Meta Set to Test Money-spinning Tools for Its Metaverse

UTC by Tolu Ajiboye · 3 min read
Meta Set to Test Money-spinning Tools for Its Metaverse
Photo: Depositphotos

Meta will begin a test of its readiness for the emerging metaverse as the company builds products and service tools for related projects.

Meta Platforms Inc (NASDAQ: FB) wants to test tools that could facilitate its metaverse agenda. According to a report issued on Monday, the Facebook parent said the tests would take place within its virtual reality platform Horizon Worlds. Furthermore, some of the testable tools comprise those used to sell digital assets and experiences.

The Planned Meta Test

A pre-selected group of content creators will have access to these tools to create virtual items. These items include virtual classes, games, and fashion accessories within Horizon Worlds, accessible via VR headsets. Meta provided some information on the development in a press release which read:

“While we’re launching this today as a test with a handful of creators to get their feedback, these types of tools are steps toward our long-term vision for the metaverse where creators can earn a living and people can purchase digital goods, services, and experiences.”

Meta, which already set up a $10 million fund for creators on Horizon last October, also plans to test a “creator bonus” program. The bonus feature will be available to a few Horizon Worlds users in the US and will reward creators who achieve certain goals. According to Meta, this includes “building worlds that attract the most time spent.” In addition, recipients of the bonuses will receive their payments in full and will also not need to pay any attached fees. This policy is in stark contrast to the revenue realized from virtual items where users have to pay a commission. The bonus payments will take place every month.

Meta chief executive officer Mark Zuckerberg also touched on the company’s metaverse test initiative. Speaking at a session that took place using avatars in Horizon Worlds with several early adopters, the CEO explained:

“We want there to just be tons of awesome worlds, and in order for that to happen there needs to be a lot of creators who can support themselves and make this their job.”

The Metaverse Factor

Horizon Worlds is a Meta project created after the company changed its name from Facebook. Meta’s immersive platform now has more than 10,000 worlds, with over 300,000 users in the US and Canada.

Meta already has a sizable investment in virtual and augmented reality. The tech company is also currently in direct competition with other up-and-coming virtual world players.

The emerging metaverse is fast attracting several big companies to the space, after experiencing a massive explosion in 2021. There have also been several fundraiser exercises for metaverse-oriented companies that have seen lofty sums disbursed. Furthermore, non-fungible tokens (NFTs) have become quite popular, with many already sold for impressive amounts of money.

The metaverse factor has also carried over into 2022, with more big names venturing into the concept. One of the most recent instances is the multibillion-dollar initiative between toy brand Lego, Sony, and video game developer Epic.

Business News, FinTech News, News, Technology News, Virtual Reality & Augmented Reality News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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