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Monetising the metaverse | #PredictionsMonth

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There’s been a lot said about the metaverse over the last few years and, let’s be honest, little of it has been resolutely positive, at least as far as Facebook and Mr Zuckerberg are concerned. But there are companies out there looking to take the technology in a genuinely progressive direction.

Technology company, eyeora, for example, is on “a mission to make the metaverse mainstream and enable businesses to advertise and make money from content and experiences in the metaverse” in an easy and affordable way.

As the only self-managed monetisation platform in the metaverse, any business can generate income through subscriptions, pay-per-view or advertising in the eyeora metaverse like never before.

The platform also allows businesses to deliver employee training sessions, client pitches or product showcases to customers as well as create free or ticketed immersive business events, team meet-ups for employees, or 3D interactive presentations in private or public rooms – in a matter of minutes.

To learn more, I spoke to company Founder and CEO, Daniel Corazzi, to discuss the true capabilities of the technology and what it could mean for the next 12 months of the metaverse.

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Can you introduce eyeora to us? How was the company born and where are you based?

Founded in 2017 and based in Greenwich, London, eyeora is a ground-breaking technology company that is redefining how virtual reality (VR) content is created, shared, experienced and monetised.

eyeora was born out of my passionate belief in the power of virtual reality to enhance everyday life - as we work, play and learn - and a desire for everyone to have access to it.

The company’s vision is to become a global brand in the metaverse sector, and its mission is to shape the future of virtual reality by empowering everyone to be creators and explorers within one connected VR world.

What does mainstream adoption of the metaverse look like to you in real terms?

Mainstream adoption of the metaverse will herald a paradigm shift in how consumers and businesses communicate with each other in more immersive ways.

The metaverse will become increasingly mainstream over the next five years or so, as a growing number of businesses and consumers join in.

It will become increasingly commonplace for people to use the metaverse to enjoy immersive entertainment experiences and events with others but also for everyone to create, share and monetise content in a collaborative environment.

To a layman, how exactly do you monetise the metaverse?

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The eyeora platform enables what we call “Creators” - content creators, artists, entertainers, influencers, athletes, businesses and brands and more – to generate income or sustain a career in the metaverse. What this means exactly, is that in the eyeora metaverse platform, creators can build, personalise and monetise VR rooms and events via subscriptions, pay-per-view or advertising.

‘Explorers’’ can then consume this content by purchasing ticketed immersive events such as a live concert or album release. Additional events or experiences can also be monetised, such as exclusive backstage access to a sporting star or event speaker.

As VR is increasingly being adopted by the entertainment industry, film producers, music artists and theatre operators have a huge opportunity to allow the public to experience all the latest shows or events, either by purchasing tickets or by paying per view.

The biggest global festivals can be transported into the VR world and include in-event purchases such as merchandise or exclusive access to rooms to meet up with their favourite artists.

Businesses can benefit from VR sponsorship opportunities, drive revenues through subscriptions, ticket sales, advertising during the event and within the apps, product placements, or implement extra charges for additional features.

Organisations around the world can easily transform their corporate events, trade shows or product launches into the VR or hybrid world, not only saving their money on the venue, but also driving profits through content monetisation.

eyeora can be instrumental in making this happen through its VR-based self-monetisation platform, and, as such, is well-suited to enabling business and content creators in general to set ticketing, and/or exclusive access to ensure content can be readily consumed, paid for and enjoyed.

Is the metaverse something you see as working alongside traditional face-to-face engagement or will it replace the ‘real world’ entirely

The metaverse will never replace the ‘real world’ entirely. Rather it will work alongside face-to-face engagement and be an extension of real-life experiences.  

Virtual concerts, for instance will never be a replacement for physical events. Instead, the two will work alongside each other to provide fans with accessible and inclusive immersive experiences, which will increase in the future.

Ultimately, VR is now an extension of a venue, brand, business, and life and has become the standard plan B for restricted and sold-out events, or limited tour budgets. It also will play a significant role in equality and inclusion by accommodating all needs, lifestyles and abilities.

For example, people with mental and physical conditions will no longer have to miss out on performances and can immerse themselves in a 360-degree virtual experience from the comfort of their own home.

What is your one great hope for the future of the metaverse?

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My greatest hope for this is for everyone to be able to affordably access rich immersive content from the metaverse. Current VR headsets remain expensive but the focus moving forwards has to be on making the metaverse accessible to all.

I expect to see the future metaverse characterised by the development of affordable, accessible and user-friendly platforms that help creators to quickly and easily monetise their own content.

What barriers to entry have you come across from users and how are you addressing them?

Many of the barriers stem from outdated perceptions around the cost and complexity of accessing the metaverse or using virtual reality in general. VR was previously viewed as a gimmick and mainly focused on gaming with few companies investing in the space.

Many simply do not understand the new VR world, let alone how to benefit and generate profits from it. As the metaverse is still taking its shape, organisations are hesitant to jump on the new playground and turn digital strategies on their heads, just in case the metaverse doesn’t take off.

However, this scepticism is fast abating. Like it or not, the metaverse is already here – and VR is becoming more affordable. In a blink of an eye the new virtual world will present the biggest monetisation opportunities than anywhere else online, whether using NFTs or other current and upcoming currencies.

Moving forwards, creators, businesses and consumers will witness a paradigm shift in how to share content, socialise and communicate with each other in more immersive ways.

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