Metaverse builders LandVault plan to monetize metaverse experiences by minting them as NFTs.
Its new decentralized protocol, Matera will put metaverse builds — think virtual shops or stadiums — on-chain and offer creators new options for revenue, payment and governance.
"Matera opens a completely new market for creators and investors to participate in,” said Sam Huber, CEO of LandVault.
While many metaverse platforms like Decentraland and The Sandbox are on-chain and their virtual land is represented by NFTs, the actual experiences built on that land aren't. Not only does this make it harder for creators to easily cash out from a build, LandVault argues, but it doesn't allow retail investors to participate in the growth of the metaverse economy.
Matera will also put an experience's governance on-chain. Contributors will receive tokens proportional to their input during the creation of an experience. Token holders can also vote on proposals that affect the project development and decide how to utilize the funds stored in the project treasury.
Payments earned from users in an experience will be paid into a project treasury and can be reinvested or shared among stakeholders.
Despite continued scepticism of the metaverse, investment bank Citi estimates the metaverse could be a $13 trillion opportunity by 2030. But working out the economics of what to monetize is still in the early stages — and not everyone is in agreement.
The cost of land on popular platforms, for example, has been criticized for excluding would-be builders. Virtual land can cost thousands of dollars on blockchain platforms.
LandVault sees creating incentives through protocols such as Matera as a way to encourage more building. "Matera stimulates the creator economy by enabling builders to create projects faster and find more liquidity," said Huber.
It's not the only way LandVault helps creators earn in the metaverse either. The company in its current form is the product of a merger between metaverse builders LandVault and in-game advertising firm Admix. Last month, it partnered with Decentral Games to introduce integrated advertising into its popular Decentraland-based flagship poker game.
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