The Possible Impacts of Metaverse on Global Economy

MetaversePlanet March 13, 2022Last Updated: December 7, 2023

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Sebastian Borget, the co-founder and COO of The Sandbox, a blockchain-powered play-to-earn gaming platform, recently shared his insights on the concept of the Metaverse.

Borget also discussed the potential impact of the Metaverse ecosystem on the global economy.

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The Sanbox Co-Founder Evaluated the Possible Impacts of Metaverse on the Global Economy!

Sebastian Borget, co-founder and COO of The Sandbox, a blockchain-based play-to-earn gaming platform, has offered his insights on the Metaverse concept. Borget provided a comprehensive assessment, delving into the potential impacts of the Metaverse ecosystem on the global economy.

Definition of “Metaverse” from The Sandbox Co-Founder

Sebastian Borget, co-founder of The Sandbox, an Ethereum-based virtual reality platform, expressed that Web 3.0 and the Metaverse have the potential to transform individuals into explorers of their own imaginations.

By creating new parallel universes where people can curate their unique experiences, Borget emphasized the significant impact the Metaverse ecosystem could have on the global economy. Describing the Metaverse as a gateway to limitless experiences shaped by individual imagination, Borget highlighted its potential to contribute to the rapid expansion of the global economy.

Recent discussions among experts have focused on the potential effects of the Metaverse ecosystem on the global economy.

These discussions note the steady increase in the total market value of cryptocurrencies and the growing user base of blockchain-based virtual reality platforms. As an illustrative example, The Sandbox, an Ethereum-based virtual reality platform, recently surpassed 2 million registered users.

The Metaverse Ecosystem Is Growing

The concept of the Metaverse has garnered widespread popularity, not only within the crypto ecosystem but also among the general public.

According to an article from Metaverseplanet.net, a prominent news site focusing on Bitcoin and the cryptocurrency ecosystem, numerous major corporations have recently entered the Metaverse sphere.

Many of these companies have engaged in various advertising agreements with leading Metaverse platforms, with some, including the US-based banking giant JP Morgan, taking the initiative to establish digital offices on virtual reality platforms. Notably, JP Morgan has described the Metaverse as a $1 trillion opportunity in a recent report.

The surge in popularity surrounding the Metaverse is, in part, attributed to the name change and rebranding of Meta. Formerly known as Facebook, Meta announced months ago that it had allocated substantial funds to the Metaverse field and revealed ongoing initiatives and studies within this domain.