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5 Things To Know About Creator Economy In Metaverse and Where It Is Heading Speaking on the topic "Creator economy in the Metaverse" at Tech And Innovation and Web3 Summit 2023, organized by Entrepreneur India in Bangalore, industry experts and leaders shared what embracing Metaverse meant and where it is leading to

By Paromita Gupta

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Metaverse and the economy behind it are still vague for most of the population. And the understanding of the creator economy in Metaverse is even more hazy. For the uninitiated, the creator economy refers to platforms which enable influencers, creators and brands to generate and earn revenue from their creations and where audiences directly support them.

Metaverse is also a great space to engage with your target audience in a much more intimate manner. Platforms such as The Sandbox, Decentalland and Roblox are some of the most notable companions for brands and companies to create immersive experiences for their followers and audience. Speaking on the topic "Creator economy in the Metaverse" at Tech And Innovation and Web3 Summit 2023, organized by Entrepreneur India in Bangalore, industry experts and leaders shared what embracing Metaverse meant and where it is leading to.

1. Know your usecase before entering into Metaverse

Ten per cent of brands have the potential to come up with a great Metaverse experience in the next 12, 24 or 36 months and can make the best value out of the Metaverse. The target time and the number of brands is a notional number, but Rrahul Sethi, founder, Metaverse911, believes that a use case is a must before one enters the space. If an apparel brand wishes to sell its products, where will it go and sell it? "Nike went and created a Nikeland, made 100 million."

"A premium ethnic brand with 16 million followers with the average consumer age is between 26 to 47 years old, they come to us and say 'hey we want to build a store on the Metaverse, and the answer is who do you want them to be there?", they might be using strategies to achieve the same, but we are not targeting 27-year-olds. Why? Because they are working professionals and for them to interact in the Metaverse will be time-consuming. "We will go and do a Kathak dance or seven forms of dance training in the Metaverse, and that 45-year-old will have a 15 yr old teen. That teen is your customer. Once you have the right use case, then technology is just an enabler," Sethi shares.

2. Creating a tangible Metaverse solution

Gautam Tewari, co-founder and CPO, Trezi, feels that finding tangible solutions will cut the noise and rumours surrounding Meta and Metaverse. "Currently, creating a meaningful, tangible Metaverse-oriented solution also involves a high amount of work such as graphics, physics, UI, and AI. All these technologies have to come together and make it work," Tewari shares. He further believes a vast opportunity lies in a no-code or low-code solution to creating a Metaverse experience. "That would be a real winner, we are far from that, but it will be exciting to take it to that particular point."

3. Setting expectations right with consumers and stakeholders

"A lot of brands come to the Metaverse right now, and they expect a Grand Auto Theft experience which doesn't happen because you don't have a 1GB CD with you to run that," shares Rahul Mishra, Head, Web 3.0 Initiatives, Shemaroo Entertainment Ltd.

4. Not why but how and what to do in the Metaverse

"We've seen when social media came in; everybody used to ask why do I need to have a social media presence. But eventually, the question vanished, and it was now how we use social media and what we do on social media. And I think the question is the same with Metaverse as well," shares Gagan Singh Negi, Founder & CEO, Metalty Ventures.

The brands entering the space will benefit from the early first movers advantage. Kanav Singla, Founder & CEO of, Metadome.ai mirrors the view, "A lot of people actually know what to do in the Metaverse; they just don't have the technology to go with the Metaverse." He shares that there are a lot of challenges pertaining to streaming across devices and bringing those visual aesthetics to live streaming.

5. There are two sides to Metaverse

Metaverse means two different things for consumers and brands. "There is an industrial side to Metaverse, and then there is an experiential shopping side to Metaverse today. There are different ways to look at monetization in both these cases," shares Kanav Singla, Founder & CEO, Metadome.ai. The retail side of Metaverse gives the audience enough understanding about the offering before they venture out into the real world to buy it. "Metaverse today has a direct impact on how your retail conversion funnel looks like," Singla adds.

So, how are the brands making revenue from providing this immersive experience to users? "We've got one track of NFT already on right now in partnership with Polygon, that's one. Second would be when users actually come to the platform, to create content, to engage with content, it could go to subscription, it could go to advertising, we'll see in future," shares Mishra on how Shemaroo is monetizing the platform.

Paromita Gupta

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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