Economic and social impacts in the Global South

Abstract

This chapter gives an overview of key benefits to the Global South that stem from Web3 and the metaverse. It provides a perspective on the Global South's preparedness to benefit from Web3 and the metaverse looking at key indicators related to the adoptions of cryptocurrency and Web3 browser and investment in Web3 and the metaverse. It provides details of economic and social impacts of the metaverse in key areas. The chapter talks about the role of the metaverse economy as a job creator. It also reviews the metaverse's effects on training, education, knowledge exchange, innovation, and entrepreneurship. It will discuss how the metaverse can help the Global South internationalize cultural products and artifacts. It analyses how Web3 can provide leapfrogging opportunities in areas such as finance. This chapter also explains how various trust issues can be addressed by Web3, which is especially important in the Global South.