The Metaverse Needs Utility-Centric Builders To Foster Mainstream Adoption

By Sam Huber, founder of Admix

The term ‘metaverse’ has permeated the mainstream consciousness and is quickly morphing from conception to reality. However, for the potential of this shared virtual environment to come to fruition, we need to develop beyond passive landscapes and encourage active participation.

But while the burgeoning nature of the metaverse has piqued the interest of consumers and brands alike, the reality is that it is simply not sustainable without tech-savvy people adding value by building. Forging utility in the metaverse is essential to increasing mainstream adoption. Without basic amenities, such as social clubs, shops, concerts, and other immersive virtual experiences, the metaverse risks becoming a barren wasteland reserved for passive profit-seeking landowners.

But how exactly does building in the metaverse drive utility and value? Why does passive investment such as buying property and holding land in the metaverse depreciate overall value? The more this is understood, the better chance we have at creating a metaverse fit for purpose. 

The Problem with the Metaverse

The biggest issue in the metaverse is the high level of passive investment — where users buy property or land and do not build on or enhance their portfolio. To give a real-world example, in some cities, landlords cannot keep their properties vacant as it creates dead neighborhoods that devalue the area. The concept is fundamentally the same in the metaverse — if everyone is holding property and no one is building and enhancing their communities, the land will depreciate, and there will be no incentive for greater footfall.

The blame cannot be placed solely on landowners; the main issue stems from a lack of education on building sustainably and profitably in the metaverse. To make matters worse, many metaverse builders have constructed the foundations of the land and the basic structures to flip for a profit with little intention of developing a community. 

It’s also far harder to build in the metaverse than many people realize, and there is a shortage of platforms that can connect builders of 3D assets with metaverse entrepreneurs. This needs to change to help bring the metaverse well and truly into the mainstream.

If You Build It, They Will Come

Despite the metaverse and virtual reality still being in their infancy, there has already been a definitive shift in attitude towards their functionality. The early foundations of the metaverse perhaps led investors to believe that it was a get-rich-quick scheme and little more than a phase that would result in passive income and status. But now, there is more of an understanding that the most valuable currency is creating communities and experiences that enhance the everyday lives of metaverse users and provide them with a sense of escapism.

With so many brands already jumping onto the metaverse bandwagon and vying to repackage their products and services for a digital audience, international firms, and individuals are beginning to tap into the metaverse too. If businesses and brands can harness the power of metaverse technology and encourage their audiences to participate, the metaverse could flourish with culture, diversity, and accessibility for all.

Fundamentally, household name brands such as Spotify and Coca-Cola committing to a future in the metaverse will help galvanize mainstream adoption. At such an early stage in the VR timeline, many brands will utilize the emergent nature of the industry and experiment – keeping a close eye on current trends and designing calculated strategies to appeal to consumers. But there has to be a connection somewhere between a brand and the builders of the metaverse. This is key to facilitating the entry of big brands into the metaverse.

Ultimately, metaverse builders, rather than investors or venture capitalists, will be the harbingers of a truly connected and fleshed out metaverse. And this will be crucial in driving utility, diversity, and users to these platforms. The brands that recognize this and invest in builders of 3D assets will be in the strongest position to create a real impact in the virtual world.

The Future of Metaverse Utility

There is still a lot of work to be done in developing the metaverse so that users can access real-world utility and explore. Because the metaverse is still a new and revolutionary concept, many still believe the inception of these virtual universes is little more than a gimmick and will eventually fade out. But there will eventually come a turning point when real-world utility is widely demonstrated, and opportunities for networking, money-making, and brand growth will demand earnest attention.

For the metaverse to truly be sustainable and for users to be retained, projects will have to demonstrate utility. 

By incentivizing building in the metaverse, users will have a collective goal to help develop communities and add value to these spaces. It’s possible that we could see users taking on paid work in the metaverse as a result of development and the introduction of big-name brands. Sports stadiums, awards ceremonies, and music concerts all stand to expand the realms of possibility in terms of fan engagement. 

The builders within the metaverse have an opportunity to revolutionize the future of the digital world. But first, they need to be given the platform to do so and the incentive – if this is achieved, the possibilities are limitless.

About the author: 

Sam Huber is the founder of Admix, the leading technology to insert product placements within games and virtual worlds. Launched in 2018, Admix works with dozens of games publishers such as Gameloft or Supersonic, and helped hundreds of advertisers place their brands seamlessly within games and virtual worlds, raising $37m from top VCs in the process. In 2021, the company re-focussed to bring brands into the metaverse and completing several acquisitions in the space, as well as the launch of a virtual estate investment vehicle. Sam is a blockchain investor since 2013, having personally invested in over 20 companies, and various virtual land projects since 2017. Previously, he was running an indie game studio and in a previous life, was a Formula One engineer.