A report paid for by Meta Platforms, which owns Facebook, says that the metaverse could add as much as $760 billion, or about 2.4%, to the U.S. gross domestic product (GDP) by 2035.
According to a report by the consulting company Deloitte, the idea of the “metaverse” includes augmented and virtual reality technologies that let people live in a virtual world or add digital information to images of the real world.
The technologies could help the economy if they are used in the defense, medical, and industry sectors. They could also be used for fun things like video games and communication.
Meta, a big social media company, shifted its focus to building metaverse technologies in 2021. The company has predicted that metaverse technologies will eventually replace mobile as the main tool for computing.
Investors have questioned Meta’s big investments in its Metaverse project because they aren’t sure the project will pay off at a time when the company’s revenue growth is being hurt by a downturn in the advertising industry.
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Meta said in a separate report that the European Union may have a chance to grow its GDP by up to 489 billion euros ($538,29 billion) per year by 2035, which is between 1.3% and 2.4% of its total GDP.
Deloitte says that by 2035, the metaverse could add between C$45.3 billion ($33.88 billion) and C$85.5 billion to Canada’s GDP.
The regional estimates are based on a global economic impact report that consulting firm Analysis Group did for Meta last year. That report said that people using the metaverse would add $3.01 trillion to the economy by 2031.
($1 = 0.9084 euros)
($1 = 1.3372 Canadian dollars)
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