Metaverse Expected To Contribute $760 Billion To US Economy

The metaverse could contribute as much as $760 billion or about 2.4% to U.S. annual gross domestic product (GDP) by 2035, as per a study by Meta Platforms Inc META. The report predicts metaverse's use in the defense, medical and manufacturing sectors, plus entertainment uses such as video games and communication. Meta predicts the metaverse would eventually replace mobile as the main computing platform. Meta pivoted its focus on building metaverse technologies in 2021 and invested heavily in the VR division. Despite betting heavily on the technology, Meta reported a loss of $13.7 billion in 2022 in its metaverse division. Metaverse has so far failed to catch on as it was expected to by many.

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