By Shukyee Ma, founding member of Overeality
The term “metaverse” was first used in 1992 by novelist Neal Stephenson in his book Snow Crash. It referred to a multi-connected virtual universe built on the internet that could simulate and enhance real-world experiences. While this vision is straight out of the wildest science fiction, tech companies over the past few years have been deep into research and development to make this our new reality. The social media giant Facebook recently changed its name to Meta, indicating this transition, and numerous other startups have been working towards a decentralized metaverse built on the blockchain.
After all these efforts one thing is quite clear, the metaverse is the future and there are industry experts who believe that it could potentially be worth trillions of dollars, affecting every corner of our economy. However, the creator economy is the place where the effects of the metaverse will be first felt, and Forbes believes that it will “radically change content creation forever.”
The Future of Content — Immersive and Interactive
“At the end of the day, it is really the creators and developers who are going to build the metaverse and make this real” – Mark Zuckerberg
Now, let’s be clear. Mark Zuckerberg’s version of the metaverse is not the most widely accepted one. After all, we’re rooting for a virtual world that is decentralized and governed by the community. But, that quote is the one thing we can agree with. The metaverse and all its promised experiences cannot be handed down on a platter. While companies provide the underlying technology and tools, akin to a blank canvas, it is ultimately the individual creators who will make the metaverse come to life.
In this regard, the metaverse personifies opportunities for creators and its effects on the $104 billion creator economy could be huge. The clever use of technologies like AR and VR opens the scope for creating immersive and interactive content while allowing creators to branch out their businesses into whole dimensions.
For instance, musicians can host fully immersive virtual concerts on the metaverse that can bring audiences from across the globe without geographical limitations. American rapper Travis Scott has attempted a virtual concert within the Fortnite universe and it had more than 12 million users in attendance. So, music creators who are used to posting pre-recorded videos on YouTube and other platforms will now have a whole new opportunity.
But, apart from this, artists can create and sell 3D art to display on the walls of virtual homes in the metaverse. They can conduct large-scale art auctions on the metaverse and once again rope-in buyers without any geographical limitations. British auction house Sotheby is already on this path to making this a reality by recreating its London headquarters on the metaverse to display art from 27 NFT artists.
In the same way, fashion bloggers could launch their own line of digital fashion that their followers can buy and wear in the metaverse. Travel bloggers could take their fans with them on virtual tours of the world and educators could create full-fledged classroom learning experiences for their students.
All of these opportunities will open doors for content that is multidimensional. Not only immersive, focused and accessible across the globe, but also fully interactive. These interactions, however, will go way beyond the likes or comments that we’re used to. Audiences can give their feedback live, in real-time. Thanks to these deeper and more meaningful interactions, the relationship between fans and creators will also evolve into new dimensions. Very soon metaverse parties and fan meets could become a thing where creators and audiences can meet and interact face-to-face in virtual homes or workspaces.
Creators directly monetize their fame and position within the metaverse using social tokens, fans can support their creators in a myriad of new ways, and all of this gives a whole new meaning to fan economies as we know it today.
Long story short, at the dawn of the metaverse, we’re also at the dawn of the new era of content creation. Everything from art and music to images and videos is needed to bring this new virtual universe to life. And, all creators who have proven abilities in these fields, and can use technology to create exceptional work for the metaverse have a huge opportunity for grabs.
Content is Kingdom; Creators Kings
Content is the very nature of our experiences on the internet. Content creators have undoubtedly played a huge role in creating the web2 space of today. Platforms like YouTube and Google would have been nothing without the creators who take time to create content for them. When you take this into consideration, it is safe to say that content creators will play a pivotal role in the creation of the metaverse, and in turn, the metaverse will be pivotal to the success of creators going forward. A symbiotic relationship we never knew we wanted.
About the author:
Shukyee Ma is a founding member of Overeality, the first metaverse infrastructure for interest-driven DAO. A Berkeley graduate, she is a serial entrepreneur in Social Media and Fintech with expertise in business strategy and product development. Overeality recently announced a partnership with Vini Jr., a Brazilian professional footballer who plays as a forward for Spanish club Real Madrid and the Brazil national team. This strategic partnership will include a series of NFTs that will drop on Overeality’s platform.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.