There are a lot of big claims on how much the metaverse will change the economy as it grows, adding trillions of dollars of surplus value o millions of new jobsjust like the internet did.
But a less rosy figure this week in inboxes: job postings with “metaverse” in the title have decreased by more than 80 percent from April to June according to a report by Revelio Labs and Bloomberg, a victim of the embarrassing temporal overlap between the general market crisis and Big Tech’s ambitious efforts to build this new virtual landscape.
During Meta’s earnings call last week – where the company announced its first-ever revenue drop – Mark Zuckerberg made a happy face on his company’s big investment (and big pivot) by saying that, despite market conditions, the long-term metaverse will earn the company “hundreds of billions of dollars, if not trillions,” albeit reportedly prepares for layoffs yes.
Like everyone else in the industry likes to point out, however, the meta is not the metaverse. out 1 way hackerWhat does the metaverse economy look like right now and how should we expect it to take shape as it grows?
At the higher levels, you can see the metaverse as a job creation engine for well-paid developers, newly minted Web3 consultants, and hardware designers who are building the world and its technical and administrative parameters. In his metaverse work survey, Revelio Labs found that global IT and consulting firm Accenture listed the most virtual reality-related jobs by a wide margin – more than double that of Meta, the runner-up. Even non-tech-focused companies have jumped on the hype train: Unilever, the old-school consumer goods giant, has already formed a “internal collective Web3”To build his metaverse strategy in marketing everything from deodorant to ice cream bars.
But there is another landscape of metaverse jobs outside the corporate walls. The kind of informal cash economies that exist in gaming spaces like Roblox and Fortnite are well known and documented at this point, as is the mega market advertised for NFT-based metaverse real estate. There are the money-making schemes promised by play-to-earn games like Axie Infinity, which inspired an economic micro-revolution in Southeast Asia, for decidedly conflicting results. And like Bloomberg noticedthe metaverse has inspired similar low-paying informal work in the real world as well, with listings for metaverse gigs more than quadrupled on the Fiverr freelance marketplace app.
The metaverse economy ultimately looks similar to the one that already exists: a superior class of highly skilled, credentialed consultants and developers, and a vast subclass of gig-economy.
Despite all the hype surrounding it, is it possible that the metaverse simply mirrors our existing economic hierarchy? After all, the internet itself has transformed the global job market, placing STEM communication and skills at a high price at the expense of almost everything else. What could the metaverse do, with its endless virtual landscapes and new forms of digital communication, to change the type of work that is and is not appreciated?
I asked this question to Yonatan Raz Fridmanfounder and CEO of the Supersocial metaverse game company and co-host of Bloomberg’s “Into the Metaverse” podcast – and said that while right now traditional engineering and development skills are more in demand as the metaverse is built, a solid existing reality will inspire and demand a booming economy of creative workers.
“We are talking about a lot of content that will be created,” said Raz Fridman. “We’re going to see an explosion of creators from art and design, and just like people do now in games like Roblox, they’re learning to make things for this economy.”
He stressed that the demand for creative skills will not be limited to the design of the objects and art that fill these virtual worlds, but the worlds themselves, which will require totally new ways of looking at the experiences of web users that we now take for granted.
And if a 3D world is populated with objects and experiences that people potentially enjoy as much as they do in the real world, wouldn’t it be worth paying well to preserve them or be guided through them?
“What does it mean if my avatar wants to go to school, or learn the skills to do something in the metaverse, to become a freelancer?” Raz Fridman asked. “We are building a parallel universe of reality; It wouldn’t be so crazy to think that there could be an entire economy and workforce based on avatars. “
In today’s Morning Money newsletter, Sam Sutton, Kate Davidson and Aubree Eliza Weaver of POLITICO broken down new legislation proposed by Sens. Debbie Stabenow (D-Mich.) And John Boozman (R-Ark.) Who would place cryptocurrency regulation squarely in the dim light of the Commodity Futures Trading Commission.
It is the latest salvo in the battle over whether cryptocurrencies should be classified as commodity or security. SEC President Gary Gensler aggressively pushed to make cryptocurrencies the purview of his agency and outright classified several currencies as stocks. as part of a recent criminal investigation. If passed, this bill would shift the balance of power in favor of the CFTC, seen by many in the cryptocurrency industry as a more favorable regulator. (Blockchain Association Executive Director Kristin Smith called the bill, which came out of the Senate Committee on Agriculture, “encouraging”.)
Sam, Kate and Aubree also note that “although the bill does not outline any specific liability for the SEC, this is beyond the remit of Senate Ag,” it allows companies that register with the CFTC to also register with the SEC. They report that although the bill lacks the fanfare of this year’s previous cryptocurrency, broader proposal The legislation of Sens. Kirsten Gillibrand (DNY) and Cynthia Lummis (R-Wyo.), Lobbyists and staff have high hopes for his eventual passage.
Nice job if you can get it: In the latest from what is fast becoming a fast paced VRChat, users of the infinitely customizable (currently) the metaverse-like virtual world is preparing for a limited number of jobs a Virtual K-Mart.
Users are directed to turn to one of the store’s many “departments”, from a virtual bakery to a portrait studio, although the administrators warn that the virtual KMart “is not a real company and has no paychecks, it provides benefits for health, etc. “and” it is simply for role-playing to keep the shopping experience alive for players “wandering around the virtual space, pretending to do activities such as stocking shelves or arguing with carts.
The stores are the brainchild of a user who was employed by the retail chain in the real world, where its locations have now shrunk to only three starting this April. This brings the company into balance with its virtual counterpart, as its creator, who goes by the name “Ericirno”, has built not only a virtual replica of his own store, but a Super KMart Other KMart Express also.
The KMart virtual community Discord Channel now it has nearly 3500 users after hyper-specific shop details posts went viral. The levels of user enthusiasm on display at virtual KMarts, including fully staffed role shifts, are somewhat astounding compared to those around some, well, actually functional brands. When companies start spending large sums of money on metaverse marketing efforts, it’s a reminder of a lesson from another (fictional) advertising era: Nostalgia is powerful.
Keep in touch with the whole team: Ben Schreckinger ([email protected]); Derek Robertson ([email protected]); Constantine Kakaes ([email protected]); and Heidi Vogt ([email protected]). Follow us on Twitter @DigitalFuture.
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