A few years ago, the metaverse dominated conversations across the marketing industry, predicting that it would transform the influencer space and redefine the Creator Economy.
Brands were intrigued by the idea of immersive digital worlds, where influencers could build virtual identities, connect with followers in interactive ways, and develop new forms of brand engagement.
However, as the initial excitement fades, the metaverse’s adoption has been slower and more complex than anticipated. This begs the question: where does the metaverse truly stand today, and is it living up to the expectations within the influencer and creator ecosystem?
Let's explore how the metaverse and creator economy are evolving and what the future may hold for this relationship.
According to Wired, “[The] metaverse is the future of the internet. Or it's a video game. Or maybe it's a deeply uncomfortable, worse version of Zoom? It's hard to say.”
In more official terms, the metaverse is a virtual world where people can interact with each other and virtual objects in a way that's more immersive than previous online experiences. It's a combination of the physical and digital worlds, where users can work, play, learn, and shop.
The metaverse is making money in a multitude of ways, with some areas being more profitable than others. The most significant revenue generators within the metaverse are:
Virtual real estate: Users and brands buy, sell, and lease virtual land to build stores, galleries, and event spaces. This allows for revenue through events, rentals, and land sales.
Digital goods and NFTs: Users purchase non-fungible tokens (NFTs), such as clothing for avatars and exclusive artwork to personalize their virtual identities. Brands create digital goods to drive sales and build brand engagement.
Advertising and brand partnerships: Brands create virtual ads, host events, and partner with metaverse platforms for immersive engagement, such as virtual billboards or branded spaces.
H&M has experimented with this, launching a virtual collection in Roblox in 2023.
Experiential events and ticket sales: Virtual concerts, workshops, and events require tickets or subscriptions, generating revenue from audiences worldwide. Major musicians have seen success hosting concerts in the metaverse including:
This Statista graph illustrates the estimated revenue in billions of dollars generated by the metaverse across sectors like gaming, e-commerce, and education, along with projected growth in each key area.
25% of people will spend at least one hour per day in the metaverse by 2026. So although the metaverse is yet to be widely adopted and utilized, there is potential for opportunities to emerge.
So where do the Creator Economy and the metaverse collide?
Brands and celebrities are already experimenting with virtual shows, shops, and products, and influencers and their brand partners can take inspiration from this.
As digital environments evolve, the potential for creators to monetize their content and build deeper connections with fans in new ways.
In the metaverse, creators can host virtual meet-and-greets that go beyond geographical barriers. Audiences can interact with their favorite influencers in real-time. These virtual events allow for conversations, Q&A sessions, and exclusive content previews, strengthening community and loyalty among followers. By charging for access to these events, creators can generate additional revenue while offering fans a way to connect.
Knowing that gaming is one of the most dominant revenue generators, the metaverse presents opportunities for gaming creators, particularly for interactive storytelling. The metaverse enables creators to develop immersive narratives that engage players on multiple levels, allowing them to participate in the story. Gamers can make choices to influence the outcome of their favorite creators' gameplay.
Interactive storytelling opportunities encourage players to share their quests with others, significantly expanding the creator's reach and impact within the gaming community. Gaming creators can monetize these interactive experiences through various avenues, such as ticket sales for special events, subscriptions for ongoing content, or exclusive in-game items and experiences.
Another opportunity in the metaverse is the creation and sale of personalized virtual products. We know that users purchase NFTs, clothing for avatars, and exclusive artwork, so influencers can create versions that align with their style and niche to boost revenue and enhance fan engagement and investment in their personal brand.
The metaverse is an evolving concept that has the potential to transform various industries, including the Creator Economy, offering new opportunities for creators to engage with their audiences in innovative and powerful ways.
However, there are still hurdles in the way of mass adoption of the metaverse. High hardware costs limit access to immersive experiences, with expensive equipment like VR headsets often restricting participation to those with higher disposable income.
On the creator side, developing engaging experiences within the metaverse can be complex and costly, which has the potential to fall flat amongst their audiences.
The future also raises important questions about AI, policy, and digital rights. As we see the rise of AI influencers, discussions about authenticity and audience desires become crucial. While the digitalization of our work is set to grow, it will bring ethical considerations regarding intellectual property and other digital rights to the forefront.
While the metaverse holds great potential for creators and users alike, it comes with challenges that need addressing to ensure inclusive and sustainable growth. The connection between technology, audience expectations, and ethical concerns will ultimately shape the future of the metaverse and its impact on the Creator Economy.
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