The Creator Economy in the Metaverse

The Lempert Report
May 13, 2022

Phil: And talking about storytelling metaverse tell me about what's going on with the creator economy and the metaverse. 

Sally: Well, there's a couple of things here to talk about. And the first thing being that, you know, that it's been in the news that meta plans to take a nearly 50% cut of virtual asset sales in horizon worlds. Now horizon world we've talked about is their platform for the metaverse. It's not the only one, but it is theirs. And, um, and, and what we're hearing is that this is, this is bringing up, uh, an interesting point for creators. Particularly people who make music, people who make art who have been very severely affected by the digital world and their ability to make income for a very long time. So, you know, it's, it's gonna be interesting. It's going to be an interesting opportunity for these creators in the metaverse I believe, but I also wonder if this is also a great opportunity for brands that are trying to get involved in the metaverse to find creators, to partner with and giving them a fair opportunity, um, to promote and, and make income from their work, as well as help with you know, partnering with them on getting their brands recognition. 

Phil: And also we, we're constantly hearing these stories about, you know, a million dollar NFT piece of artwork and stuff like that. That's the exception. And it makes good headlines this story also sadly to report and this story was, um, where was it? I don't know, but Ariel Shapira wrote it. And, um, what he also did is he included some stats. It's 75% of all US artists that could be a graphic artist. It could be a fine art artist. It could be a musician make under $10,000 a year, which really just underscores, you know, why we can't allow whether it's meta Facebook or any of these other people just to, you know, be stealing money blind and, you know, in the music world, as, as you know, far better than I, you know, you have a lot of people who really stood up to these streaming services and either pulled their music off it, or they, they were making, you know, like 10 bucks you know, a year off of an album that's sold millions. 

Sally: It's so true. And, yeah, it has been a difficult world for, for these creators, but, you know, if we look at things like Fortnite, as an example, you know, Fortnite, which came out several years ago, I'm not exactly sure how many, but not that long ago. They really did something very interesting with creating these one of a kind events. I think their first one was the art was with the artist, Travis Scott and millions of kids showed up to be a part of this event because of the, it was a, it was a virtual concert. And so I think that's really proof that there is opportunity for the creatives and the brands to work together so that everybody can get some fair income from these projects. 

Phil: Yeah. And what Ariel wrote that I in particular really took heed for is that give accessibility and freedom to independent creators. They will make the most of the work for you. It's as simple as that, you can hire a hundred developers to build the backbone of your metaverse, but they will never be as passionate as 1000 independent fans who decide to make it their home. So very well said, and we're gonna keep on talking about the metaverse, we're gonna keep on doing it and, you know, just help every supermarket retailer, every food company really understand the opportunity in the metaverse. In fact, we're gonna be having a webcast within context in just a few weeks from now. So check it out on It is May 24th. I hope you'll join us because we've got some great people from Microsoft. We've got people, a new survey that in context just did. We've got Kroger there. We've got a lot of people who are gonna point us to the future of the metaverse as it relates to groceries. So I hope you'll join us.