Here’s how the metaverse is empowering content creators

With the rise of new digital assets in recent years, the creative economy has entered a pivotal phase. Independent artists and entrepreneurs that produce digital content – such as podcasts, videos and webinars, distributing them through various online platforms, and operating in the “creator economy” – are fuelling its expansion. Many people have turned what used to be a side hustle into a lucrative career, offering them the greater flexibility to pursue their passions while maintaining a work-life balance.

The metaverse offers a natural fit for creators, as it allows them to design their own virtual spaces where their communities can connect, hang out and access the creator directly. One of the most exciting aspects of the metaverse is its ability to transport audiences to incredible virtual spaces where performers can showcase their talents in ways that were previously impossible. The popularity of metaverse concerts featuring names like Travis Scott and Ariana Grande in Fortnite in the West, and Ragheb Alama and Saad Lamjarred in MetaBoundless in MENA, has begun to show what is possible.

But the metaverse is not just for established artists – it also provides emerging talents with a unique opportunity to hone their skills and get a taste of performing for massive audiences in 3D. The pressure of being judged on their appearance or physical setting is removed, leaving creators free to focus solely on their audio within the immersive 3D environment.

Metaverse: Not just just a new way of socialising and creating content

By presenting fresh potential for decentralisation and altering the paradigm of content creation, this technology is set to radically redesign the creative economy. With this level of accessibility and personalisation, creators might indeed become even more powerful, enabling them to monetise their work and engage with their fans in innovative ways.

The metaverse isn’t just a new way of socialising and creating content; it sets up a whole new economy. With the integration of emerging tech concepts such as crypto and decentralised platforms, it provides the groundwork to empower individuals to profit from their work without having to rely on massive tech corporations. This shift is opening up alternative pathways for creators to earn money and become independent entrepreneurs. In addition, new platforms are emerging, giving performers the freedom to set their own terms for accessing exclusive content and taking a larger share of the profits.

As the popularity of the metaverse grows, it will reshape the creator economy into a multibillion-dollar industry, surpassing its present market size of $104bn, ushering in a new age in content production.

The opportunities for creators in the metaverse include offering exclusive merchandise and running giveaways during their performances and selling ownership of specific virtual items to fans.

To fully leverage the potential of the metaverse, creators must be skilled in designing captivating spaces or hiring top-notch designers to ensure their virtual environments are eye-catching enough to attract visitors and build a large audience – unless they are able to perform in pre-designed environments such as we are building in Wolf VR. The ability to monetise their content is also crucial, and creators can explore innovative ways to reward fans for their loyalty.

Countries such as the UAE and Saudi Arabia are competing to be at the forefront of the metaverse, with cities such as Dubai who have developed their metaverse strategy, in an effort to become leaders in the burgeoning metaverse economy. It is crucial for these nations to provide the infrastructure required to sustain the emergence of the metaverse. This involves working with technology platform providers, performers and talent academies to build the necessary building blocks for these new 3D experiences to flourish.

As the groundwork is laid, metaverse companies can leverage these opportunities to establish the Arab countries as hubs for earning a living from the emerging 3D metaverse economy. By employing creators and technologists as staff or freelancers in these territories, these countries can attract talent, generating economic growth as these individuals spend their earnings within the country.

The trajectory of the metaverse over the past year indicates that the short-term future involves consumers obtaining virtual entertainment from a variety of different niche platforms rather than a single, monolithic metaverse environment.

Over the next one or two decades, we will likely see the interoperability of consumers being able to jump from one platform to another, taking their avatars, owned digital items and social connections with them with ease. This will require further decentralisation as big businesses learn to share data and revenue to prioritise the user experience, with their own interests coming second to attract fertile ground for growth. The companies that succeed will be those that put their users and customers first, give the talents more say and ownership, and embrace this new mindset.

Gary Knight is the CEO at The World’s Online Festival (WOLF)

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