The metaverse is a universe parallel to the physical world. It is made up of several interconnected virtual worlds where humans can have extended alternative experiences.
Currently, there are several projects based on various metaverses from different sectors of our daily life: gaming, fashion, arts, exhibitions, music, among others.
Within this group, Space focuses on building a commerce Metaverse where users can buy/sell goods, socialize and build their reality.
With a focus on capturing the arts industry (art, music, fashion), Space is the metaverse where users can create a vibrant user-owned economy through unified knowledge, joint effort, and fair distribution of rewards, based on a culture of collaboration and economic opportunities through trade as the central axis.
A Booming Business
According to Bloomberg Intelligence, the market for metaverses has already reached a value of 500 million USD, foreseeing that in 2030 this number will multiply threefold to reach 2.5 billion USD.
Many traditional technology companies are investing and exploring the reaches of the Metaverse: Apple, Facebook, Sony, Alibaba, Tencent, and Nvidia; behind these are financial companies creating funds focused on the economic value of these worlds.
The reason is simple
Since the start of the Covid-19 pandemic, the Metaverse has been transforming almost all industries leading to the creation of countless businesses in virtual worlds, as highlighted by Matthew Ball (partner of EpyllionCo) in his essay ‘A Framework for The Metaverse.’
Within this set of economic opportunities, the arts industry, in its different facets, has recently had a boom in the virtual ecosystem, with NFTs as one of the pivotal instruments and maximum exponents of this rebirth.
Relying on the blockchain technology, users of metaverses can monetize almost anything within these virtual spaces: from lands to the goods and services arranged in them and transfer of ownership to the intellectual author of digital assets, without the need for intermediaries, providing fair rewards for their trade.
To put a number in context, according to NonFungible, the market size for NFTs is currently about 325 million USD in sales, with metaverses providing just over 5% of this market.
Even more interesting, the world of art-related NFTs is about 52.4 million USD, 16.12% of the total sales of this budding sector.
“NFTs will be a trillion-dollar market someday. That means USD 999.9 billion in future opportunities. We’re just .01% of the way in,” predicts Ryan Sean Adams, Founder of Mythos Capital and creator of the Bankless podcast.
Arts Industry: The Target Audience
Many members of the tech industry see metaverses as the successor to today’s Internet. Think of a combination of immersive virtual reality, a massive online role-playing game, and the web — all in one place.
If the metaverse becomes the successor to the internet, who built it and how it is built is extremely important to the future of the economy and society as a whole.
And within this immersive world, everything related to arts will predominate when creating unique sensory experiences for immersive users in these virtual worlds.
From listening to our favorite singer or band perform live through our avatar in the metaverse to being able to appreciate in all its splendor a pop art gallery of a new age geek artist, these will be everyday experiences in this millennial culture!
Through these types of experiences, we will finally be able to add social and human value to our journey through virtual worlds and play a prominent role within the digital ‘new reality that is to come in the next generations, which allows us to not only connect as unique characters through a computer but also to remember that we will always be human after all.
Given the importance of the aforementioned, Space focuses on the social interactions and economic opportunities that creators who reside in it can generate within their spaces, with a special interest in supporting development linked to the arts industry.
The reasons are simple: The traditional art market had global sales during 2020 of about 50.1 billion USD. This sales value is enormous considering the effect of social restriction and limited mobility due to the pandemic on the global market.
According to a study by Insight Partners, the global market for B2B e-commerce platforms will represent about 20.9 trillion USD by 2027, with a compound annual growth rate of 17.5% in the coming years.
Linking both sectors with the market segment of decentralized properties represented by NFTs, it is evident that the opportunities to monetize time spent in metaverses are enormous.
Opportunities Within the Space Metaverse
Since assets and transactions can be automatically recorded in a detailed and transparent way on a blockchain, it becomes increasingly easy to price and provide access to information and digital goods with a high degree of precision. Thereby creating a new business model for buying and selling digital content.
There are several examples of start-ups that aim to use blockchain to promote and enforce digital rights management to enable remuneration for artists.
With these advantages, blockchain technology has great potential in the digital commerce industry, where metaverses are already transforming the business models we know today.
In addition to the virtual world of games, real world assets such as real estate and works of art can also be tokenized and traded on the blockchain. And Space offers a place for them!
About Space
Space is a 3D experience virtual world which provides its citizens powerful tools to create content, build businesses, interact collaboratively, and own and monetize these experiences while having true ownership and rights over them.
