Billions of people will use the Metaverse, resulting in enormous revenue for Meta — Mark Zuckerberg

Mark Zuckerberg, the chief executive officer of Meta, formerly Facebook, stated that the metaverse will be an integral component of his business and generate tens of billions of dollars in income. “Over time, our playbook has been to build services and attempt to serve as many people as possible,” added Zuckerberg.

Mark Zuckerberg on the Metaverse

Mark Zuckerberg discussed the metaverse in an interview with Mad Money host Jim Cramer on Wednesday.

He expects the metaverse to become a significant element of his company’s business during the next decade. Commenting on Meta’s metaverse efforts, Zuckerberg said:

Over time, our plan has been to build services, attempt to serve as many people as possible — you know, bring our services to a billion, two billion, or three billion people — and then scale the monetization.

In the metaverse, users may “purchase digital items, digital content, or other ways to express themselves,” according to the speaker.

Zuckerberg highlighted as examples of items that can be purchased “clothes for their avatar or various digital commodities for their virtual home or items to decorate their virtual conference room.” People can also purchase “utilities to be more productive in virtual and augmented reality and across the metaverse in general,” he added.

Much work remains

I still believe it will take some time for the metaverse to reach the magnitude of several hundreds of millions or even billions of people, simply because things take time to develop.

“That, then, is the north star. I believe we will succeed. But, you know, the other services we do now are already on a considerably higher scale,” he confirmed.

Zuckerberg envisioned metaverse interactions to be more immersive than text, photographs, and videos, saying that people can make eye contact when meeting in the metaverse. The technology “essentially builds up to create this lifelike sensation of presence,” the co-founder of Facebook explained.

The CEO of Meta commented, “At this time, we can afford to make substantial long-term research investments, and this is a major priority.”

Meta, Microsoft, and thirty-one other companies launched a metaverse standards committee last week. Meta submitted eight trademark applications for its logo and Meta Pay in March, covering the metaverse and cryptocurrency services.

Multiple major corporations have approximated the scale of the metaverse. According to McKinsey & Company, the metaverse might earn $5 trillion by 2030. Citi forecast in March that the metaverse may be worth $13 trillion by 2030, with five billion users. Goldman Sachs and Morgan Stanley saw the metaverse as a $8 trillion opportunity.