Metaverse for Public Good: Embracing the Societal Impact of Metaverse Economies

Abstract

The metaverse is internet’s next tectonic shift. Currently, there are approximately 400 million monthly users of the collection of worlds that make up the metaverse, with projected growth to 5 billion users worldwide by the end of the decade This is expected to drive a total addressable metaverse market of $8–13 trillion by 2030. According to Statista, 15% of the world’s digital economy has already shifted to the metaverse and many “world’s first” metaverse initiatives have been launched over the past two years. The potential applications of a metaverse for public services are vast, including remote governance, service delivery, virtual public spaces, enhanced transparency and accountability, increased social connectedness, improved access to information and education, new job opportunities, innovative forms of entertainment and creativity, and improved accessibility, to name a few. This article explores the practical applications of the metaverse for citizens and some multidisciplinary use cases from around the world. We also examine the national metaverse strategies and opportunities as well as challenges of the metaverse ecosystems, including its potential impact on society and public services. Finally, we propose some recommendations for policymakers and governments to construct forward-thinking metaverse economies.