How to monetize metaverse and how to make money inside it
The last article was about the common sense of the metaverse, its technologies, and possible implementations. Now it’s time to figure out how such a concept plans to exist. How will developers profit from the metaverse? How people can earn there? Let’s explore further.
How Meta is approaching the coming release of their public metaverse
Meta preparing for the major release of their metaverse. It was initially obvious that the project was made to extract a huge profit. Such announcements were heard from the creators in one form or another a few years ago, in the early stages of the project. Millions and possibly billions of users will interact in the new world, including through goods and services, and the company will make superprofits as an intermediary in a colossal flow of market relations.
Accordingly, understanding how to monetize the meta-universe is possible through its construction. How will the new virtual society be structured? Several points define the metaverse as something more than a game or entertainment.
· Access to an unlimited number of participants. Everyone has the right to take their place in the virtual space. It should be ready for any number of users and should have room to scale any ideas and developments. If Mark Zuckerberg plans to create a new world and embrace all financial processes, then everyone should have a legal right to come into that world.
· The social interaction factors. People can not only be present but also interact in the digital space. It is a world where everyone can claim an identity. There should be many ways to achieve identity, both paid and free.
· A working economy. Everything is built on an internal cryptocurrency with real value. People will provide its value with their activities in the metaverse.
· Users have all the possibilities of the real world. They can both work and relax the way they want. This approach stimulates engagement at the edge of everyday reality.
· Time in the metaverse moves as it does in reality.
· All elements of the digital world must exist in a single ecosystem to properly connect users.
Meta project built on these facts. Now it’s time to figure out where the creators of Facebook will make their money.
Ways to monetize the Metaverse
If Meta offers an internal economy with goods and services, the obvious would be a commission for performing any action. For example, it could be making unique items to uniquely customize an avatar, or, let’s say, services to quickly move around the digital world. A notional 1% of each such action will become Meta’s property. A colossal amount of income is looming if at least 100 million people immerse themselves in this world, and becomes active participants.
However, deep analysis shows that Meta’s metaverse monetization model is similar to what they do on Facebook. It’s about highly personalized advertising and sponsored content. New technology in the Metaverse will take this approach to a more personalized level. Meta plans to track people’s emotions and gaze in the metaverse to provide them with relevant user-generated content and advertising offers. Advertisers will be a huge source of revenue, and whoever pays more gets the best spots on the best billboards in the Metaverse.
There are also rumors of digital versions of real stores. It’s about synchronizing real products with their digital versions. The user will be able to go into a digital store, select a digital product, and get that product with delivery in the real incarnation and the physical world. Every entrepreneur and every product will get a personal digital avatar. Stores will be able to buy the best places in the metaverse. The interest in such things is planned to be realized due to the maximum tactility of metaverse objects, unseen so far in the high-tech world. Everything will be possible to touch as if it were real objects.
(Partner collaborations between stores and advertisers are possible. Like, one entrepreneur places ads of another on his territory and attracts a relevant audience of visitors.)
Also, Meta says they have no plans to make money selling virtual reality helmets for the metaverse. They’re banking on ease of entry into the digital space, and the toolkit will be priced as reasonably as possible for everyone. But no one is stopping them from creating additional devices that provide a deeper user experience.
How will people be able to make money within the metaverse
What about users? As long as the scope of the metaverse is unknown, it’s hard to predict all the available ways to make money within such a virtual world.
1.Bloggers and opinion leaders of all stripes will continue what social media has begun in the last 10 years. The digital space will provide new opportunities for this ambiguous profession to emerge.
2. What is said above is that real businesses may have virtual versions in the metaverse. At the very least, it will be an additional source of attracting customers and generating revenue for them.
3. Creating collectibles and NFTs. There will be a demand for unique items, and there will be masters who will create them for the metaverse. This is a benefit to both content creators and digital world creators, who will get their percentage of revenue from each sale. It’s better than leaving the centralized downloading of content from developers.
4. Accordingly, software developers will find a source of income in creating personalized plugins, extensions, and features.
5. Digital universes are already practicing collaborative events, like concerts with real musicians, and there will be a place for event-managers as well.
And this is all just a small part of the possibilities that the metaverse opens up for us.
Metaverse will become something more than just entertainment. The cryptocurrency-based economy and freedom of action on the part of the creators will open up a limitless world for the self-actualization of people, from the desire to own a unique avatar to the creation of useful features of the digital world. If developers give a comfortable starting space for the enthusiasm of millions of people to ignite, we will have a new world with cryptocurrencies at its foundation.