Job creation is traditionally engineered by politicians desperate to get the country back to work and to be seen as stimulating the economy. From the job creation programs of the Great Depression to United States President Barack Obama’s American Jobs Act, employment schemes have a long, checkered history. Today, fostering meaningful employment for the masses remains as popular as ever with policymakers, and yet, the next great job creation scheme is unlikely to be issued as a top-down order.
Rather, it will emanate from a realm that most politicians have little dominion over and few powers to control: the Metaverse. That virtual world running parallel to our physical one is not constrained by national borders, nor is it the fiefdom of social media companies cynically commandeering its name.
The Metaverse comprises an interconnected series of virtual worlds in which humankind can recreate, interact and transact. As avatars, its users are free to flit between games, meeting spaces and markets, reenacting many of the tasks once constrained to meatspace.
The greatest promise the Metaverse holds, however, is not the ability for humans to don lurid skins and twerk as one in virtual concert halls. Rather, it is for these same people to obtain meaningful employment in worlds, realms and spaces across the Metaverse that will form the beating heart of Web3.
Related: Demystifying the business imperatives of the Metaverse
Making bank in the Metaverse
Given the amorphous nature of the Metaverse, it can be hard to envisage what a virtual world in which millions clock in and out to earn their crust might resemble. As it happens, though, there is already work being performed in fledgling metaverses the (virtual) world over.
In the play-to-earn — or “GameFi” — sector, virtual pets roam freely, with their human owners petting, dressing and training them. But it’s not just about recreation: With their respective metaverses, players can collect tokens and other in-game assets that spawn and trade them for real money.
Related: Crypto gaming and the monkey run: How we should build the future of GameFi
Workers from developing countries such as the Philippines earn around $30 per day for performing these tasks on behalf of owners, using the creatures to collect tokens. Owners, in turn, earn money from lending out their stable of virtual pets — without needing to concern themselves with the drudgery of collecting tokens all day.
It’s a simple economy in which all participants benefit commensurate with their interests and financial expectations. How might this earning model work for Metaverse participants higher up the chain?
Well, for celebrities and creators, specialist platforms enable virtual experiences to be entertained in the Metaverse. Fans can pay to interact with their favorite creators within a virtual world, whether they’re playing golf with a YouTube influencer or learning new skills through a one-on-one with a thought leader. It’s yet another example of the vast potential the Metaverse holds.
Meta-work for the masses
Not all of the work centered around the Metaverse will occur within it. Much of it will involve connecting the nuts and bolts that keep it turning — coders, designers, testers and developers. For the millions currently employed in offices and on shop floors around the globe, however, the ascendancy of the Metaverse will see their work transition to a virtual world not so dissimilar to that to which they are accustomed.
Real estate: Virtual land is already selling for millions of dollars in metaverse worlds such as The Sandbox and Decentraland. The battle for desirable virtual real estate is fierce — flipping pixels for profit is a specialist role that will create a slew of jobs for those with an eye for a prime plot. At the same time, real-world property will also transition to the metaverse, enabling prospective buyers to “walk around” a beachfront condo on the other side of the world or ogle one that is…
Read More: cointelegraph.com