Facebook (Meta) Is Exploring Alternative Digital Economy In The Horizon Worlds Amid $10 Billion Loss In VR Market
The CEO of Meta, Mark Zuckerberg, has revealed the company’s ongoing plans in its bid to enhance the monetization of the Horizons World virtual reality (VR) app to help developers generate profits for their assets.
Meanwhile, the new VR games are available only to some select categories of creators, which is the company’s strategy of creating a long-term bison to develop virtual social media interaction.
According to Meta’s statement, creators and developers will be given the initiative to craft a business plan that will serve their purpose. The $10 million Horizon Creators Fund, which was first announced last October, has come into effect to push the drive to the next step.
Only a Few Are Eligible
The company revealed that only a select group of creators would be allowed to sell virtual products in the alternate individual space. Only residents of Canada and the U.S. are allowed to purchase the products.
In contrast to other VR games in the Metaverse, Horizons World is not built or hosted on the blockchain network, nor is it integrated with NFTs, both of which are under intense criticism from some players and game developers.
Popularity Attracts Some Bonus
Any creator who has managed to develop a virtual world popular with consumers is eligible to receive some monthly bonuses from Meta.
The new development, as reported, does not require any registration fees. Still, many observers believe that Meta is also eligible to benefit from a quarter, or about 70%, of the virtual collection marketplace value as part of the deal.
In a discussion with Vidyuu Studios, Zuckerberg gave some insight into how the Metaverse economy would be in the future and how best to maximize the inherent opportunities in the Metaverse to maximize revenue in the Horizon Worlds.
The developer of Horizon Worlds further added that the opportunities are limitless; the first step is finding out what buyers want to purchase to kickstart the economy. This would pave the way for other things to follow suit.
Meta Record Huge Loss
The company’s attempt to promote its virtual ecosystem has met another setback as the latest loss to the tune of $10 billion has left a sour taste in the Meta team.
Venturing into the Metaverse is costly in monetary terms; observers should better imagine the huge resources spent on such projects. However, Meta has made significant gains from the sales of the first headgear for the virtual reality space, but the loss recorded for last year has left a negative impact on the company.
More importantly, as the new Horizon Worlds expand and their popularity soars, Meta will face a huge challenge to safeguard the virtual ecosystem community, which is no easy feat to achieve. But, Meta has shown that it is equal to the task at hand.
The recent moves have demonstrated Meta’s drive to put the necessary infrastructures in place for a functional digital economy.
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