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Monetising the metaverse

Written by Tue 19 Apr 2022

Already a hyped-up topic, investment firm JPMorgan recently stated in a report that the metaverse could be a $1 trillion opportunity. But how exactly are creators, entrepreneurs and businesses going to earn money from these virtual worlds? Meta, formerly Facebook, this week announced the release of several tools that will give creators the opportunity to receive an income from the metaverse.

 

Creators in the Horizon Worlds can now begin to sell virtual items and even effects in these different worlds, such as clothing and accessories. Meta also announced a number of bonus programs that reward creators for attracting visitors and users.

There is virtually no end to the ways the metaverse can be monetised. From virtual real estate to one-of-a-kind experiences through extended reality, innovative businesses and creators can shape the future of these virtual worlds at the same time as unlocking potentially large financial rewards.

With virtual events already bringing in many millions of dollars, it is no stretch that major celebrity events can find a home on the metaverse and enable fans from across the world to attend, for a fee.

Although it may only be the early days of the metaverse, brands like Dolce and Gabbana and Ralph Lauren have begun to sell their products through this platform, with JPMorgan also being the first to create a virtual bank.

One of the most innovative ways retailers are using the meta verse is to sell the same virtual creations in real world stores, with Zara partnering with South Korean firm Ader Error to achieve this goal. These brands are hoping to create locations online that rival places like Oxford Street and 5th Avenue, where shoppers visit for the experience.

Written by Tue 19 Apr 2022

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Facebook finance meta metaverse
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