Sandbox: Metaverse Economy Will Become Bigger than Real Life?

Since the internet, creating virtual worlds has been stirring the imagination of many. Creating virtual worlds is not new. The term metaverse was coined as early as 1992. Following the recent advances in developing metaverses by the giants of Silicon Valley, the focus on the virtual world blasted. Facebook rebranded as Meta, while Microsoft announced building a metaverse for virtual office solutions. Not to forget gamified metaverses that have been here for decades, like Roblox and Second Life.

No doubt metaverse is the next big thing. By being a combination of multiple elements of technology, including virtual reality and augmented reality, metaverse can reshape the entire interface of the internet.

However, what impact can it have on real and digital lives? In an exclusive interview with DailyCoin, Sébastien Borget, co-founder and COO at community-driven metaverse The Sandbox, shares how virtual worlds can contribute to the economy.

Metaverse economy

In the physical world, the economy is created by circulating various goods and services that hold value and management of the resources. The same processes take place in the virtual world, and blockchain technology enables them to flourish:

“In the metaverse, we can have a digital economy which is based on the production and the sale of digital goods, the assets such as NFTs and digital services such as creating, animating, selling, promoting, curating, discovering, etc.

As soon as someone is ready to pay for the time you’re willing to spend to do the service in exchange, and they see value for it then — Bingo, you have an economy,” explains Borget.

The production and sales of virtual goods influence the economy by creating millions of new creative jobs. To populate the virtual world and create virtual experiences, virtual architects, fashion designers, game and house designers, real estate agents, player coaches, and many more brand new professions will be needed.

“These jobs can be paid, they can hold value, and they contribute back to the overall value of the space, where those people are interacting.
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