Virtual reality and digital economics

BusinessEcommerce

  • Author Hanan Ismail
  • Published May 20, 2022
  • Word count 806

Virtual reality is when you immerse yourself in a completely virtual world through the auditory, visual and tactile senses and are completely separated from the real world, while augmented reality is based on the real world but adds more virtual detail to the real surroundings.

With regard to commercial uses, there are important considerations that should be taken into account. The first is the expected costs and complexity of developing solutions in virtual or augmented reality. Virtual reality is more complex as the programmer has to create a complete background using graphic techniques along with all of the auditory and tactile senses, and this requires hard-to-find technical skills and a very long time in order to develop the final product.

In terms of commercial uses, the health sector has used virtual reality to treat people suffering from phobias of various kinds, such as fear of crowds, heights and flying, where patients are immersed for the first time in such an environment to get used to it. Both virtual and augmented reality can help with phantom pain from an amputated organ such as a hand, as these technologies can trick the brain into believing that the organ is still present and the pain will decrease as a result.

The other potential uses are limitless and the imagination can be run freely, but cost and complexity can be a problem, and progress can be paralyzed. However, these unique skills and expensive equipment will become more available and cheaper, and in time will be available and affordable for everyone.

The actual life span of full-time employees in the metaverse world has practically increased. Instead of getting a job with a good salary after graduating from college, individuals can get rewarding career opportunities at a very early age, such as: Michael Syman, who got a job at “Meta” formerly known as “Facebook” at the age of 17, and is considered Tanmay Bakshi is the youngest programmer at IBM Watson at the age of 15, and many others.

Not only will the workforce be able to start their career journey sooner, but they can also continue to work for longer than is the norm in the real world. People usually need to retire at the age of 65 or 75, depending on the country in which they reside. It goes without saying that their skills and cognitive abilities may decline as they approach retirement age, but these individuals, during their careers, acquire a wealth of knowledge, experience, and contacts that can be passed on to the next generation. In the world of "Metaverse", the elderly will be able to sit comfortably and conveniently in their homes, teaching, holding meetings, mediating deals, and much more. With the advent of the concept of non-redeemable tokens (NFTs), they will also be able to create unique, salable pieces of art. Which ultimately means endless opportunities.

The world today is moving strongly towards the digitization of the global economy, as many developed countries have begun to prepare all the infrastructure requirements for this. As long as everyone seeks to use the digital economy, it has become an objective necessity and everyone has no choice but to do so.

Hence the importance of the digital economy, especially for developing countries, which have the duty to plan from now on the preparation required for integrating into the world of the digital economy. The fact that investing in the digital economy will provide wide potential for economic growth and development, because digital technology has become an essential element in achieving sustainable development in all countries of the world..

The digital economy also depends on transforming the traditional forms of economic performance in business, trade and the movement of money into very fast patterns, which makes it achieve rapid growth in these areas due to its use of advanced information technology, which is developing day after day, such as the Internet and the global web. At the same time, the digital economy provides a competitive advantage for people Those who rely on their minds to develop programs and innovate what is new in order to obtain the highest level of economic performance for business, trade and others... It opens wide horizons for global trade and discovers and opens new global markets and thus increases revenues and works to revitalize the economy of any country significantly... This leads to achieving Economic development and per capita income increase.

In addition to the ease of obtaining information, and it is possible to obtain any information at any time and quickly, and therefore we can say that the importance of the digital economy lies in its contribution to increasing the economic growth of society and contributes to the dissemination of economic knowledge as it depends on technology, so it has become important to pay attention to the application of modern advanced technologies And work to develop it continuously.

References

  1. Nelson, John (2010). The Virtual Ownership Problem. Boston University Law Review

  2. Fairfield, Joshua (2005). Virtual Property (PDF). Boston University Law Review. 85: 1047.

  3. "CNN.com - Money gains from the virtual world - October 25, 2004". CNN. 2004 . Retrieved 2004-10-25.

  4. "The Game Is Virtual. The Profit Is Real. - The New York Times". The New York Times . 2005.

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