The Metaverse isn’t for everyone. Yet.
The idea of the metaverse is something that has been around for a long time. With platforms like Minecraft, Roblox, and MMORPG games in general, where players can create an avatar and experience life through the virtual world, the concept isn’t that far fetched. Then, with the addition of virtual reality headsets and people experiencing things in a much more immersive way, the metaverse concept seems like a natural extension of our previous efforts. And so many people are excited to jump on the metaverse bandwagon and see what it can be like.
Take the book and movie Ready Player One, which showed a near-future experience where people went to school, met up with friends, and even worked full time in the virtual world. The metaverse of that story was accessible to all people, with schools even handing out gear to their students so they could attend school. However, as we are beginning to see more and more interest in the metaverse (especially with Facebook’s name change to Meta and their plans for changing the game), more and more people are finding themselves in the same position as Ready Player One’s Wade Watts (in the beginning of the movie): unable to access the full potential of the metaverse due to financial limitations.
But finances are just part of the roadblocks between millions and their chances of not only experiencing, but actively participating in the metaverse. Many metaverse experiences tout their ability to focus on gameplay and create a system and place for players to purchase virtual land and digital assets, NFTs, that can be bought, sold, traded, created, and shown off. The simple fact of the matter is that, as of right now, the metaverse isn’t accessible to everyone.
Of course, there are those who dislike the metaverse concept completely, but those aren’t the ones that are the focus of this story. This story focuses on those who simply cannot afford, or who don’t have access to the knowledge they need, to gain access to the metaverse and everything that it holds. This, seemingly, makes the metaverse and other digital concepts like NFTs and cryptocurrency as a ploy for the rich to continue getting richer, creating a huge barrier for millions of people.
For companies hoping to address this limit of accessibility, there are a few definite things that need to be addressed before the metaverse truly becomes an open experience.
Examine the under-served communities
There are a lot of people who would be interested in joining the metaverse or purchasing NFTs and learning how to make an income, like many area already doing. However, a huge number of those people are not able to gain the knowledge that they need to be able to gather enough confidence to take the first steps.
While there is a lot of information out there about how to make money from cryptocurrency investing, for most people it is already too late for them to feel like they can even get into the market because the prices are already so high.
With the metaverse, though, many companies are just starting and emerging, creating new tokens and opportunities for new investors (like the man who was able to purchase two houses after his token value raised over 900%) to get in when prices are low enough. Particularly those in the low-mid tier income levels who are looking for options to supplement their income and possible make financial changes down the road, this is a prime opportunity for them. But they don’t know how.
Like all investments, this is a risk that investors, players, will need to put their money into and take a chance on it paying off. It is hard enough for low-mid tier income levels to focus on making enough in their day-to-day to survive and have what they want and need in the real world. But this shouldn’t stop them from being able to learn about and participate in the metaverse.
While companies may not be interested in finding this demographic and helping them to gain the skills they need to participate in the metaverse, they are a huge amount of the available market out there. Plus, with the correct knowledge, with a bit of time, this group of players might even begin to bring in even more revenue and interest to the game, and not just from big companies, celebrities, and the like.
Make it financially accessible
With the bitcoin boom, the people who reaped the most benefit, in a lot of cases, were those that were able to take a chance early on. Not only did they have the knowledge of what to look for and when to jump in, but they also had the funds to do so because it was so cheap. Now, their initial investments have skyrocketed.
For some of the metaverse options hat are currently out there, there isn’t really an opportunity for players to get started without investing a huge amount of money because they’ve already begun to explode with popularity.
Take, for example, Axie Infinity, one of the current leaders in the metaverse space, whose players are primarily from the Philippines. The average start up cost for new players is approximately $500–600 USD. This is due not only on the basic cost to get started, but also the requirement that all new players purchase three Axies to create their team before they can even begin to play. Axies, the NFT creatures that you can collect, breed, buy, sell and trade in the game, start at about $135 USD each.
For players in the Philippines, middle class citizens are earning approximately $850-1500 USD each month, while low income range from about $400–800 USD a month. With more than 14 million people falling into that demographic, there is a huge potential for new players if the price is more affordable to get started.
Consider the long term
This is definitely one of the hardest things to consider because it means not only thinking about initial profits for a company, but the long-term reach and availabilty that the metaverse they create will have for players new and old.
With the current state of the metaverse, crypto, and NFT markets being chaotic due to the frenzy and rush to create the next big ticket item that will soar in price as soon as possible, it is easy to see many of the companies developing metaverse platforms are seeking to capitalize on the buzz.
While that makes sense, for now, it is important to consider that with the promise of a true metaverse experience, players are going to want options to continue playing for a long time. Companies need to develop things that will allow players to do this, but will also allow new players to begin playing as the years pass as well.
For example, when players join an MMORPG, they are looking to become immersed in the world, the game, and the community. Companies would do well to take a page out of their books and make an enjoyable experience a priority for those who have been in there since day one and those that are just starting, years after it has launched.
While the cost of tokens, NFTs, and land throughout the metaverse can fluctuate depending on demand, by offering chances for players to earn back their investments and then some would do a lot for making the metaverse more attractive. From staking to play-to-earn opportunities, companies need to remember that those who join their metaverse are not all going to be able to invest a lot right away, and thousands of players won’t even begin playing until a lot of what was launched has already been bought up. Making the metaverse a place where players can feel invested in it, from day one, is an important part of making the metaverse a long-term opportunity.
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