Meta to Pilot Virtual Sales in the Metaverse
A $13 Trillion Metaverse Economy?
The metaverse, a virtual land that blurs the boundary between the digital and physical world, may increasingly offer the ability to earn a real income. Online platforms such as The SandBox are facilitating the sale of digital assets, such as virtual art and real estate.
The transactions can be significant. In December, someone paid $450,000 to buy virtual land adjacent to Snoop Dogg’s plot. Citibank (C) estimated the metaverse economy could grow to upwards of $13 trillion by 2030.
Mark Zuckerberg’s Vision
Billionaire founder of Meta Platforms (FB) Mark Zuckerberg embraces the vision of a thriving metaverse economy. He sees opportunities for creatives to prosper in an environment unconstrained by physical space. The ability to monetize digital assets and experiences is a key component of his plans to build out the metaverse.
He is willing to kickstart the creator economy by paying those who build out worlds in Horizon Worlds, the virtual reality game that was developed by Meta.
Trial Run on Horizon Worlds
Horizon Worlds is a cornerstone of Meta’s metaverse plans. Zuckerberg intends to test out his creator economy idea by paying just a few contributors. This follows last year’s creation of the $10 million Horizon Creators Fund. The initial compensation structure will include bonuses that will be awarded monthly based on meeting goals. A key metric is successfully achieving “the most time spent.”
Some industry observers question the metaverse economy’s ability to achieve near-term success. With content creators already entrenched within TikTok, Instagram, and YouTube, it remains to be seen how many creators are tempted to visit Horizon Worlds, and other digital lands
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