{"id":61371,"date":"2023-06-08T10:31:46","date_gmt":"2023-06-08T00:31:46","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=61371"},"modified":"2023-06-08T10:31:46","modified_gmt":"2023-06-08T00:31:46","slug":"ic-your-trade-3-episode-two","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/ic-your-trade-3-episode-two\/","title":{"rendered":"Journey to the Metaverse?"},"content":{"rendered":"\n<div style=\"position:relative; padding-bottom:56%;\">\n<iframe style=\"position:absolute; top:0; left:0; width:100%; height:100%;\" src=\"https:\/\/www.youtube.com\/embed\/FGAjPSY7k0s\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\"><\/iframe>\n<\/div>\n<style>.post-thumbnail{display:none;}<\/style>\n\n\n\n<p>Before Meta Platforms lost 64% of its value by the end of 2022, the term Metaverse was the buzzword of the year.<\/p>\n\n\n\n<p>Fast forward to 2023 and the biggest advocates of the Metaverse, namely Meta Platforms CEO Mark Zuckerberg and Microsoft CEO Satya Nadella, have certainly changed their tune.<\/p>\n\n\n\n<p>In February 2023, Mark Zuckerberg put a post on Facebook announcing Meta\u2019s pivot away from the Metaverse, and both companies have been laying off staff attached to Metaverse projects.<\/p>\n\n\n\n<p>However, Meta\u2019s former Head of Policy Advocacy and Research, Dr Arturo Gonzalez said don\u2019t count the Metaverse out just yet.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Cell phones got replaced with smartphones, smartphones got replaced with touchscreens. The next generation won\u2019t just be a two dimensional interaction with your touchscreen, but rather an immersion into what you&#8217;re seeing.<\/p>\n<\/blockquote>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/quote-image.jpg\"><img decoding=\"async\" src=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/quote-image-1024x329.jpg\" alt=\"\" class=\"wp-image-63780\"\/><\/a><\/figure>\n\n\n\n<p>Dr Arturo said economic modelling by Meta Platforms shows that ten years after adoption, the Metaverse could contribute 3% a year to global GDP.<\/p>\n\n\n\n<p>The region that stands to benefit the most is the Asia Pacific, due to its rate of adoption of new technologies over the past fifty years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-30.png\"><img decoding=\"async\" src=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-30-1024x576.png\" alt=\"\" class=\"wp-image-63781\"\/><\/a><\/figure>\n\n\n\n<p>Dr Arturo compares the Metaverse to the evolution of the internet, which decoupled paper from digital and allowed innovation across the factors of production including geography, payments and cross-border economies.<\/p>\n\n\n\n<p>He says the Metaverse is going to offer opportunities that are attached to experience, as people transition to being immersed in the internet, as opposed to simply observing it.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-31.png\"><img decoding=\"async\" src=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-31-1024x576.png\" alt=\"\" class=\"wp-image-63782\"\/><\/a><\/figure>\n\n\n\n<p>About $120 billion was invested into the Metaverse in 2022, but Meta Platforms revealed in its February earnings report that the company had lost $14 billion from its Reality Labs project in the same year.<\/p>\n\n\n\n<p>Microsoft also suffered a major setback at the beginning of the year after the US Congress blocked a $400 million order for its HoloLens headsets for the US military.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-32.png\"><img decoding=\"async\" src=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-32-1024x576.png\" alt=\"\" class=\"wp-image-63783\"\/><\/a><\/figure>\n\n\n\n<p>While the journey to the Metaverse has seemingly been put on the back burner by the major players, Dr Arturo says the shift to a multi-dimensional world is inevitable.<\/p>\n\n\n\n<p>\u201cThe internet was solving problems that were not yet identified. It was only after the internet was introduced that the early adopters who were excited about the internet got a chance to play with it, and then it became part of mainstream.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-33.png\"><img decoding=\"async\" src=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-33-1024x576.png\" alt=\"\" class=\"wp-image-63784\"\/><\/a><\/figure>\n\n\n\n<p>Similar to the mass adoption of the internet, the countries that stand to benefit most from the proliferation of the Metaverse are developing countries.<\/p>\n\n\n\n<p>\u201cDeveloping economies are ripe for taking advantage of the Metaverse in ways that other regions that are growing at a slower pace are not. This is because of a range of factors including regulatory, innovation, the ecosystem, competition and the broad consumer base,\u201d said Dr Arturo.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-34.png\"><img decoding=\"async\" src=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-34-1024x576.png\" alt=\"\" class=\"wp-image-63785\"\/><\/a><\/figure>\n\n\n\n<p>Dr Arturo says there is a risk to growth from the Metaverse being put on the back burner, and the countries that will be particularly impacted will be Latin America, the Middle East and North Africa.<\/p>\n\n\n\n<p>\u201cWhen the promise of the Metaverse is actually put in place, put into practice, through innovation, through R&amp;D spend, through competition policies, that encourages more innovation, then there&#8217;s opportunity that&#8217;s going to be really not just in the future, but starting in the next couple of years.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-35.png\"><img decoding=\"async\" src=\"https:\/\/www.icmarkets.com.au\/blog\/wp-content\/uploads\/2023\/06\/image-35-1024x576.png\" alt=\"\" class=\"wp-image-63786\"\/><\/a><\/figure>\n\n\n\n<p>Alex Holmes from Oxford Economics weighed into the debate, saying there are lessons from Big Tech about being too quick to cut investment into emerging technologies.<\/p>\n\n\n\n<p>For example, he says Microsoft CEO Satya Nadella was under pressure to scrap costly projects like the Surface Pro and Bing.<\/p>\n\n\n\n<p>If Mr Nadella had listened to that advice, it would have been a multi-billion dollar mistake.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before Meta Platforms lost 64% of its value by the end [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":61372,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[464],"tags":[],"class_list":["post-61371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ic-your-trade"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/61371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/comments?post=61371"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/61371\/revisions"}],"predecessor-version":[{"id":61373,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/61371\/revisions\/61373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media\/61372"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media?parent=61371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=61371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=61371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}