Meta Stock (NASDAQ:META)
The company Meta Platforms Inc (NASDAQ:META) said on Friday in a press release that the metaverse presents a “promising new field of economic opportunity” and has the potential to contribute more than $3 trillion to the global GDP by the year 2031. As a result of this estimate, Meta stock surged.
Edward Bowles, the head of the fintech for Meta Platforms, noted in the news release that “early estimates show that the economic impact of the global metaverse might be valued at more than $3 trillion by 2031.”
Meta alluded to locations such as Dubai, Seoul, and Taiwan as cities developing plans to take advantage of the rise of the metaverse. In addition, Meta said that there are numerous prospects in sectors, including education, training, and remote employment. Meta also noted the expansion of producers’ access to new opportunities to produce new art and entertainment types.
Bowles went on to say that interoperability and portability are the key factors determining how economically successful the metaverse will be. These factors will be fueled by the increased use of web3 technologies.
“It is important to recognize that blockchain also has extensive non-financial applications that can be foundational to the metaverse economy,” the company explained. “While it is understandable that policymakers are giving considerable attention to the application of blockchain technology in financial services, whether in the form of stablecoins, cryptocurrencies, or crypto exchanges, it is important to recognize that blockchain also has extensive non-financial applications.”
They said that “non-financial blockchain-based assets,” which include NFTs, are in a favorable position.
Meta also emphasized the need for legislators to establish equitable guidelines for web3 technology. The guidelines should include adopting an approach that is technology neutral, recognizing that decentralized systems may play a part in the process of unlocking new economic prospects and welcoming increased cooperation between the public sector and the metaverse business.
Featured Image: Unsplash @ Dima Solomin
Author Shariq Khan 
