In the Economy 3.0, metaverses will create jobs for millions

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Job creation is traditionally done by politicians who are desperate to get the country back to work and seen as stimulating the economy. Employment plans have a long, checkered history, from the job creation programs of the Great Depression to United States President Barack Obama’s American Jobs Act. Today, promoting meaningful employment to the masses is as popular with policymakers as ever, and yet, the next great job creation plan is unlikely to be issued in the form of a top-down order.

Instead, it will emerge from a region that most politicians have little dominance and few powers to control: the metaverse. That virtual world running parallel to our physical world is not constrained by national boundaries, nor is it the fiefdom of social media companies cynically touting its name.

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The metaverse consists of an interconnected series of virtual worlds in which mankind can recreate, interact, and transact. As in Avatar, its users are free to flip between games, meeting spaces, and bazaars, redoing many of the tasks once constrained by Meetspace.

However, the biggest promise of the Metaverse isn’t the ability for humans to don shiny skins and twerks as one in a virtual concert hall. Rather, it is for these people to find meaningful employment across the worlds, regions and spaces in the metaverse that will form the beating heart of Web 3.

related: The Business Essentials of the Metaverse Revealed

Banking in the Metaverse

Given the amorphous nature of the metaverse, it can be hard to imagine that a virtual world in which millions of people could clock in and out to earn their layer. As it happens, however, there is already work being done in the (virtual) budding metaverse around the world.

In the play-to-earn – or “gamefi” – sector, virtual pets roam freely, with their human owners petting, dressing and training them. But it’s not just about entertainment: with their respective metaverses, players can collect tokens and other in-game assets that trade and trade them for real money.

related: Crypto Gaming and Monkey Run: How We Should Create the Future of GameFi

Workers in developing countries such as the Philippines earn about $30 a day performing these tasks on behalf of the owners, using the creatures to collect tokens. Owners, in turn, earn money by lending their virtual pets – without needing to concern themselves with the hard work of collecting tokens throughout the day.

It is a simple economy in which all the participants benefit according to their interests and financial requirements. How can this monetization model work for Metaverse participants up the chain?

Well, for celebrities and creators, specialist platforms enable entertaining virtual experiences in the metaverse. Fans can pay to interact with their favorite creators in the virtual world, whether they’re playing golf with a YouTube influencer or learning new skills face-to-face with a thought leader. This is another example of the enormous potential of the Metaverse.

Meta-work for the public

Not all work centered around the Metaverse will take place within it. Much of this will involve manipulating the nuts and bolts that keep it running – coders, designers, testers and developers. For the millions of people currently employed in offices and shop floors around the world, however, the rise of the Metaverse will transform their work into a virtual world they are not accustomed to.

real estate: Virtual lands are already selling for millions of dollars in Metaverse worlds like The Sandbox and Decentraland. The fight for desirable virtual real estate is fierce – flipping pixels for profit is a specialist role that will create many jobs for those with an eye for a major plot. At the same time, real-world properties will also transition to the metaverse, enabling potential buyers to “walk around” a beachfront condo on the other side of the world or ogling one that’s still in the imagination. In a virtual world where anything is possible, “try before you buy” is the norm.

related: The Metaverse Is Booming, Revolutionizing Real Estate

fashion: From Louis Vuitton to Nike and Gucci, fashion brands are struggling to capture a piece of the metaverse action, and it’s easy to see why. A world in which millions mingle together, represented as avatars, offers endless opportunities for sartorial splendor. People are no longer constrained by gender, body type and, in fact, imagination when wearing clothes. In the metaverse, you can assume any identity you want, with matching accessories. Models will strut their stuff on virtual catwalks, and fashionistas will pay top dollar to dress up their avatars in limited-edition threads from the hippest brands.

music: As much a boon to independent artists as it is to major labels, the Metaverse showed its value during the global lockdown, with more than 27 million fans tuning in to Travis Scott’s Fortnite concert in 2020. Entrepreneurial artists have already experimented with Web3 technology such as non-fungible tokens. (NFT), releasing limited-edition and exclusive albums and using them to promote intimate experiences. The emergence of the fully immersive metaverse will take this capability to a whole new level, providing endless ways to monetize and engage with fans.

related: The Metaverse Will Change the Live Music Experience, But Will It Be Decentralized?

Movies: Technology is a double-edged sword, creating new opportunities while destroying others. Actors who have seen their likeness eclipsed by artificial intelligence and infringed on their intellectual property know this all too well. But the same techniques that threaten their livelihoods can be used to enrich them within the metaverse. Imagine the capabilities offered by a world in which voice, television and film actors can use their digital doppelgangers to interact with fans and sell experiences that involve one-on-one time – without the celeb going to his Malibu mansion. Without the need to leave the comfort of.

As the Metaverse is realized and its promise becomes a reality, the job opportunities it offers will lift everyone from Mechanical Turk, for as little as $2 an hour, to the rich and famous. Already, there are Metaverse stores where you can order everything from fast food to medical marijuana with your avatar—and then have it delivered to your real-world front door. In the near future, many of those earning from the metaverse – such as delivery drivers and food producers – may have no idea that they give their livelihoods to the world they have yet to discover.

Not all of us will play and interact in the Metaverse, but just like the Internet, we will be richer because of its existence. The sooner the metaverse becomes a collective reality, the better off we all will be.