Author: @dawnx666, Translation: @C_Chyn, Editing: @bitpixi
Reposted with permission from MetaCat’s original article on November 10, 2021
Recently, Facebook officially changed their name to “Meta,” signaling their strategic entry into the metaverse. In September, Tencent registered the metaverse-related trademarks, such as “King of Metaverse” and “QQ Metaverse” (Honor of Kings and QQ are Tencent’s popular mobile game and instant messaging app, respectively). Also in September, Hu Houkun, Rotating Chairman of Huawei, said at a forum that “The metaverse represents the humanity’s expectation for further integration between the virtual world and the physical world.” These are only some examples of many actions taken by industry leaders, bringing much attention to the concept of “Metaverse”.
Why has the Metaverse received so much attention lately?
From the perspective of technology, blockchain brought enforceable property rights to all digital assets. From the perspective of the development of internet, 3D and multimedia have always been the general trend: from text messages to images and then to videos and live streaming, internet has kept moving towards liveliness. The Metaverse combines both perspectives: building upon the technology of blockchain, it fits the general trend towards richness in contents. Furthermore, the Metaverse platforms such as Cryptovoxels [(soon rebranding to Voxels)] are composed of special NFTs, each able to hold even more smaller NFTs, creating an ecology far surpassing any other NFTs.
Which business models can we expect in the Metaverse?
1. Sales of NFT artwork
Currently, galleries are the most common business model in the Metaverse. This probably results from the innate connection between NFTs and the arts, according to my observation and discussion with industry insiders across the world. Many of the first active members in the Metaverse are artists or members of the art industry. Examples from Cryptovoxels includes the Pure Gold Gallery by Jiaying Liu, Panda Gallery by Ting Song, BCA gallery, and dogesoundclub from Korean community. These groups brought about galleries, the earliest and most popular business model in the Metaverse.
https://www.cryptovoxels.com/play?coords=W@291E,369N
https://www.cryptovoxels.com/play?coords=NW@569W,205N,12.5F
https://www.cryptovoxels.com/play?coords=S@122E,432N,5.5F
https://www.cryptovoxels.com/play?coords=E@795E,230S,9F
2. Sales of Vox
Unlike the physical world, the Metaverse is made from other materials. For example, Cryptovoxels, including all buildings and wearables within are composed of voxels, as digital values on a 3D grid. Thus, the use of vox is indispensable in Cryptovoxels, serving functions from building decorations or personal displays. To meet this demand, we now have multiple vox shops, with Vox Walk as the business model’s prime example.
https://www.cryptovoxels.com/play?coords=W@6483W,116S
3. Construction
Some landowners have multiple parcels but limited time and energy for construction. Other landowners are organizations inclined to hire a professional team to construct their HQ for branding purposes. Demands such as these led to third-party construction services for the Metaverse, such as MetaEstate and Voxel Architects. The top four buildings with the most numbers cumulative visitors on the CryptoVoxels’ main island Origin City — SpaceAge, StoneAge, GlassAge, and Welcome — are all built by Voxel Architects. MetaEstate has also built famously exquisite buildings such as the HQ for MetaChi, Creation Fashion Hub, and Haolinju Restaurant.
https://www.k1ic.com/cv-en.html
https://www.cryptovoxels.com/play?coords=W@639W,276N,18.5F
4. Advertising
Thanks to personal ownership over a parcel, a person can decide what they would like to place on their land and this includes renting for paid advertisement space. Some examples are Metaverse Billboards company advertising any products, events, or services for other companies… or even directories advertising other parcels such as Portal Hub or Teleport Land.
https://metaverse-billboards.com/
https://www.cryptovoxels.com/play?coords=N@7E,35S
5. Parcel Rentals
Just like real estate in the physical world, digital parcels can be both rented and purchased. Data analysis by CV Analytics showed that many landowners hold multiple parcels. We also know that some parcel owners intend to invest for long-term instead of for constructing. Therefore, a natural market exists for landowners to rent their spare parcels to others with ideas for construction or operations.
https://www.k1ic.com/cv-en.html
6. Immersion
Immersion is the experience where people are so focused on the designed environment that they forget about reality. At Universal Studio in Beijing, what appears as physical experience are actually spiritual immersion, turning moving chairs into soaring with Harry Potter, jumping across skyscrapers with Transformers, fidgeting around with Minions. I think the Metaverse is a natural place for immersive experiences, based on specialized building design and 3D gadgets.
7. Games
The virtual nature of games makes them easily integrated into the Metaverse. For example, The Sandbox is a community-driven blockchain game platform, where creators can turn voxel assets and in-game equipment into NFTs on blockchain. Also, games can certainly be a part of other metaverse platforms like Cryptovoxels. Through such on-chain games, players can invest in NFTs and enjoy the game at the same time, because the in-game items themselves are NFTs.
https://www.sandbox.game/en/map/
https://www.cryptovoxels.com/spaces/d0a82c2b-e9cd-4c24-93a5-a9d106b4cdfe
8. Sales of Clothing
There are aspects where the Metaverse will never replace the physical world, such as clothing, food, housing, and transportation, our basic physical needs. Specifically, online sales of clothing is moving towards 3D, from 2D graphical introduction to live-streamed try-on. However, watching someone else trying on clothes is not the same as trying them on yourself. With a 3D scanner, it is possible to fit a 3D virtual version of the cloth on the 3D virtual version of yourself.
https://www.cryptovoxels.com/play?coords=W@810E,81N
https://www.cryptovoxels.com/play?coords=W@810E,81N
9. Online KTV (Karaoke) or other Live Music
KTV, to those who enjoy it, is a way to socialize. However, people far away from each other can hardly meet for KTV in the physical world. Such restrictions don’t exist in the Metaverse. When it’s available, would you be interested in meeting people all around the world in the Metaverse for Karaoke [or other Live Music]?
10. Data Service
Data is everywhere and the Metaverse is no exception. Platforms want visitor data to each parcel. Prospective buyers want historical data for parcels on sale. Prospective sellers want market data to set their asking price. Visitors want to know where to go. The support of data is necessary for each of the above. Professional data analytics provider may become an important business.
https://www.k1ic.com/cvb-zh.html
In the near future, we might have a slew of new jobs: Metaverse architects, Metaverse building designers, Metaverse construction trainers, Metaverse game planners, Metaverse building operation specialists, and so on. There will probably be successful business models other than the ten I listed.
So, what will the future of the Metaverse look like? A 3D “Twitter” integrating social networking and advertising? A theme park with one immersive program after another? An online marketplace with 3D clothes fitting and try-ons? A KTV for international Karaoke? Of course, just like none of Facebook, Google, or Amazon can represent the internet by itself, it must be the connections and interactions between multiple metaverse platforms that creates the real Metaverse.
Notes: All discussion about Metaverse in this post refers on Metaverse on blockchain because I believe this is the only real metaverse. Additionally, I want to thank Andrew Stenwold for inspiration.
