In Economy 3.0, metaversives will create jobs for millions

Job creation is traditionally designed by politicians desperate to get the country back to work and be seen as stimulating the economy. From job-creating programs during the Great Depression to President Barack Obama’s American Jobs Act, employment plans have a long and volatile history. Today, promoting meaningful employment for the masses is still as popular as ever with policy makers, however, the next great job creation blueprint is unlikely to be issued as a top-down order.

Instead, it will emerge from a world in which most politicians have little dominance and few powers to control: the Metaverse. This virtual world that runs parallel to our physical world is not constrained by national borders, nor is it the fiefdom of the social media companies that ironically take their name.

The Metaverse consists of an interconnected series of virtual worlds where humanity can recreate, interact and interact. As an embodiment, its users are free to move between games, meeting places and markets, re-enacting many tasks that were previously restricted to the flesh space.

The greatest promise that the Metaverse holds, though, isn’t the ability for humans to wear horrifying skins and wave around as one in virtual concert halls. Instead, those same people will get meaningful jobs in the realms, worlds, and spaces across the Metaverse that will make up the beating heart of Web3.

Related: Demystifying Business Necessities in Metaverse

Make the bank in the Metaverse

Given the amorphous nature of the Metaverse, it can be hard to imagine what a virtual world in which millions would go in and out to get their shell might be like. As it happens, though, there is already work being done in nascent metavers around the (virtual) world.

In the “GameFi” sector, virtual pets roam free, petted, petted and trained by their human owners. But it’s not just about entertainment: using their own metaverse, players can collect tokens and other in-game assets that you mine and trade for real money.

Related: Cryptographic games and monkey running: How should we build the future of GameFi

Workers from developing countries like the Philippines earn about $30 a day performing these tasks on behalf of the owners, using creatures to collect tokens. Owners, in turn, earn money from lending their virtual pets – without having to worry about the toil of collecting tokens all day long.

It is a simple economy in which all participants benefit in proportion to their financial interests and expectations. How might this earning model work with Metaverse participants at the top of the chain?

Well, for celebrities and creators, niche platforms make it possible to enjoy virtual experiences in the Metaverse. Fans can pay to interact with their favorite creators in a virtual world, whether they’re playing golf with a YouTube influencer or learning new skills through a one-on-one encounter with a thought leader. It’s another example of the huge potential that the Metaverse holds.

Meta work for the masses

Not all Metaverse-centric work will take place within it. Many will involve connecting the nuts and bolts that keep them spinning – programmers, designers, testers, and developers. For the millions currently working in offices and shop floors around the world, the rise of the Metaverse will see their work transition into a virtual world not much different from the one they are accustomed to.

Real estate: Virtual Earths are already being sold for millions of dollars in metaverse worlds such as The Sandbox and Decentraland. The fight for the desired virtual real estate is a fierce one – flipping pixels for profit is a specialized role that will create a huge number of jobs for those who want to get a master plot. At the same time, real-world properties will also move into the metaverse, allowing potential buyers to “roam” a beachfront apartment on the other side of the world or an apartment that’s still on spec. 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 clamoring to have a part in the Metaverse movement, and it’s easy to see why. The world where millions mingle while being avatars offers endless opportunities for clothing awesomeness. People are no longer restricted by gender and body type, but rather imagination when dressing. In the Metaverse, you can assume any identity you want with the appropriate accessories. Models will strut their stuff on virtual catwalks, and fashionistas will pay top bucks to decorate their avatars at limited-edition chains from the most sought-after brands.

Music: As much a boon for indie artists as it is for major brands, the Metaverse has shown its value during global shutdowns, with over 27 million fans attending Travis Scott’s Fortnite party in 2020. Enterprising artists have already experimented with Web3 technology as indestructible tokens (NFTs), and use them to release limited-edition and exclusive albums and to enhance intimate experiences. The advent of the fully immersive Metaverse will take this ability to a new level, providing endless ways to monetize and interact with fans.

Related: Metaverse will change the live music experience, but will it be decentralized?

Movies: Technology is a double-edged sword, it creates new opportunities while destroying others. Actors who have found this similarity to be assumed by artificial intelligence and infringement of their intellectual property rights know this all too well. But the same technology that threatens their livelihood can be used to enrich them within the Metaverse. Just imagine the capabilities offered by a world in which voice, television and film actors can use their digital mates to interact with fans and sell experiences that include one-on-one time – without celebrities having to leave the comfort of Malibu mansion.

As the Metaverse materializes and its promise becomes a reality, the job opportunities it provides will elevate everyone from mechanical, drudgery work for $2 an hour, to the rich and famous. There are already Metaverse stores that you can visit with your avatar to order everything from fast food to medical marijuana – then have it delivered to your front door in the real world. In the near future, many of those who earn from the Metaverse – such as delivery drivers and food producers – may have no idea that they owe their livelihood to a world they have yet to discover.

Not all of us will play and interact in the Metaverse, but just like the Internet itself, we will be more prosperous because of its presence. The faster we turn the Metaverse into a mass reality, the better we all become.