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With the growth of the Metaverse, virtual reality environments are becoming increasingly popular, with many users spending significant amounts of time in these worlds. As they become more sophisticated, the concept of in-world economies is emerging. These are essentially virtual economies that exist within VR environments. They are largely seen as a positive development that can enhance users’ experience of the Metaverse and provide new monetization opportunities for those who own VR property and other Metaverse NFTs. In this article, we will explore the concept of in-world economies in VR environments and the benefits they can bring.
Metaverse Tokens
Each in-world economy is usually tied to a native token or cryptocurrency that users can earn within the Metaverse platform. These tokens are used to trade goods, for example, clothing for avatars or other items that are relevant to the particular Metaverse the user is in. Sometimes, tokens are airdropped to NFT owners as a reward for loyalty or to help the world grow and expand. This occurred in early 2022 with the Bored Ape Yacht Club NFT art collection. As the project had become so successful, with individual NFTs going for a minimum of $100,000, ApeCoin was introduced as a way to allow its supporters to trade and vote within the ecosystem more easily. It is now one of the most successful in-world coins.
Other popular Metaverse tokens include The Sandbox’s SAND and Decentraland’s MANA, which can be used to buy VR property, as well as content and applications created by other users, on the world’s virtual marketplace. Other VR worlds have developed alternative uses for their cryptocurrencies. For example, the THETA token is used to power the Theta Network, a decentralized streaming service that aims to hand more power back to individual content creators, funnelling it away from major corporations and thus making things cheaper for the end user at the same time. Every time somebody streams a video on Theta, they devote a small amount of their bandwidth to pass the video on to other users within the network. In doing so, they accrue more THETA tokens, so everyone benefits.
The Benefits of In-World Economies
With initiatives like the Theta Network, it’s easy to see how in-world economies can have serious benefits for everyone involved. As well as decentralizing the power and thus spreading the wealth, they allow more direct connection between individuals acting in the Metaverse. This builds trust and leads to more straightforward transactions and a more transparent process, which in turn fosters deeper social interactions and forges a strong community. Once a solid network of users has been created, everyone is more motivated to spend time in the virtual world as it becomes a richer place where Metaverse NFT owners can have more rewarding experiences.
Another great benefit of Metaverse tokens is the opportunities they provide for all users to monetize their NFT investment. Developers can create their own virtual goods or establish services to support other users. This can set up powerful revenue streams that provide value beyond the initial purchase of an NFT. One example of this is the popular play-to-earn Metaverse game Axie Infinity. This experienced tremendous growth during the Covid-19 pandemic, and an entire economy has since sprung up around it. Powered by the in-game token, AXS, this virtual world allows users to buy and sell monsters that can be upgraded and trained to fight other users’ monsters to win more AXS tokens. As many people became locked in their homes during the pandemic, it allowed those in lower income areas of the world to continue earning money by playing the game. There are now even those who own many NFT monsters that they rent out to other players, with both player and owner splitting the returns. AXS has been so successful that it is traded actively on the cryptocurrency market.
On Metaverse platforms, there are many ways to earn a passive income, including renting out VR property like virtual apartments and office spaces, investing in virtual assets, participating in virtual economies and exchanging the tokens earnt for real-world currency, and running a virtual business. With so many options, there is scope for anyone to make money in the Metaverse.
NEONs in Cyber Tokyo
In Mazer World, the aim is to harness the benefits of having an in-world economy to improve the experience for holders of an NFT penthouse. Those who mint a VR penthouse in Cyber Tokyo will be able to earn NEONs (Nano-Enhanced Omni-asset Networks) to spend on items and experiences within the virtual world. There will be several ways for users to accrue NEONs depending on whether they make their VR apartment public or private. One of the main ways is making use of the entertainment facilities in your penthouse. Over the coming months, all sorts of games will be airdropped to Metaverse NFT holders, giving them the opportunity to enjoy a fun gaming experience while also earning NEONs. And if a user chooses to make their VR penthouse open to the public, they can earn extra NEONs when other users come and play on their games, allowing them to make a passive income.
Since Cyber Tokyo is a living, breathing organism, more and more methods will be set up for NEONs to be earned as time goes on. Ultimately, of course, those who are the most engaged will be able to gather the most NEONs. Over time, they will be rewarded with more and more ways to spend their hard-earned cryptocurrency as well. From additional accessories for creating even more unique avatars to vast in-world events, the possibilities are almost limitless. Like with other Metaverse tokens, it is possible that one day it will be exchangeable for real-world currency, giving the inhabitants of Cyber Tokyo benefits beyond the virtual world.
Final Thoughts
Overall, in-world economies in the Metaverse offer a range of opportunities for users to get more engaged in the virtual world and become part of a greater community. As well as enriching the whole experience, they offer users the chance to make a passive income, which can be used in Metaverse worlds and cities like Cyber Tokyo. These opportunities are likely to expand in the future as virtual spaces continue to grow and evolve, so now’s the time to check out virtual property to see if minting a Metaverse NFT is a good decision for you.
Read also: Exploring Metaverse Identity: Defining Who We Are Online
What are in-world economies in virtual reality environments?
In-world economies are virtual economies that exist within virtual reality (VR) environments. They are essentially economic systems within these VR worlds where users can engage in trade, buy and sell virtual goods, and participate in various economic activities.
How are in-world economies in VR environments usually tied to native tokens or cryptocurrencies?
In-world economies in VR environments are typically associated with native tokens or cryptocurrencies. These tokens serve as a medium of exchange within the VR platform, allowing users to trade goods, purchase virtual property, and access services provided by other users. Users can earn these tokens through various means within the Metaverse platform.
What are the benefits of in-world economies in VR environments?
In-world economies offer several benefits, including decentralizing power and wealth, fostering trust and transparent transactions among users, and promoting deeper social interactions within the Metaverse. They also provide opportunities for users to monetize their investments in non-fungible tokens (NFTs) through the creation of virtual goods, offering services, or participating in play-to-earn games. These economies create additional revenue streams beyond the initial NFT purchase.
How can users earn NEONs in Cyber Tokyo, and what can they be used for?
In Cyber Tokyo, users who own an NFT penthouse can earn NEONs (Nano-Enhanced Omni-asset Networks) within the in-world economy. By making their VR apartment public and utilizing the entertainment facilities, users can earn NEONs. Additional NEONs can be earned when other users visit and play games in their penthouse, allowing for a passive income. NEONs can be spent on items and experiences within the virtual world of Cyber Tokyo, with more earning methods and spending opportunities being developed over time.
