Have you had the sense that you’re missing out on a gold rush happening in front of your eyes? That’s what the NFT metaverse is like for many artists and creators right now. We’re told it’s an exciting new space, a new frontier for digital ownership and creative freedom. Is it really? An attempt to create a new digital land grab perhaps? It threatens to strand the very people it purportedly seeks to empower in a technological dust cloud.
Are We Repeating History's Mistakes?
The promise of the NFT metaverse is alluring: creators can directly monetize their digital art, music, and experiences, bypassing traditional gatekeepers. The reality is far more complex. As a landowner I can’t help but not draw comparisons to past ownership of land, especially that of which is close to my ancestral home state of Ireland. For too long, land was in the hands of a small elite, closing off opportunities for work and prosperity for the rest. Such policies resulted in widespread displacement, famine, and destruction of cultural heritage. Are we on a path to repeat a version of that story in the online world?
Think about it. Who's buying up all the virtual land? Who gets priority access to the latest tech? Mainly, these are corporations and rich early adopters. Individual artists and creators, deeply underfunded and operating outside of the tech side of this market, get priced out. While NASSCOM’s report shines a light on all the new NFT metaverse development ventures sprouting up, who are these projects benefiting? Are they really meant to help creators, or just fill the pockets of the mega wealthy? Artists and creators are intimidated by terms like “NFT development services” and “NFT token development solutions.” These phrases are meant to create a robust technical barrier that is nearly impossible to overcome.
The Forgotten Voices of the Metaverse
I recently spoke with a digital artist, let’s call her Aisling, who poured her heart and soul into creating stunning 3D landscapes. She imagined selling her art in the metaverse, cutting out intermediaries and establishing direct relationships with collectors. She soon found out that the barriers proved to be too great. Minting NFTs can be cost-prohibitive, and getting started on different platforms can be overwhelming. With all the noise, it’s harder than ever to break through and be seen. That was undeniable to her—because her art, her passion was drowned out by the noise.
Aisling's story isn't unique. Creators don’t have any easier time breaking out in this bustling marketplace. They’re fighting issues such as rampant plagiarism and intellectual property theft. In addition, they find it difficult due to lack of a global legal standard to protect their rights. NASSCOM acknowledges the importance of smart contracts to protect ownership terms, but who's ensuring that these contracts are fair and equitable? Who's advocating for the rights of creators who can't afford expensive legal counsel? The idea of “ownership challenges” is understated, the arguments against a public GEM are exaggerated. This feels disingenuous.
The rise of "AI-driven token projects" and "MEV (Miner Extractable Value) Bot Development" only exacerbates the problem. Though innovative, these technologies can easily be turned to exploit the system, disproportionately harming individual creators. It’s a digital Wild West—and the sheriffs are losing control.
This is the mute chorus of the metaverse. I think about the artists, musicians, and storytellers who stand to be the collateral damage in this new digital land grab. It’s time for us to raise their voices, to call for a more equitable and inclusive metaverse.
Can We Reclaim the Digital Commons?
We can’t let NFT metaverse develop into a epicenter of the wealthy and highly effective. We must take back the digital commons to create a world in which all creators are truly appreciated and empowered. How?
According to NASSCOM, “NFT metaverse game development” and “NFT metaverse development companies” will play a crucial role in creating these digital worlds. We need to go into the creation of these worlds with the needs of creators first and foremost. We need to make sure that we protect their voices—not the corporations’ bottom line.
- Promote open-source platforms: Let's support platforms that are built on open-source principles, allowing creators to build and collaborate freely.
- Advocate for equitable distribution of virtual land: We need to explore alternative models of land ownership, such as community land trusts or decentralized autonomous organizations (DAOs), to ensure that virtual land is accessible to all.
- Develop educational resources for creators: Let's provide artists and creators with the knowledge and tools they need to navigate the NFT metaverse, including information on smart contracts, intellectual property rights, and marketing strategies.
- Demand greater transparency and accountability: We need to hold NFT platforms accountable for protecting creators' rights and ensuring fair practices.
This short mention of “crypto payment gateways” may seem trivial, but it is key to their huge online influence today. Yet this is just one side of the equation. Instead, we need to tackle the root power dynamics that are shaping the NFT metaverse.
If done if correctly, the NFT metaverse can become one of the most revolutionary spaces to exist. But only if we make sure that it gets there, and that it does so on a foundation of equity, inclusivity, and respect for those who create. We can’t afford to make the same mistakes that we made 15 years ago. Together, we can help create a digital future in which all Americans are ready to succeed. If not, it’s simply more of the same old song and dance. It is the rich who continue to get richer while everyone else fights to even begin to scratch up the remains. Unless we make a concerted effort today, the digital famine is upon us.
The NFT metaverse has the potential to be a truly revolutionary space. But only if we ensure that it's built on principles of equity, inclusivity, and respect for creators. Let's not repeat the mistakes of the past. Let's build a digital future where everyone can thrive. Otherwise, it's just another version of the old story, where the rich get richer, and the rest are left to pick up the scraps. The digital Famine is coming, unless we act now.