The iNFiniTe Metaverse, Part 3: Work Life 2.0 - What Could a Career in the Metaverse Look Like?
The iNFiniTe Metaverse, Part 3: Work Life 2.0 - What Could a Career in the Metaverse Look Like?
Everything You Need to Know About Tomorrow's Virtual Work Force, Today
In the first two articles of The iNFiniTe Metaverse series, we:
Looked at what forms “The Metaverse” could take, and how various scenarios could affect our lives.
Dug into why an open Metaverse built on DLT (decentralized ledger tech ➡ crypto, DAOs, NFTs, etc.) is not only more likely, in the view of this author, but also more efficient and ethically necessary to create a society for the benefit of the many 🤝; not just the few.
Covered some helpful mindsets and strategies for creators (whether you acknowledge yourself as one yet or not!) on entering the Web3 space:
Learn the facets of Web3, collaborate with communities (DAOs, NFTs, etc.), apply your skills in the creator economy, and take control of your online identity/brand.
For larger brands, adopt a Web3 GTC (go-to-community) plan in addition to a more traditional GTM strategy. The VCs at a16z have some great material on the subject here and here.
To get the full benefits of today’s content, check out Part 1 & Part 2. ✅
In this final article, we will cover:
What a Metaverse workforce could look like, and how industries will need to adapt and evolve amidst massive disruption moving forward.
Which skills will be in demand in a rapidly changing and expanding Web3 ecosystem, and the specific opportunities emerging across several industries (yours likely included 👩💼👨💼).
How Markets Are Changing
In these early days of The Digital Renaissance, many are working to dispel the market myths that have been perpetuated for far too long by industry incumbents. Current trends foundational to a creator-driven Metaverse economy continue to strengthen, including:
the exponential adoption of new technologies, specifically immersive devices, gaming, and blockchain.
our cultural normalization of spending time, money, and attention virtually via work and social interaction online.
an existential crisis of sorts for many workers whose manual & repetitive jobs are automated away, and demand for technical & creative skills rises.
As a result, we increasingly value digital goods & services that enhance our digital experience, which though has long been the case, is now valued correctly, via digital scarce cryptocurrencies and NFTs. Until recently, digital assets were infinitely reproducible and/or only valuable within closed ecosystems (i.e. game assets). If you know how much Fortnite skins go for, you can imagine how sought after an actual ownable NFT skin could become. Digital creators have grown accustomed to selling their time for money as services. Today, creators are able to additionally productize their creative efforts through NFTs. Web3 empowers creators with streamlined options for establishing and growing IP, instead of having to turn to today’s heavily commoditized service-based platforms like Fiverr. 👎
The market of 4.6B internet users grows every day. Whatever Meta, formerly
relevantFacebook is planning (see their egregious ~50% sales fees for user-created “digital assets”), understanding & participating in Metaverse communities & economies will soon be a requirement for many.The internet allowed everyone to become small business owners Open a Shopify store, launch a newsletter, become an Amazon seller,etc The metaverse is this but on steroids Anyone in the world can create & sell digital goods (NFTs) on top of frictionless financial rails (crypto)Keep an eye on emerging Metaverse-related consumer trends too, like Direct-to-Avatar. 👩🏫
Web3 Workforce 👨💼👷♀️
What could things look like in the Years to Come?
Instead of a resume, imagine applying for jobs with a Web3 wallet: a Metaverse CV that holds a collection of NFTs representing your credentials, work experience, and recommendations, verifiably issued by proven sources (🚫 forged degrees). Some Web3 finance roles are already looking at metrics like DegenScore to screen candidates on their experience with DeFi protocols. 👩🌾📈
You might be employed by a mix of both traditional employers and DAOs (Decentralized Autonomous Organizations), as many organizations adopt project-based distributed workforce models.
Today, the Metaverse brings the digital to the physical through virtual meetings and primitive digital goods. The next iteration will bring the digital to the physical, in ways that transcend today’s flat representations and clunky HMDs, with concepts like Light Field Lab’s solid light-like holograms. If immersive interactions become a regular part of our work day, who would want Zuck’s skeuomorphic vision of a virtual office meeting? Why not gamify the mundane and say, hold our meeting on a cloud in a virtual sky ⛅; not just hosted in the cloud. 👨💻
“Creative” visions of the future of work, like this clip from Meta, make me think that the talent migration from Web 2.0 to Web3 is real 💨
Proof of Work(ing): A Token Salary 💲
Generating an income in the form of cryptocurrencies began with mining cryptos on Proof of Work (PoW) blockchains like Bitcoin and Ethereum (pre-merge), and by buying and selling tokens (highly risky). Running nodes with token-incentivized participation will remain necessary to secure most blockchain networks (including more modern, sustainable consensus methods, ie. Proof of Stake). Market speculation in crypto and NFTs won’t be going away any time soon either. 🤑
For most of us, the work-life impact of Web3 will be middleware-eliminating Metaverse economies. Permission-less, secure, scalable, and digitally-native transfer of money (not just on internet payment rails like online banking, i.e. services like Stripe recently rolling out $USDC payment support) allows for a greater accrual of value to both creators and consumers. Further, the days of being compensated by paycheck might be numbered, when blockchain network speeds and costs get to the point where money can literally be streamed across the internet while working! 🤯
A world where labor is compensated with cryptocurrencies can take the form of:
Cryptocurrencies like $BTC and $ETH.
Stablecoins (value based on fiat currencies, such as $USDC).
Platform tokens (i.e. used for in-game economies) such as $AXS (Axie Infinity) and $SAND (The Sandbox).
Tokens that represent governance and/or equity in an organization (ie. $UNI for the Uniswap DAO). Think of it like the Metaverse update for a company issuing stock incentives to employees. However, be very mindful of the laws in your region on what could be considered as unregistered securities, especially when cryptocurrencies and NFTs are promising a “yield.”
What Skills Are Universally Metaversal?
The more organizations seek to establish a presence in the Metaverse, the higher the demand for the knowledge and skills needed for building in Web3 and virtual platforms goes. 📈 Thankfully to those looking to bring existing skills and develop new ones in the Metaverse, the tools for doing so continue to become more accessible, inexpensive, and easier to use. Much like participating in the economy via the internet, one doesn’t necessarily need to know how to code in order to be a builder in the Metaverse (although it certainly doesn’t hurt).
In addition to companies seeking to enter the Metaverse, let’s also factor in the current Web3 market. How many NFT art/collectible/game projects out there have “Metaverse integration” on their roadmap? Can we really assume they all have the necessary talent to execute their vision in-house already? I can tell you that in almost every case I’ve come across, unless they’re at the same level as Animoca Brands, they don’t.
The growing market for virtual goods (especially 3d assets) and shorter turn-around times for digital projects (evident in streaming content, UGC platforms, and NFTs) is leading organizations big and small to both hire Metaverse builders internally, and outsource to Metaverse studios and contractors, to create virtual experiences. Developers, architects, and artists are in particular demand, and finding talent with a shared understanding of industry standards (3d production, real-time engines, etc.), in addition to the nuances and culture of Web3, is still rare. Note that background is in 3d and tech, so feel free to reach out if you have any questions in these areas. 👍
To meet the demand for Metaverse talent and assets, full-service Metaverse studios like DappCraft Studio are starting to emerge, and indie art houses (studios that larger game and animation studios outsource work to) like Polygonal Mind are pivoting their models to cater to growing demand. Additionally, more platforms and marketplaces that focus on 3d NFTs are also getting built. A good example is MetaMundo, an early-stage NFT toolset and marketplace in which each NFT is a parent container for several other NFTs derived from the original; each of which is compatible with a specific platform(s). Interoperability across virtual worlds and blockchains is critical for a smooth Metaverse experience.
Before diving into what transformations and jobs could be awaiting you and your industry in the Metaverse, let’s take a look at what should be fairly interoperable skills moving forward:
“Virtual people skills” are key for making connections and creating meaningful relationships in online communities.
Basic Web3 skills. Knowing a bit puts you ahead of most internet users, enables you to help others, and build some credibility:
Setting up a self-custodial wallet (secure that seed phrase!), knowing how to transact with crypto, staying up to date with NFT trends, trying out different blockchains, using Etherscan, etc.
Some technical understanding and basic coding skills, particularly in being able to extract data from the web (using data analysis websites, maybe even APIs) and for working efficiently with apps:
Though not considered as “universal” as the above, DCC (Digital Content Creation - we’ll be using the term a lot in this article, so be sure to remember it 🧠) app skills are relevant across many sectors (not just entertainment):
Metaverse platforms (Minecraft, The Sandbox, Decentraland, etc.), real-time engines (Unreal Engine, Unity), design apps (Figma, Canva, Adobe Suite, etc.), & 3d apps (Blender, Maya, Cinema 4D, Daz3D, Houdini, Marvelous Designer, etc.).
Knowing some basic coding can really give you an unfair advantage in almost all the DCC apps mentioned.
Careers in the Metaverse
The Importance of Physical Real Life ⏸
Before we continue, please remember that everything we’re talking about here is future-looking. We are speculating on scenarios based on trends in consumer behavior, finance, tech, etc., and what start-ups, tech companies, and VC investors are focusing on. This is not career, financial, or legal advice! 💢
Also, I in no way think (or hope) that means being connected to immersive devices 24/7. In fact, many jobs will be impacted more-so by the overlap of physical and digital economies and communication than VR. On that note, I encourage every one of us to take time away from our devices regularly to exercise, socialize in-person, share time with people we care about, and get back to nature. 💜
Digital Brick and Mortar (Retail & Services) 🏪
Regardless of industry, every relevant brand today has a website and/or social media presence, and is in part, a media company. Brands need to have a presence where their customers are: websites online today, and soon, perhaps virtual storefronts in immersive Metaverse experiences too. Immersive meaning not just AR/VR, but the continuation of physical life into the digital (and vice versa), much like what the internet is to modern society today.
What disruption could be in store for today’s ecommerce and ad models? NFT goods will be more commonly available without a doubt, but imagine strolling into a retail store in the Metaverse with virtual customer service reps (NPC bank tellers and complaints departments), real-time product inventory representation with physical locations, and as much as I hate to say it, sophisticated targeted ads based on customer data like wallet activity and their physical or virtual geolocation. 🤯
“Just as every company a few decades ago created a webpage,...we’re approaching the point where every company will have a real-time live 3D presence...It’s going to be a much bigger thing than these previous generational shifts.”
-Tim Sweeney, Cofounder/CEO of Epic Games (2020 LA Times Interview)
A few examples of notable brick & mortar 🧱 names entering the Metaverse:
The US Military is building its own Metaverse, with MMO simulations using AR, AI, and real-time DCC engines.
Financial businesses, such as Standard Chartered Bank & PWC Hong Kong are in The Sandbox; Fidelity, J.P. Morgan, & Winklevoss Capital in Decentraland.
Art galleries like Sotheby’s space in Decentraland.
Hyundai partnered with Meta Kongz, an NFT project, in building their “Metamobility" universe.
Going the other direction 🔁:
Brick and mortar brands have steadily been filing trademarks and digital patents related to the Metaverse, including McDonalds and Walmart.
Meta now has a physical location in California (really hope this isn’t what comes to mind when people think of the term, “metaphysical”).
A BAYC/MAYC NFT owner opened up "Bored & Hungry," a burger joint in California using NFTs as their brand (welcome to the meat space).
Regardless of who the eventual winners of the Metaverse platform arms races are 🔥, immersive digital experiences are already disrupting several massive, traditionally tactile industries:
Education & Training (teaching, coaching, etc.)
Access to information and education are widely accessible globally via the internet already. Advancements in immersive tech (VR/AR, haptics) and diminished network latency will soon make hands-on training available remotely.
If we integrate Web3 into the equation, we could see new gamified concepts emerge, like learn-to-earn, tokenized degrees, and even earning PFP NFTs that prove course completion (maybe rare traits would be based on success 👀).
Industrial Production (architecture, automotive, etc.)
Digital twinning, rapid prototyping, & simulations (testing factory designs before committing significant capital (i.e. Hyundai and Unity’s partnership).
Professional Services (healthcare, sales, customer service, leisure, etc.)
Social interaction with others will always will be core to the human experience. In the Metaverse, coaches, trainers, tutors, physicians, and therapists might soon be paying you a house call in the virtual location of your choosing.
On the leisure side, we’re already seeing a new era of online virtual gambling, with casinos in Decentraland hiring actual human beings as poker dealers. 🃏
Media & Entertainment 🎭
The media and entertainment industry is where art meets science - it is where the true immersive potential of the Metaverse experience is being built today. Many brilliant minds across many fields are pioneering technology that is revolutionizing many other sectors. Studios like Digital Domain (VFX studio behind franchises like Marvel) were trendsetters in virtual production, AI, and realistic human rendering in their films. Collaborations by NVIDIA, Autodesk, academia, and studios continue to advance complex computation, and conferences like ACM Siggraph reveal the mind-blowing potential yet to materialize in the Metaverse.
In the world of Web3, established studios are making moves, like Sony securing Metaverse patents, Superplastic going all-in on Web3/NFTs, and many game, movie, and animation studios partnering with NFT communities. Influential artists are also building fiercely, with names including Steve Aoki (big-name DJ/record producer) and Todd McFarlane (comic legend) launching Oddkey, an upcoming NFT marketplace.
Film & TV 🎬
The process used in VFX-heavy content has been disrupted by diminishing costs (especially LED screens and computer hardware), and breakthroughs in the speed and quality of CG rendering. Showcased to the mainstream with The Mandalorian on Disney+, virtual production (real-time immersion during filming on-set with LED walls) was done with Unreal Engine, removing much of the uncertainty, cost, time, and creative limitations that previously hampered post-production. The demand for DCC builders in this sector is insatiable. 🚀
Big changes are also being made in this sector by Web3. NFTs are changing the way projects are funded. Prefunding via NFTs has seen effective use in getting several productions off the ground, such as Minted (a documentary on NFT art) and The Infinite Machine (a drama based on the history of Ethereum produced by Ridley Scott’s studio).
Going beyond the basic funding use-case of funding, NFTs are also changing the ways fans experience & participate in the storytelling process. Projects like Stoner Cats and Web3 studios like Non Fungible Films, Shibuya.xyz, & Vuele are using NFTs to allow fans to make creative decisions on direction, access content, and share in the ownership and potential success of the IP!
With ongoing M&A activity in the NFT space, and Hollywood agencies now representing NFT projects like World of Women and Cool Cats, the opportunities for visionary creators and storytellers in the industry (I’ll humbly throw my name in there 🤞) feels incredible! 💖
Music 🎶
Creating meaningful revenue as an indie musician today is incredibly challenging. Artists currently need 2.5 million streams on Spotify just to earn the equivalent of a minimum wage. 🍟👛 In Web3, some platforms including Royal (artists NFTs & revenue, founded by DJ, Justin “3LAU” Blau), Sound.xyz, YellowHeart (NFT event ticketing), and Audius (streaming) are aiming to empower artists by disrupting current industry models.
With greater ownership over their work and distribution channels, direct creator-fan relationships formed via Web3 are able to transition well in the Metaverse, particularly as more live music events take place in virtual experiences (we’ll be covering live virtual events in-depth later in this article). Also, with less value captured by intermediaries, record labels today could be forced to transition into full-suite marketing agencies (we’ll also be covering Metaverse opportunities for management and marketers shortly).
The music scene in the Metaverse will set the stage for more live performances by digital representations of musicians (i.e. K-Pop group, aespa), hybrid virtual bands (i.e. Gorillaz, K/DA from League of Legends), and purely synthetic performers like Vocaloid. Metaverse bands and labels are already being created, and some are even partnering with NFT IPs, like Timbaland’s BAYC music company! 🐵🎧
Gaming 🎮
When most people first envision the future Metaverse, they think of gaming and virtual worlds: VR/AR HMDs, UGC games like Minecraft, Roblox, and Fortnite, and the less-than-utopian gamer world of Ready Player One. What we call gaming today is essentially experience-crafting - an increasingly relevant skill to have, particularly with gaming engines like Unity & Unreal becoming foundational to business models across many sectors (not just gaming) in the current internet/Metaverse ecosystem. 🕸
Increasing demand for game industry workers (game designers, engineers, artists, etc.) working in DCC apps core to virtual worlds (Unreal Engine, Unity, 3d graphics software) and specific UGC platforms (Roblox, Minecraft, The Sandbox, likely Meta Horizons, etc.), is already apparent. The technical building and consumer-focused psychological techniques used predominantly in gaming will continue to permeate into many other industries in the Metaverse.
Beyond the careers for industry pros, what other opportunities and potential roles could become available to those looking to participate in the world of Metaverse gaming?
Virtual Worlds & Meta-RPGs
Community-driven storytelling & worldbuilding from the minds of passionate creators and die-hard fans are breeding grounds of multi-sector talent (not just gaming), and are blending the worlds of traditional linear content and interactive games. Building IPs in real-time with the community, particularly when both creators and fans are stakeholders aligned with NFTs that give commercial upside and voting rights on the direction of a project, is game-changing, as we covered in Part 2. Web3-native studios are poised to become NFT media empires for decades to come, with the likes of:
Yuga Labs (Bored Apes NFT conglomerate), the most recognizable NFT brand today. The team recently launched their new proprietary Metaverse world, “Otherside” (in partnership with Animoca Brands) and economic ecosystem ($APE).
Cool Cats, a long-running family-friendly NFT collection represented by the CAA. The team is currently building out their Metaverse community ecosystem, “Cooltopia.”
Aku Dreams, a recent 3d avatar and democratized storytelling project created by former MLB player turned artist, Micah Johnson.
Cyberbrokers (my current favorite; full-disclosure: I am an owner), a 100% on-chain metadata NFT project and Metaverse-native brand that, in the context of this discussion, is aiming to create an on-going cyberpunk/D&D-style narrative together with the community (based loosely on the world of Snowcrash).
CC0, a.k.a. public domain projects like Nouns ⌐◨-◨ & Blitmap are another interesting way NFTs are being used to build Metaverse IPs, and it’s attracting notable attention and talent from across many industries. For example, Loot, a free-to-mint NFT collection stealth-dropped by accomplished tech entrepreneur, Dom Hofmann, is a random assortment of 8000 wordlists of RPG items. No game or lore; just words. 🧐❓❗ However, this “bottom-up” model of IP worldbuilding caught the imagination of owners and non-owners alike, and launched notable projects building novels, games, comics, etc. based on the Loot IP, like Hyperloot and Lootverse. This is the value of the Web3 GTC (go-to-community) leading to the more traditional GTM strategy in action.
E-Sports, Streaming, & Grinding for Guilds ⚔
Metaverse gaming will be the next generation arena for e-sports athletes, managers, broadcasters (streamers), and other content creators building careers in the field of competitive gaming. E-sports didn’t exist not too long ago, and as we continue experimenting and building out the Metaverse gaming experience, many new jobs will be created as new areas and achievements are unlocked! 📛
Hours spent grinding for loot & EXP in MMOs, and building amazing structures in UGC worlds, can be entertaining and satisfying, but what if it could also be lucrative? Prior to the advent of blockchain-based digital assets like NFTs, gamers had few options other than professional e-sports (prizes & sponsorships) and streaming content (donations & ad revenue). That is potentially changing in a big way with early play-to-earn (or play-and-earn) games featuring Metaverse-ready assets that allow players to retain ownership and buy & sell their assets in-game and/or elsewhere. Further, gaming guilds like Yield Guild Games are building early revenue models for P2E NFT games (i.e. Axie Infinity, Guild of Guardians) by forming communities of gamers that perform value-generating in-game activates (i.e. collecting resources, level boosting, farming yield, etc.) and benefit from the financial rewards as a group.
For a more in-depth look into the fascinating potential of play-to-earn and “GameFi,” be sure to check out my previous article. 👇
Fashion & Design 👠
We express ourselves in many ways. Our aesthetic preferences, our beliefs, our status in society, our feelings that day, and the communities we associate with are all reflected in our external appearance. When it comes to status goods and luxury assets in fashion (i.e. designer handbags), people aren’t paying high prices based on utility or even quality; they’re after the item’s social signaling value.
We’re seeing that online identity is as important as physical presence, especially for current generations. Virtual wearables are already an in-demand mainstay in games like Overwatch and Fortnite, and PFP NFTs are more and more visible in social media (Twitter, Discord, & recently, Instagram). Metaverse fashion and avatar NFTs are poised to become a massive market in the Metaverse. Many, many notable names in fashion have been early builders in the Metaverse, including Adidas, Asics, Diesel, Dolce-Gabbana , Gucci, & Nike/RTFKT.
Naturally, Metaverse fashion shows to flaunt it all are coming into vogue, and two platforms in particular have been very active in the fashion industry:
Decentraland, one of the top blockchain-based virtual worlds.
Boson Protocol, a decentralized commerce infrastructure for tokenized physical and Metaverse products. They hosted Metaverse Fashion Week in March 2022 in partnership with Decentraland.
The Perfect Fit for Both Big Brands & Indie Designers
Independent designers are creating and selling NFT wearables across many marketplaces (think Etsy, but for digital assets), and many clients are commissioning custom alterations to their avatars by artists they follow. For digital creators, gone are the headaches of manufacturing, material costs, and shipping, in addition to concerns over exploited workers and environmental consequences of textile factories. For consumers, physical storage space, damage, correct fit, landfill waste concerns, and time spent changing outfits are no longer issues (bigger wardrobe = bigger market demand for creators)!
Free of the restrictions of physical law, creativity in the Metaverse can transcend the impractical and the impossible. Imagine wearing a jacket that changes design, form, and functionality over time, or running around in an anti-matter Adidas tracksuit with a stardust lining.
So, how does an industrious indie designer bring their vision to the Metaverse? Working with DCCs like Blender & Marvelous Designer to create 3d assets usable in both Web 2.0 and Web3 marketplace platforms like Daz3D Vendors are a good starting point. Decentralized Metaverse platforms usually have their own tools and marketplaces too. Examples include Decentraland’s Builder and marketplace, and The Sandbox’s VoxEdit & wearables marketplace (note that since these are NFTs, other marketplaces like OpenSea can be used as well).
For an in-depth take on how the fashion industry could be turned inside-out, and how it could benefit independent studios and designers, check out this great article from FWB.
Management & Marketing
“If you build love, monetization follows. If you underperform, monetization is harmed.”
-Matthew Ball, 2021
Sure, anyone can create a song, an online store, or an NFT, but how many projects actually succeed? With the creator economy in full-force and the number of Metaverse creators rising, so too is the amount of digital content and assets (NFTs). Who’s going to manage the licensing and business side of things? Some might try to tackle this on their own, but I and many others will be looking to Metaverse agencies and professionals for help.
We covered the importance of having both a go-to-market and a go-to-community strategy in Web3 back in Part 2, but not every organization or creator has the time, expertise, or willingness to handle it all by themselves. With a the population of content creators expanding, the demand for delegating responsibilities like marketing, accounting, operations, etc., to services like Salesforce (who announced NFT plans earlier this year) in a rapidly changing Metaverse ecosystem is growing.
We’re already seeing many NFT artists and projects offer a percentage of sales (primary, sometimes secondary) to services that help promote their work and build an audience. Those with experience as marketers, community managers, and creative directors building Web3-relevant skills using Twitter and Discord are in high demand today. Please note that this is only of value if a genuine audience can be built. Consumers and creators need to be wary of those using shady tactics, like boosting follower counts with bots & paid promotion scams.
That said, as more niche creators generate a following in various Metaverse communities, I believe the demand going the other direction, by brands seeking to collaborate with quality creators will be just as strong, if not stronger. Brands go to where the attention is, and in a Metaverse where people, businesses, and governments can all share the same virtual experience, expect a lot more overlap and partnerships between IPs, other IPs, communities, and content creators. Marketing agencies like VaynerNFT essentially offer clients “Status as a Service,” by connecting Web 2.0 brands looking to enter the Web3 space with NFT communities.
Community-Driven Marketing
For better or for worse, we will likely see SEO and targeted ads become even more powerful tools used by brands in the Metaverse. Facebook’s patent on tracking eye movement should give you a glimpse to where this could be headed. We could see product placement and instant transactions in VR experiences, and interactive brand engagement customized for every person walking down the street wearing an AR device.
Further, NFTs and tokens held in digital wallets can reveal a very intimate profile about users (if this is a concern, control your Metaverse identity by taking actions like managing separate Metamask accounts). The amount of data available will be overwhelming, but being able to interpret what Bored Apes holders vs. what Cool Cats owners prefer, for example, is key Web3 marketing data that professionals in the field should seek to understand.
The major driver for generating new users and attention for brands and platforms like Tik-Tok today is community-driven referrals. Even more so in Web3, consumers are demanding genuine goodwill in marketing campaigns & collaborations, and if NFTs are involved, overdelivering value on a steady basis after purchase (i.e. Moonbirds, VeeFriends) is a must. Successful campaigns create a community of NFT holders that are both financially and emotionally invested in the success of a project. In a Metaverse where UGC is king, customers become evangelists for NFT projects, forming one of the strongest marketing teams an organization could hope for!
Doodles, a very successful & influential NFT brand, recently hired former President of Billboard Media as their new CEO, and is emerging as a top Metaverse brand building transmedia IP across music, gaming, entertainment, and culture. Doodles and many other top NFT brands seem to share three similar value drivers:
Visual appeal (quality design is a key feature of almost every project)
Utility (online/offline; “url to irl”)
Community (strict roadmaps optional)
If you are interested in Web3 marketing, I recommend reading Kat Cole’s awesome article on the importance of storytelling with consumers.
[Un]Real Estate
Is a land grab for virtual real estate on the horizon? Is it all speculation built on fabricated limited supply, or is it truly the digital version of an urban real estate boom? Until Metaverse experiences establish what the value of digital property is, I believe the best we can do is view this niche digital asset as something between commercial real estate and a website.
What makes virtual land desirable? With new technologies come new consumer behaviors, business models, and economic growth. The most popular virtual platforms will in turn drive further demand for virtual land in those worlds. Unlike physically limited real estate that is often necessary for survival (residential, agricultural) or where location is everything, the value of digital real estate is in its ability to generate user attention and its digital scarcity (i.e. Sandbox $LAND NFTs have an immutable max supply of 166,464 parcels; 62% of which has been distributed).
A New Sandbox for Creative Architecture 🏗
“We are called to be architects of the future, not its victims.”
-R. Buckminster Fuller
Currently, most structures in virtual worlds are fairly skeuomorphic, based on real-world design and physical law (especially on Web3 platforms). Creativity and technological constraints often switch from one leading the other, but as immersive tech onboards more users and creative minds, I’m excited to experience how bizarre and creative UGC could get in various Metaverse worlds, each with their own take on architecture, physics, and scale (imagine Metaverse worlds like Mario Galaxy and Katamari Damacy).
As we covered earlier, demand for creating models to be used in virtual experiences is growing, and sharing your creativity and skills in 3D DCCs could land you your next role as a Metaverse architect. Several shops have been created to cater to the demand, such as BIG, Voxel Architects and Land Vault, and it’s not too hard for existing DCC studios to include these types of services as an option.
Building Beyond Bricks 🤝
The real estate market isn’t just about construction companies and contractors. Likewise for virtual real estate, many peripheral services are being built, such as virtual property listing sites (think Metaverse Zillow) like LandWorks and Parcel.
If properties in virtual worlds continue getting bid up to the premiums we’re seeing on hyped platforms like Decentraland, The Sandbox. and Otherworld, institutions and investors will be in need of market maker, broker deal, and assessment services. When Metaverse Group, a Metaverse asset acquisition firm, buys a parcel of land in Decentraland for ~$2.5M, what is that valuation based on? In a space where location means everything (where the users are) and nothing (travel is instantaneous in virtual worlds) at the same time, knowing the “true value” of digital land requires an in-depth understanding of the ecosystem.
“You want to be in a place where there will be a great mix of artists, sports, gaming, art. You know that will be this attractive neighborhood where you can meet interesting people who share those common interests.”
- Sébastien Borget, COO and Co-Founder of The Sandbox
If/when cash flow models become apparent for Metaverse properties, such as that of high-traffic real estate and “productive” land (i.e. Axie land), virtual land can not only be flipped, but rented or subleased like commercial real estate. The borrower would likely be after the same types of value that ad space, brand association, and DeFi returns offer.
Other digital real state concepts that might seem crazy and experimental today:
Financing (loans to purchase and/or holdings used as collateral)
Metaverse tour guides for experience curation, especially for virtual presentations, galleries, exhibitions, and museums.
Timeshare NFTs for luxury virtual real estate.
Profit-sharing of “production” (i.e. if yield from in-game land in a play-to-earn game requires time and/or skill invested).
Virtual space interior designers, furniture makers, renovators, landscapers, and maybe even Feng Shui experts.
DAO-controlled zoning boards, perhaps if people don’t want a virtual burger joint or something obscene popping up in their neighborhood.
Web3 Domains 🌐
Semi-related to virtual real-estate are the Web 2.0-compatible website domains of Web3, like ENS and Unstoppable Domains (which are actually functional today with native support by some web browsers, while others can be easily configured). Web3 domains can be linked to both websites and wallet addresses, and because they are NFTs, they have seen a good amount of market speculation as the next “dotcom land grab,”, with popular URLs like beer.eth getting snapped up early.
Developers & Engineers
By and large, the internet was built by institutions who had access to finite talent and expensive resources (specifically government, military, and academia). By contrast, the talent pool for buidling in Web3 and the Metaverse is orders of magnitude more accessible. Open-source code repos, frictionless access to capital, standards for interoperability, and worldwide collaboration are all key drivers for this. Profitable companies that build on free and open-source technologies (Red Hat, Microsoft’s GitHub, MongoDB, etc.) are a proven business model already, but in Web3, crypto allows developers to go even further, and potentially tap the market directly for funding and revenue, without relying on venture capital and public markets.
Opportunities for builders exists at every layer of the stack:
Infrastructure & Hardware: What Powers the Metaverse 🔧
Even with immersive AR/VR devices becoming sophisticated enough to gain mass adoption, Matthew Ball states in his Primer Series (articles 2-4) how much more robust network technology needs to be to support a concurrent virtual experience for millions of users at once (as opposed to 100,000 fractured sessions of 100 players each that platforms like Fortnite are capable of today).Software & Web Development: What Creates the Metaverse 💻
Virtual worlds require specialists across multiple technical fields, including frontend/backend web development, app/dApp development, smart contract programming, graphics engineering, UX design, and much, much more. Such is to be expected for the next iteration of the internet.DCC Building, Coding, & Design: What Makes Up the Metaverse 👩💻
Memorable experiences can’t be crafted without a good mix of technical and creative skills. Metaverse-defining projects require teams of game designers, technical directors, artists, and many others who are accustomed to building in real-time engines, and who are familiar with the ins-and-outs of 3d model formats, scripting languages, and integrating Web3 utility in-game.
Rapid development is also taking place in machine learning & AI, a technology obviously not just impactful to the Metaverse, but to our society and species as a whole. Virtual worlds need bots, and lots of them! AI assistants, NPCs (non-playable characters), and ambitious NFT projects like Alethea AI (NFTs with personality) & Afterlif3 (mind minter) are being built out by great minds using tools like OpenAI/GPT3. Once we really step into the realm of science fiction, unimaginable possibilities like dynamic, living virtual worlds created by AI from pure thought alone become possible. 🤯
MILEs (Massively Interactive Live Events) 🏟
Live virtual events with millions immersed and participating together at the same time is one of the most impactful ways that we will experience the Metaverse. Mass adoption of new habits and technology requires a “killer app;” a reason for new users to gather on a new platform. It often takes a favorite musician like Travis Scott hosting a live virtual concert in Fortnite. ▶👇
Concerts, festivals, competitions, game shows, conferences, movie screenings, parties, seminars, and even yoga sessions. Far from just being virtual versions of these and other group activities, the Metaverse adds unique ways to digitally-enhance and gamify the experience (on a per-user basis, if needed), creating new forms of immersive interaction with previously passive audiences. Supporters of creators at all scales, including today’s V-Tubers, Twitch streamers, and regardless of your views, Only Fans & adult entertainment talent, gain a deeper connection by sharing moments with fans in massive (and micro) interactive live events.
Digital Theme Parks
In an essay from 2020, Matthew Ball predicts that Digital Theme Parks will be among the top attractions in the Metaverse. Why do audiences flock to theme parks by the multimillions and consider a family pilgrimage to Disneyland as a right of passage in the first place, though? It’s all about those unforgettable formative memories that come from early social experiences (especially with a Disney IP). However, to feel genuine, the experience mustn’t feel 100% curated. There needs to be unpredictability in the narrative, agency by the users to affect outcomes, and room for them to build to their imagination (a bit of the worldbuilding magic we covered earlier). As the nature of linear content (films & streaming) and games continue to overlap, fans will soon be experiencing and exploring their favorite box-office franchises together in XR theme parks.
Digital theme parks also enable more IPs the ability to offer this experience directly to their fans, vs. relying on licensing to massive players like Universal and Disney. Further, they are free from many of the limitations of their traditional counterparts, namely land constraints, expensive infrastructure, creating a negative environmental footprint, training costs for staff (somewhat), maintenance costs, and physical law. For attendees, concerns such as physical hazards (though there might be new ones in VR/AR), limited hours, crowds, long lines, heat, and overpriced food are eliminated. That said, the opportunities for buying both digital and physical merchandise will likely increase tremendously 🎢, through semi-customizable NFT apparel, for example.
Live Events Need Living Help
Sophisticated AI doesn’t necessarily mean that all jobs are going to be automated, and that is especially true for any role with social and service components, physical or virtual (at least for the near-mid term). MILEs will still need event managers, coordinators, hosts (Metaverse V-Tubing), experience builders & designers (Imagineering 2.0), featured & hired talent (i.e. speakers, teachers, live musicians & DJs), technical support, customer care, etc.
We could even see niche roles see traction, like event photographers for larger events & venues, and Rollercoaster Tycoon pros & staff in motion-tracked mascot suits for digital theme parks. 🐼
Virtual Asset Management 🤑
Matthew Ball’s call that content, service, and asset management companies will thrive in the Metaverse is playing out in real-time. With digital experiences seeing greater adoption, and economies of scale build out in Web3, digital assets should increasingly be seen with the same legitimacy as traditional financial assets by investors. With meaningful capital on the line, investors will seek out professional guidance from expert curators, appraisers, and market analysts specialized in various Metaverse asset classes.
An interesting example is NFTBank, an NFT Portfolio Management platform offering a sophisticated AI-powered appraiser (be mindful that NFTs are volatile and data is only few years old, max).
Such services go beyond financial businesses merely setting up a virtual branch in Decentraland, as we touched on earlier, Systemic disruption of the legacy financial system by Web3 is already underway. Decentralized finance protocols have the potential to make many bank services obsolete, and real-time public access to company financial records and AUM (assets under management) via the blockchain i set to completely replace today’s archaic quarterly filings and shady accounting alchemy.
Investment DAOs in which members pool their capital and invest as a community, like FWB and Flamingo, are a new take on investment clubs & “smart money” private funds. At this stage, they are basically private group-chats & subreddits with a shared treasury, but it will be interesting to see how these DAOs continue to reimagine the concept of investing in the Metaverse.
The Future of ?????
When the internet went mainstream, no one knew what social media was. Who could’ve imagined that web marketers, social media managers, Twitch streamers, and mukbangers would be a thing, let alone jobs? Similarly, as the Metaverse evolves, unimaginable forms of creativity & innovation will launch markets for brand new products & services, ushering in a major economic expansion and the formation of new industries, skills, and professions.
iNFiniTe Worlds of Creative Potential
Much of what we covered is still hypothetical and likely overly imaginative and optimistic at times. However, I strongly believe that creators and new consumer behavior will ignite a thriving digital economy in the Metaverse. It will connect communities beyond location and demographics, and strengthen our bonds based on values and psychographics. The Digital Renaissance awaits, and virtually everyone can participate.
May your adventures in the Metaverse be inspiring & rewarding, and may they lead you to places you never dreamed possible! 🙌
Bonus: Resources for Web3 Creators
Not financial advice, but it might be worth bookmarking this article just for this section. Save these links, monitor opportunities, and share your journey!
Web3 Job Boards
Angel.co (one of the best, imho)
Cryptotask (freelance)
Proof of Talent (mainly for senior & technical roles)
Web3 Tools:
For Creators:
Adobe support for content authenticity via wallets for NFTs in Photoshop.
Manifold (custom NFT contract launchpad)
Mirror (writing platform)
Nvidia’s Omniverse (available for free to creators) has several integrations with popular DCC apps, including Blender and Unreal Engine. NVIDIA Omniverse at CES 2022
Pinata (IPFS pinning service)
Rally (social token platform)
For Communities:
Collab.Land & MEE6 (bots for community management)
JuiceBox (project funding)
Partybid (NFT acquisition by groups)
Snapshot (decentralized voting)
For DAOs:
Parcel (payroll)
Orca Protocol (governance)
Coordinape (community management)
SuperDAO (DAO creation platform)
SyndicateDAO (community investment platform)
For Companies:
Further learning:
"The Metaverse Primer" - specifically: Part VIII: Content, Services, and Asset Businesses in the Metaverse
”Into The Void: Where Crypto Meets The Metaverse,” by Metaversed
An investor’s view on the creator economy:
As always, thank you so much for taking time to share this journey together with me into the world of NFTs. I hope you found the content helpful, and maybe even fun to read! 😁
If you would like to help support the NFT Droplets newsletter, please do Share this article with someone who would find it helpful.
If you’re not yet subscribed to NFT Droplets, enter your email below and be among the first to find out when fresh NFT articles get dropped (I promise that you will never get spammed, nor will your email ever be shared with anyone). ✅👇
If you have any questions, comments, or suggestions for future articles, please share your thoughts in the comments section below. 💬
⚠ Disclaimer ⚠
Cryptocurrencies and NFTs are a speculative asset class. Be aware of the risks involved and know that you could lose money. Everything I share references an opinion and is for information and entertainment purposes only. It is not intended to be investment advice. Please consult a licensed professional before making any investment decision.