If you’re an entrepreneur, there is one crucial thing that you need to know about the Metaverse: your digital goods are now valuable.
Not only will the Metaverse allow you to establish a universal identity for yourself and your business, but it’ll also let you build and distribute digital goods and services with which you can profit. Creating and selling digital goods for the Metaverse equals recognizing the appetite that massive, untapped audiences have for avatars, spaces, items, digital assets, videos, audio files, etc.
We’re talking about audiences in the tens of millions who are currently spending billions on digital goods. What’s new is that our brains are collectively taking a massive leap in how we establish the worth of a digital file, which is something no company and no founder can afford to overlook.
The reason why digital assets can be so valuable is that they are not physical, they are endlessly scalable despite their digital scarcity, and they unlock new monetization methodologies for huge industries. They have a different reality, and it’s filled with both fantastical value creation and extreme risk– the two go hand in hand. When we think about the value of a digital thing, we’re generally thinking in terms of speculation– and that’s where things go sideways.
But it doesn’t have to be this way, not if we accept non-fungible tokens (NFTs) as a new type of digital ownership with its own implicit rules for value. NFTs don’t fit into our traditional understanding of what something is worth because they don’t fit into the rules that govern physical or digital items. That’s not a bad thing.
NFTs will make ownership frictionless and simple. They will allow us to move digital objects from place to place without needing any centralized structure. They will enable us to more efficiently and effectively prove we own something. And they will transform product development and R&D from a prohibitively costly process that excludes a range of founders into the building blocks of new startups.
The Metaverse is young, it’s new, and there are many ways in which entrepreneurs will capitalize on the ecosystem. A lot of things are still undiscovered within this vast environment. It’s a hyper-fragmented space where you need to know your customers and how they want to interact with your product.
A smart wallet that understands digital, physical, and real-world assets will make sure the multi-asset transactions of our tokenized future happen seamlessly. It will be the Venmo of your multi-asset life. Entrepreneurs who are placed to take advantage of that disruption point will be off to the races with their new companies.
The foundation is already being laid for this kind of product development, and the most critical piece is the application of blockchain technology, especially Ethereum Layer 2. The resulting market is going to result in an explosion of new businesses and new engagement. It’s going to be a massive disruption — but it won’t happen overnight. Without entrepreneurs exploring, creating, and pioneering this space, the Metaverse will be only half as valuable for its citizens.