Harnessing the Metaverse's Potential in Emerging Economies: A Case for Africa

Ever since I was a child, I have been passionate about video games. From playing all sorts of games on my friends' devices to building up a library of over 30 different PS games, gaming has always been a way for me to relax and have fun. As technology has advanced, my passion for games has only grown. I have always been drawn to devices with superior graphics and processing power, which is why I fell in love with the iPhone and its impressive array of games.

But my passion for games took on a whole new dimension when I discovered the world of Virtual Reality (VR). As soon as I put on an Oculus Quest 2 headset, I was transported to a fully immersive virtual world that blew me away. It made me think about the incredible progress we have made as humans in science and technology, and how we can now create parallel universes thanks to the principles of general relativity and quantum mechanics. I couldn't help but wonder what Isaac Newton and Albert Einstein would think if they could see what we have built on the foundations of mechanics that they laid.

As I explored the various programs and applications available on the Oculus Quest 2, I couldn't help thinking about the impact this technology could have on the world. And thus, my passion for gaming evolved into a fascination with the metaverse and all that it has to offer.

The current status of the metaverse is one of excitement and potential. Companies like Meta / Facebook are investing heavily in the development of this technology, and the market is expected to grow at a CAGR of 43.7% from 2021 to 2030, reaching $1.525.7 trillion by 2030.

Despite the excitement and potential of the metaverse, there are some who are skeptical about the heavy investments being made by companies like Meta / Facebook. Some investors and market analysts are concerned about the viability of the metaverse from a business perspective, and as a result, Meta's share price has fallen and its market cap is in free-fall. However, it's important to remember that the work Meta is doing is critically important to the future of the internet and the world. Just as the telecommunication companies of the late 20th century invested heavily in building the infrastructure that would become the foundation of the internet, Meta may be laying the groundwork for the next evolution of the internet.

The telecommunication companies of the past may not have reaped the immediate benefits of their investments, but their efforts laid the foundation for companies like Amazon and Google to build trillion-dollar businesses with global impact. It's possible that Meta could play a similar role in the evolution of the internet, even if it doesn't see immediate returns on its investments.

However, I am still optimistic that if companies like Meta focused more on the emerging countries of the world, rather than their current economic obsession with Euro-America and East Asia, the metaverse could generate more returns for them in the short, medium, and long term.

There are many pressing challenges in emerging countries like in Africa that the metaverse could help fix, from healthcare to education to vocational training, than in these developed economies. These markets may be underdeveloped, but to the people living in these regions, the metaverse may not just be a luxury but a necessity. It could be the difference between unemployment and acquiring the critical skills needed to survive in the digital age. It could be the difference between a failing health system and a modern healthcare sector with enough personnel and institutions to train more healthcare workers.

By focusing on these markets through the development of lower-cost devices or free metaverse applications and platforms for people in these regions who may not have the financial means to purchase expensive VR headsets, by making the technology more accessible to increase the adoption of the metaverse in these emerging countries, companies like Meta could make a real difference in the world and tap into a largely untapped potential for growth.

Growing up, I attended a secondary school that struggled to provide adequate science resources for its students. With a laboratory that could barely accommodate 10 students, we were lucky to get to do physics, chemistry, or biology practicals once a month, and only three times a term. This was despite the fact that our class sizes were large, with over 300 students per class, and we were only paying around $30 per term in school fees. With no financial support from the Ugandan Government, the school had to cover all the costs of running the laboratory on its own, making it difficult to provide the necessary resources and experiences for students.

As a result of these limitations, many students struggled to grasp scientific concepts and lost interest in studying science subjects. This is a common problem across Africa, where more than 80% of secondary schools don't have adequate laboratory facilities for students to conduct science practicals. And it's not just at the secondary school level where this is an issue. Many universities in Africa would like to offer medical courses for example, to increase the number of healthcare professionals on the continent, but can't afford to establish the necessary medical laboratory facilities.

This is where the metaverse can make a difference. By creating virtual laboratory environments, students can have access to the science resources and experiences they need to excel in their studies, regardless of their school's financial limitations. This could shape the future of education in Africa, giving more students the opportunity to pursue careers in science and technology. In fact, this is just one example of how the metaverse could transform education in Africa. With the ability to create immersive and interactive learning environments, the metaverse could revolutionize the way students learn, engage with course material, and collaborate with their peers. And by providing access to resources and experiences that might otherwise be out of reach, the metaverse could level the playing field and give all students the opportunity to succeed.

From education, healthcare, to agriculture, the metaverse could open up new possibilities and opportunities for emerging nations of the world. In Africa, the metaverse could be especially transformative, with its many use cases and the potential to solve real problems in the region. If companies like Meta / Facebook were to focus more on regions like Africa, it could lead to a new era of growth and development for the continent, yet unlocking business opportunities for these companies.

Of course, there are also concerns about the potential negative impacts of the metaverse, including issues around privacy, security, and the potential for it to be used for nefarious purposes. But with proper regulation and oversight, these concerns can be addressed and the benefits of the metaverse can be realized.

Whether it will live up to its full potential remains to be seen, but the potential for impact is undeniable. As a passionate gamer and VR enthusiast, I am excited to see what the future holds for the metaverse.