Facebook testing monetization on metaverse

Tram Ho

The CEO of Meta wants people to make money easier on the virtual reality platform Horizon Worlds, part of Meta’s plan to create a “metaverse”.

Mr. Zuckerberg added: “The ability to sell virtual assets and access things inside this world is a new part of e-commerce. We’re starting to roll this out with just a handful of people. creative and see how this goes. But I believe we can roll out this feature more widely in the future.”

So what is Horizon Worlds?

Horizon Worlds (formerly known as Facebook Horizon) is a free online virtual reality game that allows players to build and explore virtual worlds. Meta released this game on Oculus VR in the US and Canada on December 9, 2021 but has not released it to the world.

Over the past few months, companies and individuals have been experimenting with everything from art to real estate in virtual worlds on platforms like Decentraland and The SandBox. Hip-hop star Snoop Dogg bought virtual land, and one fan paid $450,000 in December 2021 for a piece of land next to him on The Sandbox.

Citi bank estimates that the metaverse economy could be worth between $8,000 and $13 trillion by 2030.

In a blog, Meta argues that the metaverse is not limited by physical space and will bring a new level of creativity. Metaverse will also create new opportunities for a new generation of creators to pursue their passions and still generate income.

In addition to trading in the virtual world, a number of virtual world creators in the US are also directly compensated by Meta for their efforts.

“Everybody’s building great worlds,” Zuckerberg said. “We’re basically just taking out some funds to pay the people who are doing well in Horizon.” Meta will govern specific conditions that creators must fulfill in order to be paid monthly.

In October 2021, Meta launched the $10 million Horizon Innovation Fund. Meta did not disclose how much it would set aside to pay creators in Horizon Worlds or what a creator’s potential earnings would be.

“The refined metaverse that Meta is promoting is years away from being recognized,” Matt Navarra, a social media consultant, told CNBC. Mr. Navarra also added that there are many questions surrounding how the metaverse will be used and disseminated.

Mr. Navarra said: “Meta-enabled monetization is a smart move to kickstart the creative economy in the metaverse. But for the majority of brands and creators, the metaverse is what they’ll be watching. closely during this time.”

Source: CNBC

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