The value of metaverse market size could hit $800 billion in global revenues by 2024, even as technology experts called on the federal government to invest in adequate research and formulate effective policies for Non-Fungible Tokens (NFTs) and metaverse.
If this is done, he said, it will thrive and boost the digital economy of the nation.
The experts, who made this known at the Nigerian-British Chamber of Commerce (NBCC) Technology event with the theme: ‘The Future and Challenges of Non-Fungible Tokens (NFTs) and Metaverse in Africa’, held in Lagos recently, said, the call became pertinent following increased participation and curiosity of the youth in the virtual space, adding that there were huge risks and opportunities
Metaverse is a simulated digital environment that uses Virtual Reality (VR), Augmented Reality (AR), blockchain technology and social media concepts to mimic the real world, to create a sense of virtual presence.
NFTs are aspects of the metaverse. They are unique cryptographic tokens that exist on a blockchain which cannot be replicated and they represent real-world items like art, pictures, real estate and individuals’ identities.
The president & chairman of Nigerian-British Chamber of Commerce, Bisi Adeyemi said: “the metaverse notion and NFTs have always been an interesting concept to people since they first appeared but grew in prominence during the COVID-19 pandemic, as lockdowns caused everyone to stay home and forced more people to share online places for longer periods of time resulting in it being worth millions of dollars.
“Experts see the metaverse as a huge economic force that has the potential to significantly change the way we live, work and sell in the years to come, with NFTs as a key value driver.”
According to her, the Metaverse market size has been predicted to reach as much as $800 billion by 2024; even beyond the $800 billion predictions, some think that Metaverse could reach $1 trillion in annual revenue.
The principal head, Satoshi, BBO Solicitors, Buki Ogunsakin, said that the government needed to arm itself with knowledge-based on research and come up with reasonable policies for adequate protection due to the complexities of the metaverse, noting that lack of regulations, security and data privacy issues are some of the risks associated with the metaverse and NFTs.
She called on government to do more research to understand the space and get regulations in place to be able to protect citizens, commending the Securities and Exchange Commission (SEC) for making the effort to recognise the crypto space.
She advised digital artistes and NFT creators to consider the legal aspects such as trademark, copyright, agreement, and licensing to avoid infringement or other sanctions.
Similarly, co-founder, HerVest, Mr Yomi Ogunleye, said that one of the key drivers for growth in the multiverse in Africa asides from the digital arts was the educational sector, using “Eduverse” as a case study.
On his part, founder and chief executive officer, Vault Hill, Mr Jimi Daodu, advised youths looking to invest in the metaverse to carry out in-depth research into the content or digital products as well as showcase the authenticity over time.
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