According to a Statista report, 3 in 10 users on the Internet were creating content for different social media platforms in the US. That number surely would have increased in 2024 given the fact that we are seeing a surge in activity on platforms like YouTube, TikTok, and Instagram.
Out of these, 53% of the content creators belonged to the age group 18-34 as shown in the chart below.
Image from Statista
The metaverse market is expected to grow up to $74.4 billion in 2024, and by 2030, the market is projected to reach $507.8 billion. But what’s going to drive all this massive revenue? Experts say that independent content creation will be the backbone of the metaverse economy.
When it comes to the metaverse, the content creators act as a huge force for the economy. It is important to note that content is not a free resource. Creators who populate the current Web2 platforms with content make money by monetizing their content, usually through affiliate or ad revenue.
Often, they earn as much as top artists, and become influencers, opinion leaders, entrepreneurs, and more!
But considering the fact that the metaverse will change the content creation landscape, how does monetization fit into this new digital revolution? Let’s discuss that.
How will the metaverse transform content creation and monetization?
AI-powered content will be at the core of the metaverse. We are already seeing massive leaps in terms of AI video generation with the latest tools like OpenAI’s Sora. What we’re seeing today on the Web 2 as interactive content, will be transformed into 3D content by digital creators.
For example, content creators can own a piece of digital Africa in Ubuntuland and create + monetize educational, entertainment, and social experiences.
The creators will be able to produce digital avatars, and develop environments like workplaces, studios, homes, entertainment hubs, retail stores, and a lot more. In these environments, they can interact with online visitors daily for professional and social activities.
Online business consultation in Web2 will be transformed into an in-person consultation using digital avatars in a virtual office. Similarly, creators may develop entertaining virtual experiences for visitors, such as virtual theme parks and charge an entrance fee using the $Ubuntu token.
Those who manage or run communities can host free or paid events on their property, or rent out someone else’s property for a virtual event. Business owners who will adopt the metaverse quickly will also have a leading edge over competitors, as they can advertise their virtual or physical products to a whole new demographic.
Conclusion
As the metaverse continues its rapid expansion, content creators are poised to be its economic force. With AI-powered tools, content creators can produce immersive 3D experiences, opening up new avenues for monetization.
The metaverse represents a new frontier where creativity and entrepreneurship converge, promising boundless opportunities for those willing to embrace it. Platforms like Africarare are already pioneering this space by bringing African creativity, culture, and heritage to the metaverse.
