
Really great comment from reader "Kyz", a 3D content creator who made an excellent living from the Second Life economy. Commenting on my take on Matthew Ball's analysis of payment options for Metaverse platforms (he basically lands on suggesting that blockchain-based payments may be the best or least worst alternative), Kyz says this:
I don't think the problem is traditional currency and payment systems, rather it's that all these companies develop models where virtual product is worth such small amounts that devaluation of labor is the actual problem. Magnified by some companies that are also using currency itself as product.
For instance, I did pretty well in SL riding on the coattails of the breedables craze. Enough for a couple of full time incomes. The pain point of making money was SL. Between limits, virtual currency converted to real money and the extra steps required.
I did the same at various points for selling content for game engines, just being able to find the trends and fill niches. These markets were much less painful because there was no virtual currency to deal with.
As an example of what Kyz's talking about, take a look at the Unity Asset Store, where creators sell virtual assets to developers across all budget ranges… for real cash.
The problem becomes even more clear, Kyz goes on, when one compares it to selling actual products:
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