The world is changing because the rapid development of NFT’s means that a true Metaverse can now be formed. The nations that will benefit the most from this digital economy are the nations that have traditionally been left behind. These nations will write the next chapter in the history of mankind.
The Metaverse can be considered a “digital economy.” It is a digital world of jobs, workers, consumers, policy makers, goods, services, lands, war and peace.
The current perception of the Metaverse can be viewed as escapism. The physical world has not been kind to all countries and people. The digital world is a borderless, economic equalizer. The incentive is there to develop a digital world if the physical world is impoverished.
Additionally, many individuals, like children and Japanese shut-ins, already live vicariously through the digital world. For these individuals, they may value the Metaverse more highly than you do.
For the Western world, the Metaverse is just a natural expansion of the current status quo. There will be more media, games, and content to consume as the digital world expands to allow all people in.
To sum up this section: The Metaverse is being developed by those who will benefit through it the most, although its benefits will be felt by all individuals.
There are several catalysts that will allow developing nations to rapidly create their metaverses including global high-speed internet, leap-frogging economic growth, and climate change. The incentive for extreme economic growth will drive them.
Global high-speed internet allows all people to connect to the network equally. Developments in low earth orbital satellites and 5G will show this to be correct. Africa, South America, and Southeast Asia stand a lot to gain through this.
Leap-frogging economic growth describes what I believe will occur in the aforementioned countries. One major benefit for developing nations is cloud computing and wireless technology. This technology allows infrastructure to expand with reduced use of physical cabling.
Instead of slogging through industrialization, these countries will be fast-tracked to modern data economies due to advanced computing infrastructures. There is an interesting idea here: if a developing nation uses cloud computing as their infrastructure… is the technical term for this not an “extrastructure”? Robotics and other advanced technology will allow workers to become very productive, very quickly.
Finally, climate change will be the hand that forces countries to adapt. People will be displaced and physical land will shrink, as digital land expands exponentially. Digital assets will be very tantalizing for displaced individuals because of their portability and permanence. If you build it, they will come.
To sum up this section: Developing nations will become leaders in creating the Metaverse. Necessity will lead to extreme economic growth.
Blockchain technology has already created lands and jobs. Before long, many people may prefer to live on these digital assets. NFT’s give certifiable scarcity and ownership for digital assets. This is such a simple statement, but it may be the most profound idea to come out of blockchain technology. I’ll say it again: The existence of NFT’s means that people can own digital assets, including land and goods.
Economics is the study of the allocation of scarce resources. Without scarcity, you cannot have an economy. In a legacy digital world, scarcity was hard to guarantee. Users could just copy and paste assets, infinitely. The introduction of NFT’s created scarce resources. A Metaverse economy can now be developed.
Videogames like Axie Infinity have true digital economies, not only because of their scarcity, but also their utility.
To sum up this section: NFT’s are required for the success of the Metaverse because there can be no economy without scarcity.
The development of the Metaverse is the next step for the humanities economic development. The world is continuing to go digital, and there is now a verifiable method for ownership and scarcity. For this reason, developing nations are incentivized to create their metaverses.
Thanks for reading.
What do you think about the metaverse? Who will be the architects of this metaverse?