Will the Metaverse Change Tomorrow’s Economy?

Meta Platforms CEO Mark Zuckerberg told CNBC’s Jim Cramer on Wednesday that the Metaverse could represent a “huge economy” in the second half of the decade.

Mark Zuckerberg told CNBC reporter Jim Cramer that a billion people are expected to enter the Metaverse in the second half of the decade alone. More than just a social network, the possibilities the Metaverse offers are far from limited to gaming and socialization. The CEO of Meta sees the opportunity for a large-scale economy where users invest hundreds of dollars in virtual assets for each of them. Is this view really realistic at a time when inflation continues to rise?

Zuckerberg is increasingly focusing his Metaverse on what he sees as the next generation of content, a virtual world where people can buy and sell digital goods for avatars that can interact with each other. Big brands like Nike, Adidas or even Dolce & Gabbana have started investing in the Metaverse to develop new collections there; it is also possible to buy virtual land or attend concerts. Several investigative agencies have investigated the matter and have come to the conclusion that all these activities $800 billion to Zuckerberg in 2024.

“We hope to reach about a billion people in the metaverse who spend hundreds of dollars buying digital goods, digital content, whether it’s clothing for their avatar or even digital goods for their virtual home”.

Mark Zuckerberg during his interview for the American television channel CNBC.

The Challenges of Targeted Advertising: From Guinea Pig to Consumer

There is, however, a problem: the Metaverse is seen by individuals as an entertainment platform. In a recent study published by McKinsey, 60% of surveyed consumers claim to want to use the Metaverse to entertaining, socializing and communicating with family and friends. A figure corroborated by another Productup study that claims: 60% of users are not interested in virtual shopping. This is explained on the one hand by the difficulty of letting go of the consumption methods of the past decades, but also by the current economic context that is not conducive to the consumption of virtual goods. This is not a concern for Mark Zuckerberg, for whom the alleged “socialization” of the platform is not a problem marketing argument like another, this is just a lurethe main aim is to let you consume.

Welcome to the Metaverse: A Virtual World Where consuming will no longer be a choice

“You need virtual clothes, virtual tools and a variety of experiences. Our goal is for this market to reach hundreds of billions of dollars

Mark Zuckerberg. CEO of Meta

To achieve this, Zuckerberg’s teams have planned everything, ads are displayed in 3D directly in your VR headset and will differ depending on your age, gender, etc. Meta goes even further and plans to use the Oculus helmets’ cameras originally planned to track the user’s gaze purely advertising purposes. The aim is therefore to understand through the scope of your gaze and your facial expression which advertising display has the more likely to get your attention to charge for this advertising as much as possible. These practices, while a clear ethical problem, are nonetheless patented and will be an integral part of the Metaverse. So a new era is dawning, a virtual world that will disrupt our economy and our consumption pattern.

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