In the Economy 3.0, metaverses will create jobs for millions

Sebastian Parker
Sebastian Parker
Last Updated on May 29, 2022

Politicians are known to create jobs in order to stimulate the economy and get the country back on its feet. Employment programs have a long and troubled history, from the Great Depression’s job creation programs to the American Jobs Act by President Barack Obama. Policymakers still love to foster meaningful employment for the masses. However, it is unlikely that the next great job-creation scheme will be issued in a top-down fashion.

It will instead emanate from a realm most politicians have very little control over and few powers. The Metaverse. The virtual world that runs parallel to ours is not bound by national borders nor is it subject to the cynical control of social media companies.

The Metaverse is a series of interconnected virtual worlds that allow humans to interact, create and transact. Its users can freely move between virtual worlds as avatars and reenact many of the tasks that were once restricted to meatspace.

However, the greatest promise of the Metaverse is not for humans to wear lurid skins or twerk in virtual concert halls. It is not for them to find meaningful work in the Metaverse, but rather, for them to be the beating heart of Web3.

Related: Understanding the business imperatives in the Metaverse

The Metaverse: Making money

It can be difficult to imagine what a virtual world where millions work in order to make their living is like, given the metamorphic nature of the Metaverse. However, work is already being done in fledgling metaverses all over the (virtual world).

Virtual pets can roam free in the “GameFi” sector. Their human owners care for them and groom them. It’s more than just recreation. Players can also collect tokens and other assets from their metaverses to spawn them and trade them for real cash.

Related: Crypto gaming, the monkey run: How GameFi should be built for the future

These tasks are performed by workers from developing countries like the Philippines, who earn $30 per day. The token-collecting creatures are used to pay the owners. Owners can make money by lending their virtual pets to others, without having to worry about collecting tokens every day.

It’s an economy that is simple and all participants reap the benefits in a way that best suits their financial goals and interests. What is the earning model for Metaverse participants further up the chain?

Specialist platforms allow creators and celebrities to enjoy virtual experiences in the Metaverse. Fans can pay to interact in a virtual world with their favourite creators, be it playing golf with YouTube stars or learning new skills from a thought leader. This is yet another example of how vast the Metaverse has the potential to be.

Meta-work for the masses

The Metaverse is not the only place where you will find all the work. It will be a lot about connecting the nuts and bolts that keep it running — developers, testers, coders and designers. The Metaverse’s rise will make it possible for millions of people to work in offices or on shop floors all over the world to transition to a virtual environment that is not too dissimilar from the one they know.

Real Estate: Virtual Land is selling for millions in metaverse worlds like Decentraland and The Sandbox. Flipping pixels for profit is a highly skilled role which will provide a lot of work for those who have an eye for prime real estate. Real-world property will also be available in the metaverse. This allows prospective buyers to view spec homes and “walk around” condos on the other side. You can “try before you purchase” in a virtual world that offers endless possibilities.

Related: The Metaverse booms, bringing revolution in real estate

Fashion: From Louis Vuitton and Nike to Gucci and Gucci, fashion companies are eager to get a piece of the Metaverse action. It’s clear why. There are endless possibilities for fashion splendor in a world where millions of people mix and mingle as avatars. People no longer have to be restricted by their gender or body type. You can take on any identity in the Metaverse with the right accessories. Fashionistas will spend top dollar to outfit their avatars with limited-edition threads by the most coveted brands. Models will show off their skills on virtual catwalks.

Music The Metaverse proved its value during global lockdowns. Travis Scott’s Fortnite concert was watched by more than 27 million people in 2020. Web3 technology has been used by entrepreneurs to create limited-edition albums, exclusive albums, and intimate experiences. A fully immersive Metaverse will allow for endless possibilities to engage and monetize fans.

Related: The Metaverse will revolutionize live music, but will it be decentralized like the other?

Movies: Tech is a double-edged knife, creating new opportunities and destroying others. Actors who have had their likeness taken by artificial intelligence and their intellectual properties infringed understand this all too well. The Metaverse can help them make more money from the same technology that threatens their livelihoods. Imagine the possibilities of a world where voice, TV and movie actors can interact with their digital doppelgangers and sell experiences that include one-to-one time.

The promise of the Metaverse will become a reality as it becomes a reality. It will offer employment opportunities that will elevate everyone from the mechanical turk who works for $2 an hour to the well-off. You can already visit Metaverse stores with your avatar to order anything from fast food to medical cannabis, and have it delivered directly to your home. Many of the Metaverse’s workers, such as food producers and delivery drivers, may not realize that their livelihood is dependent on a new world.

While not all people will interact with the Metaverse, it will make our lives easier and more profitable. The quicker the Metaverse becomes a common reality, the better for us all.

This article is not intended to provide investment advice. Every trade and investment involves risk. Readers should do their research before making any decision.

These views, thoughts, and opinions are solely the author’s and do not necessarily reflect the views or opinions of Cointelegraph.

Johnny Lyu, the CEO of KuCoin (one of the most popular cryptocurrency exchanges), was founded in 2017. He had extensive experience in the luxury and e-commerce industries before joining KuCoin.