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Metaverse Economy Might Become Bigger Than Real Life

Many people’s imaginations have been piqued by the creation of virtual worlds since the advent of the internet. Creating virtual worlds is not a new concept. The phrase “metaverse” was first used in 1992. Following the recent achievements in constructing metaverses by Silicon Valley’s titans, the attention on the virtual world exploded. Facebook has rebranded as Meta, while Microsoft has announced the creation of a metaverse for virtual office solutions. Not to mention the gamified metaverses that have been around for decades, such as Roblox and Second Life.

The metaverse is without a doubt the next big thing. Metaverse, as a combination of many technological features such as virtual reality and augmented reality, has the potential to transform the entire internet interface.

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However, what effect will it have on both real and virtual lives? Sébastien Borget, co-founder and COO of community-driven metaverse The Sandbox, discusses how virtual worlds may help the economy in an exclusive interview with DailyCoin.

In the physical world, the economy is generated by the circulation of valuable commodities and services, as well as the management of resources. The same processes occur in the virtual world, and blockchain technology allows them to thrive:

“In the metaverse, we can have a digital economy which is based on the production and the sale of digital goods, the assets such as NFTs and digital services such as creating, animating, selling, promoting, curating, discovering, etc.

As soon as someone is ready to pay for the time you’re willing to spend to do the service in exchange, and they see value for it then – Bingo, you have an economy,” explains Borget.

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The creation and selling of virtual goods have an economic impact by spawning millions of new creative jobs. Virtual architects, fashion designers, game and housing designers, real estate agents, player instructors, and many other entirely new vocations will be required to populate the virtual world and create virtual experiences.

“These jobs can be paid, they can hold value, and they contribute back to the overall value of the space, where those people are interacting. It’s almost like a new country, a new nation, where the entrepreneur gets rewarded for what they produce,” says Borget.