverse would be the Asia-Pacific area, where the contribution to regional GDP would amount to 1.04 trillion dollars by 2031.

In the United States, the economy would add 560,000 million dollars, while in Europe the figure would rise to 360,000 million.

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Next are the Middle East, North Africa and Turkey, with an impact valued at 360,000 million dollars, followed by Latin America, with 320,000 million; India, with 240,000 million; Sub-Saharan Africa, with 40,000 million, and Canada with 20,000 million dollars.

Although it is still a technology in development, a study by the consulting firm Gartner predicted that by 2026, a quarter of the world’s population will spend at least one hour a day in the metaverse to work, shop, study or simply for entertainment.

The metaverse is being powered by big companies like Meta, the parent company of Facebook. In 2021, Meta spent $10 billion on its Reality Labs division, tasked with developing the metaverse project.

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Sports companies such as Adidas, Nike and Under Armor have also announced projects related to the metaverse.

For its part, the Spanish company Telefónica announced in March a call to search for emerging companies focused on the use of the metaverse. Telefónica also said that it is collaborating with Meta in the development of this technology. (I)

Source: Eluniverso

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