Metaverse

Meta Tips the Metaverse to Boost Africa’s Economy by 30%

Meta Tips the Metaverse to Boost Africa’s Economy by 30%

  • The metaverse has been projected to add $40 billion to the Gross Domestic Products (GDP) of African countries in 10 years.
  • This is according to a study by Analysis Group (AG) titled, “The potential global economic impact of the Metaverse.”
  • The study was sponsored by Meta (Facebook).

A study by Analysis Group has predicted that the adoption of metaverse could increase the global gross domestic product (GDP) by 2.8%, adding $3 trillion to it in the next 10 years.

Metaverse

The study, which was commissioned by Meta, also projected an addition of $40 billion to the Gross Domestic Products (GDP) of Sub-Saharan Africa.

The publication titled “The potential global economic impact of the Metaverse.” partly reads:

“Our estimates are that the metaverse could add in Sub-Saharan Africa 1.8% contribution to regional GDP, or $40 billion.”

The GDP enjoying this sharp rise is, however, based on the Analysis Group expecting adoption for the metaverse to grow at the same rate that mobile technology did.

The researchers noted that the impact of the metaverse is expected to vary across sectors of the economy, regions, time, and people.

It predicts that if the metaverse is successful it will displace existing technologies and industries, like innovations before it.

Read also: Meta to Launch WhatsApp Cloud API for Businesses Globally

The metaverse, which is an expansive network of digital spaces, is considered the successor of the Internet by its maximalists.

Meta CEO, Mark Zuckerberg, described it as an “embodied internet” that will appear realistic to users as opposed to looking through a screen.

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