Why Big Tech's Regime Won't Support the Metaverse Creator Economy

The average creative person doesn't have it all. Streaming services have made it more difficult for musicians to make a living. In addition, unrelenting creative fatigue has harmed the variety and quality of creator-focused content across multiple markets. Today's creators often chase after ever-changing rules about making money on various platforms. As if that is not enough, it's also difficult to find a sponsor.

People have concerns about the power of these major players in the Metaverse and Web3 space. However, it is not because they dislike corporations. Instead, it is related to the liberties and flexibility of this new creator economy. Unfortunately, despite the boom of the creator economy in the Metaverse, Big Tech is not supporting it. For example, there is a recent announcement that the sales of virtual assets in Horizon Worlds will reduce by nearly half. As a result, it's no surprise that independent artists and content creators leave the Metaverse for good.

Why is Big Tech Not Supporting the Explosion of the Creator Economy?

Pricing and Fees

With platforms such as Meta's, sensible prices will become a thing of the past. If creators have to hand over half of their earnings to Big Tech, there is a high chance that Metaverse projects like BattleFly, will not sell their NFTs at low prices anymore.

Interoperability

In addition to pricing and fees, interoperability is another major reason Big Tech won't support the creator economy. Currently, most Metaverse studios only emphasize interoperability in their marketing. As a result, there is a division in the actual developer scene among different dominant projects with little interest in cooperating with each other.

Metaverse Economy 

Simply put, the "metaverse economy" refers to the real value that has been assigned to digital assets due to the mistaken belief of their scarcity. 

Unlike the real economy, which has its basis on finance, the metaverse economy is solely based on imitation and unrelated to real scarcity. Therefore, it only has worth because we believe it does. However, the virtual world's economy is similar to the real world's economy. It will go through economic cycles similar to the real and financialized economies. However, the changes are more significant. In other words, the ups and downs of the real-world economy are magnified and exaggerated in the metaverse. So, if they can persuade enough people to believe in them, markets in the metaverse can defy supply and demand.

Because the metaverse is growing and expanding daily, investors and businesses must understand its complexities. But, more importantly, they need to know how to make money through it.

The Reliability and Linkage of the Metaverse Economy to the Real Economy

Even though the metaverse appears to have its economy at first glance, it is still has a connection and dependent on the real economy. All metaverse deposits and withdrawals are fundamentally linked to the real economy. Fiat currencies can buy virtual assets, and virtual assets have real-world value. Businesses should understand that their activities in the metaverse will always have a connection to the real economy and will be a continuation of what they do in the real world.

For example, a real estate investor may own several properties in various metaverse neighborhoods. However, if there is a real-world financial crisis, investors and businesses will sell their assets and withdraw money from the economy to get back on their feet. This real-world economic shift will impact the metaverse economy. Thus, lowering the value of metaverse properties and currencies and potentially halting some metaverse projects entirely. Also, people who use or live in the metaverse will see less trade, population, and activity, which is essentially what is happening in the real world.

Creativity in Businesses of the Metaverse Economy

In the metaverse, there are limitless possibilities. The most important factor in a business's success is its ability to develop innovative and creative projects or solutions. If businesses want their metaverse economies to be stable and long-lasting, they must make their virtual space a desirable location. This implies that businesses should not create anything in the metaverse that could be viewed as a tradable asset. The project must be superior to every other real or fictitious asset in the same space, whether real or fictitious.

To stand out and attract people's attention in the metaverse, it may be necessary to create something no one has ever seen or provide a subtle way to differentiate yourself from your competitors. For instance, a well-designed, aesthetically pleasing, and interactive metaverse game that employs storytelling, community, experience, and brand could be creative and successful. On the other hand, adding a specific currency such as fiat currency or stablecoins, utilizing a well-known cryptocurrency such as Bitcoin or Ethereum, or releasing its token could be detrimental to the success of a project, given that many games already implement these features. Instead, determine a creative method for managing the game's currency. This could be as simple as making the game free and offering loyalty points that players can exchange for other items. In the metaverse economy, a company's best chance of survival will ultimately depend on its ability to think creatively.

Taking advantage of the metaverse economy

The metaverse is a rapidly expanding alternate universe that has piqued the public's interest. This means that investors and businesses should be on the lookout for it. Even though the metaverse economy has many potential and opportunities, it takes skill and knowledge to navigate it and set up a profitable business. To be successful in the metaverse economy, keep in mind that the real world influences this new virtual world. It is also important to note that there is a need for collaboration for survival and that you must be creative to stand out from the crowd.

Decentraland Wearables

Wearables are clothing, accessories, and body parts that a Decentraland avatar can use to alter their appearance. Decentraland allows users to create their wearables in addition to the standard wearables that everyone can use. Both brands and users can create these customizable wearables. They can give them away as prizes in contests. Wearables used as NFTs can be purchased, sold, or traded on Decantraland's marketplace.

There are more and more things to wear, such as cyberpunk sneakers, stylish jackets, and amusing tophats. These fashion options offer users an exciting and meaningful way to invest in and express themselves. In addition, Decentraland also enables content creators to monetize their work by allowing wearables to be "minted" and sold as NFTs.