Meta will be Better
This week saw Meta CEO Mark Zuckerberg predict that billions of people will soon use the Metaverse. Speaking in an interview with Jim Cramer, host of CNBC’s Mad Money, Zuckerberg explained how the Metaverse is set to bring in billions of dollars.
“Our playbook over time has been build services, try to serve as many people as possible — you know, get our services to a billion, two billion, three billion people, and then we basically scale the monetization after that. We hope to, basically, get to around a billion people in the metaverse doing hundreds of dollars of commerce each, buying digital goods, digital content, different things to express themselves”.
What will people buy?
- Clothing for your avatar
- Digital goods for your virtual home
- Decorations for a virtual conference room
- Utilities to be able to be more productive in virtual and augmented reality
Though Zuckerberg’s passion to push beyond his Facebook legacy into the Metaverse is unwavering, he admitted that delivery is still some way off. “I still think it’s going to take a while for it to get to the scale of several hundreds of millions or even billions of people in the metaverse, just because things take some time to get there. So that’s the north star. I think we will get there. But, you know, the other services that we run are at a somewhat larger scale already today.”
What can we expect?
Zuckerberg tipped the metaverse to be more immersive than text, photos, or videos, stating that people can even make eye contact. “Basically adds up to making it deliver this realistic sense of presence. We are at this point, you know, a company that can afford to make some big long-term research investments, and this is a big focus.”
According to McKinsey & Company, the metaverse could generate $5 trillion by 2030. Global investment banks Goldman Sachs and Morgan Stanley both see the metaverse as an $8 trillion opportunity.
Yield Yeti CEO Tim Kinslow said: “The future of Meta is already taking its place in the world of virtual and augmented reality. We fully expect to integrate the YetiVerse into the Metaverse. The role of the Metaverse will be integral to the future of Yield Yeti, and we’re excited to release our Yetis into Meta, which will be the biggest digital community the world has ever known.”
