Welcome back to Part 2 of the Future of Metaverse Professions!
In Part 1, we took a look at some professional careers for those of you who are interested in getting involved on the ground level and working on developing metaverses today.
In Part 2 we will be taking a closer look at some of the industries that have already started adopting metaverse technologies, and how this trend has started to transform traditional business models and the way business is starting to be conducted.
Introduction
Today, many industries are looking to leverage some of the unique benefits created by metaverse technologies. Broadly speaking, companies are particularly interested in:
- Immersive and/or interactive experiences
- Globally scalable outreach
- Relatively cheap cost of creating digital assets
Some of you might know of an online game released in 2003 called Second Life – one of the early-generation metaverse projects where you could create a virtual avatar and live a “second life” online.
Second Life was unique for a game at the time, as it created a trend of “in-world” employment opportunities, where users could hire other users to provide digital services within the game.
The recent rise and adoption of cryptocurrencies and non-fungible token (NFT) blockchain protocols have not only accelerated this trend, but it has also created a Cambrian explosion for new digital business models.
Music & Entertainment
During its peak early days, it was common to find In-World Employment Advertisements for event organizers and world-builders (now referred to as “Community Managers” and “Metaverse Architects”), but in particular, musicians and entertainers were in very high demand.
In 2022, the music & entertainment industry has fully embraced this trend and has started to adopt next-generation metaverses like the Sandbox and Decentraland. Both world-famous artists like Snoop Dogg and major entertainment companies like Warner Music Group are already planning to host their next concerts and events within the metaverse.
If you are an artist or entertainer, then maybe the metaverse could be your next venue; it offers a unique way to provide a low-cost and extremely scalable entertainment experience for large groups of people.
As we develop technologies capable of delivering better and more immersive experiences, the rate of metaverse adoption in music & entertainment industries will continue to accelerate.
Gaming
Gaming has been one of the quickest and most aggressive industries when it comes to adopting the metaverse. Currently “blockchain gaming” and “play-to-earn” are top trending industry buzzwords, along with “eSports” and “gamification”.
Many game development studios are increasingly looking towards utilizing cryptocurrencies and NFTs as part of their in-game economy to create gaming metaverses that can integrate seamlessly with real-world economies.
Today, there are hundreds of games being developed that follow a similar mould, such as Zed.Run, Axie Infinity and Gods Unchained.
Zed.Run is a popular metaverse project that started in 2019 and is starting to see tremendous success in their attempts to create a digital alternative to the horse racing industry. In the Zed.Run metaverse, you own virtual NFT horses, and use them for breeding new horses or racing with other players to compete for prizes.
Some games like Sandbox and Decentraland are taking things a step even further by allowing you to create “games-within-a-game” in their open-world metaverse.
If you are passionate about designing or playing games, then there are opportunities abound as game development studios continue to play a key role in pushing metaverse frontiers.
Retail & E-Commerce
The most important feature for NFTs is that they are unique and therefore cannot be replicated (or in other words, “non-fungible”). This is what enables NFTs to be used to represent both physical and digital goods and assets.
Today, both retail & e-commerce industries are starting to seize on the opportunities created by NFTs. Mega-brands like Adidas, Gucci, and Samsung have already bought plots of land in the Sandbox metaverse and are experimenting with in-game NFT wearables and immersive experiences. Similarly, online businesses are increasingly looking towards the metaverse as an alternative channel to engage and sell to their customers.
If you are a product developer, then maybe your next product could be a digital good, as they are relatively low-cost to scale and you can target unique metaverse demographics.
As different metaverses become more sophisticated and consumers choose to spend more time there, it will be increasingly important for all types of retail & e-commerce businesses to consider how they can take advantage of this new paradigm.
Social Networking & Professional Services
One of the companies developing the most sophisticated metaverses today is Meta (formerly known as Facebook). In fact, the adoption of the metaverse in social networking has the potential to disrupt the way we operate our businesses and daily lives in incredible ways.
HSBC, one of the world’s largest banks, also entered in to a partnership deal with Sandbox just recently. Similar to retail & e-commerce businesses, HSBC is looking towards the metaverse as a way to engage with sports and gaming fans and add to their existing channels.
It appears inevitable that as more consumers and businesses start to move in to the metaverse, a whole host of professional services, like consulting and private tutoring, will also be conducted through the metaverse – this was a trend that already started with Second Life.
Whether or not you may be working on the metaverse, there is a strong possibility that the future of your current profession will involve some element of working in the metaverse.
So far we’ve taken a look at professions developing the metaverse, as well as industries and professions moving in to the metaverse.
In the final Part of this series, we will be wrapping things up by taking a closer look at our work and the role of artificial intelligence and AI beings in the metaverse, and how this might affect and create new opportunities for you.
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