Metaverse to generate $40bn to sub-Saharan Africa’s economy in 10 years – Report
By Ibidunni Banjoko
Metaverse, the vast global network of digital spaces, has been projected to contribute no less than $40 billion to the Gross Domestic Products (GDP) of Sub-Saharan Africa in the next ten years.
According to a report titled, “The Potential Global Economic Impact of the Metaverse” by Analysis Group, Metaverse has the potential to add an estimated $3 trillion to the global economy in a decade if adoption and growth are similar to mobile technology.
The research demonstrated that Metaverses are expected to have far-reaching applications to transform a wide range of economic sectors such as education, healthcare, manufacturing, job training, communications, entertainment and retail.
“Over time, if the Metaverse is successful, it will likely displace some of the existing technologies and industries, as previous technologies did before. The direction of future research is to identify these heterogeneous effects and measure the potential displacement of industries and the restructuring of local economies that may accompany the growth of local economies,” the report note.
Recall that MTN group, the leading telecommunication company, emerged as the first Africa brand to enter Metaverse recently. Its ambition 2025 strategy is premised on leveraging trends that amplify consumers’ digital experiences and engagement.
The leading telecommunication company has announced that 144 digital plots of land have been purchased in Africarare, Africa’s first virtual reality area launched in South Africa last year.
MTN Group is the first company on the African continent to support an initiative of this kind and indicated that its presence in the Metaverse is to increase its customer attractiveness through a series of experiences merged with consumer passion points, like gaming and music.
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