We are seeing a transformation right before our eyes. Many are turning to the virtual economy, in record numbers, for an income. Over the next half decade, we are going to see this sector explode.
The online world became big business. Over the last two decades, tens of trillions in wealth were generated. Hundreds of millions of people can attribute at least part of their incomes to this source. Of course, we saw this platform generate some of the wealthiest companies in the world.
As we progress into the next phase, the virtual world, we are seeing even greater potential. The market is primed for such a transition and, many are forecasting, the pace will be remarkably swift.
We have a more technological advanced society as compared to 30 years ago. When the Internet started, it was something that was beyond comprehension to most people. Today, online activities including gaming, commerce, entertainment, and socializing are normal for the majority of the population. In a developed country like the United States, except for the first half of the baby boomers, most everyone is capable of doing a few of the activities mentioned.
This established a situation where assets and incomes tied to virtual worlds is only starting. Over the past few years, through the use of cryptocurrency and, specifically, NFTs, a virtual economy started to sprout up that is going to pay dividends for billions over the next decade.
Recently, we saw the establishment of eSport teams and leagues. Naturally, there are professional eSport players who earn an income in the same way as any other professional athlete. We see the same thing in gaming. There are professional gamers who "occupation" is simply to compete in that game.
Content creators are finding an avenue for what they generate. Here we naturally think about those creating articles or videos. While they found a market outside the likes of YouTube, we see a host of other content that is being rewarded. For example, there are digital asset creators pulling in over $100K by developing items for Second Life, Decentraland, and other in game assets.
NFTs are altering the landscapes. In game assets were long a part of the gaming world. However, on centralized platforms there were a number of issues including transparency and chain of ownership. This all changes with decentralized platforms that host and trade NFTs.
L’Atelier CEO John Egan had this to say:
“Our primary focus was on NFT-based, decentralized platforms because they are creating economic infrastructure that adds value to virtual assets in a way that nothing else ever really has,” he explained.
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The film Ready Player One stimulated the imagination of what part of our future could look like. While it had the common Hollywood protagonist-antagonist plot, it did offer up some of the potential that we see forming. A virtual world such as the Oasis, where hundreds of thousands visit each day, is as viable a community as any mid-sized city. Thus, infrastructure and services will be required.
A major advantage that the virtual have over the physical world is the fact it is effectively infinite. The only limit is global computational power and energy that is available. Naturally, both of these are increasing with time.
This opens up a host of opportunities where the only limit is the imagination of those who are involved. As billions more log onto this new "reality", the opportunities will grow exponentially. As the infrastructure fills in, we will see an economy that most likely surpasses the physical economy within a couple decades.
We are talking about hundreds of trillions of dollars in potential being generated. The advancement of the virtual economy could easily 10X our present global GDP.
Ultimately, this will make the impact of the Internet look rather minor in comparison. Early adopters are seeing how this can be the case.
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