The Metaverse Economy: A World Of Limitless Opportunities
One of the biggest buzzwords of 2021 and 2022 remains “the Metaverse”; but what is it? And how does it enable new opportunities and jobs for early adapters? In this article, we try to answer that question.
From a purely economic stance, job creation is engineered by machineries that fuel the economy of any nation. From private sector establishments to government offices and departments, jobs are meant to get the economy working, stimulate the economy, and keep many away from crime. However, unlike the policies of the Great Depression and Obama’s Jobs Act, a new world order is emerging and in this order, the modus operandi is unlikely to follow the top-down order.
We are seeing a paradigm shift in the established order of things. From cryptocurrencies as a major means of exchange to decentralization of finance, this wind of change is gravitating towards a new realm where governments and politicians will have little power to control. The new realm is the Metaverse. A world that runs parallel to the physical one, unfettered by borders and boundaries, unshackled by Big Tech and their gospel of censorship, unhindered by a world order where poor dad permanently serves rich dad.
The Metaverse is, quite simply, a series of interconnected virtual worlds wherein mankind can interact, transact, and recreate. Using avatars, its inhabitants are free to meet in spaces, transact in markets, hop between games, and recreate many of the activities that make our physical world a happy place.
Yet, the greatest promise in this Metaverse is not the promise of good times and lurid skins. Rather, it is that it ushers in a world of limitless opportunities, where these people can be gainfully employed in spaces and worlds all over the Metaverse that will be the heartbeat of web 3.
Making Money in the Metaverse
There is already some work being done in metaverses the world over. Different models that encourage participation, such as the play-to-earn (GameFi), run-to-earn, and wear-to-earn sectors, have emerged. But it is not just about having fun: within these metaverses, players, runners, and fashion aficionados can play, wear, and run to collect tokens and other virtual assets which they can spade and trade for fiat money.
For the student in Nigeria or the unemployed college graduate in the Philippines, the Metaverse offers the opportunity to earn over $50 per day while doing what they love. It gets better: for those who do not have the deep purses to break down the high financial barrier of entry into the Metaverse, they can perform these tasks on behalf of others, collecting tokens and earning a share of the proceeds in the process.
It is a simple, all-welcoming virtual economy where all participants can benefit based on their interests, efforts, and expectations. For participants higher up the financial, social, and creative chain, it gets even better.
For creators, artists, and celebrities, specialist platforms allow entertainment and virtual experiences in the Metaverse. Through these platforms, fans could pay to meet and interact with their favorite artists and creators virtually, whether it’s playing the Axie Infinity game with their TikTok influencer or discussing a piece of art with Beeple (or even learning the skill) via a one-on-one with the legendary artist.
Meta-Jobs For All
Like everything that is built, all the job opportunities that the Metaverse will provide will not come from within the Metaverse. Many of these jobs will involve the builders — those who will connect the bolts and nuts that will build and keep the Metaverse spinning the axis of the virtual sun. By this, I mean the developers, the testers, the designers, and the coders. For others employed in offices and shops all over the world, the increasing adoption of the Metaverse will see their jobs transition to the virtual world, which will be not so different from the current one.
Real estate: Unlike the free-gift-of-nature kind of land that we enjoy on earth, land in the Metaverse will be entirely artificial. Already, we are seeing virtual land sell for millions of dollars on Decentraland and The Sandbox. There is a fierce battle for valuable virtual real estate and, like the realtors of our physical world, there will be a specialist role for those who have a knack for flipping virtual land for profits.
Fashion: With the dematerialization and digitalization of fashion burgeoning as a digital trend, we see more big brands in the physical world adapting their businesses to service the Metaverse. Mega brands such as Balenciaga, Gucci, Dolce & Gabbana, Burberry, and Ralph Lauren have launched AR try-on capabilities, digital items collaborations, and virtual activations. As these brands jostle for a slice of the Metaverse cake, it’s easy to figure out their motive.
From a capitalist point of view, a virtual world in which billions will mingle — with avatars representing them, the target market for sartorial elegance is unlimited. In this world, there will be no constraints regarding body type, gender, or size when dressing. With the right accessories to dress their avatars, anyone can assume any personality that tickles their fancy. This is the dream for any fashion brand, and this will mean more jobs for designers and models.
Music: The Metaverse gave the world a sneak peek into what it can do for music professionals when Travis Scott organized his Fortnite Concert two years ago. More than 27 million music fans tuned in, showing the world what is possible in the Metaverse. For record labels and independent artists alike, the Metaverse is a boon that will drive the next wave of music, and enterprising artists are tapping into this trend by experimenting with virtual technology such as NFTs, releasing exclusive albums to promote intimate experiences with fans. An immersive Metaverse will not only elevate this opportunity, it will boost the potential opportunities available to music executives and other professionals within the music creation pipeline.
THE NEED FOR ADOPTION
Without doubt, for the world to fully maximize the potentials that exist in the Metaverse, there will be a need for greater adoption and more doubters will need to be brought on board. That said, as the promise of a fully immersive Metaverse materializes, there is no limit to the amount of employment opportunities it will offer its adopters. Think of any industry: for food, the Metaverse now has food stores where fast food can be delivered to your front door in the real world. Consultations may also be possible between doctors and their patients. The possibility of virtual classes. The list is endless.
The ship of independence from centralized economic resource distribution is about to sail. And sailing will be millions who will get to dock with it at the revolutionary harbour of the Metaverse.
This article is written by Chidera Anushiem as a part of enter.blog's bounty program. Do you have an interesting topic, series or subject you think would be fitting for enter.blog?
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PUBLISHED 19TH MAY 2023
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