When a lot of people think about the Metaverse, Meta, the company behind Facebook and other social media powerhouses, comes to mind, but there’s more to the Metaverse than Meta.
Competition for Corporations
There are a lot of players in the Metaverse, and the number of companies making their entrance into this space grows almost daily. At the beginning of the Metaverse’s existence, there were a lot of small-scale players in this space, but as time goes on, it was only natural for consolidation to occur. Consolidation isn’t specific to the Metaverse; we’ve witnessed it in several industries over time, where a few large companies acquire competitors, undercut competitors, or even make it borderline impossible for new entrants into a space.
Companies are also in serious competition for talent, considering that few things are more critical in the Metaspace today than the human resources that build the dream. Big players are poaching the best talents from smaller players in the space; they’re offering more money and perks than startups, which does two critical things.
Firstly, big players like Meta get the best of the best to help build the next phase of their business, and secondly, they restrict competitors from acquiring the talents they need.
Now that humongous companies like Meta have such a significant presence in this space, it’s becoming increasingly more challenging for existing players to compete and for new players to make an entry into the Metaverse. Competition in the Metaverse is stiff for corporations; it’s also highly competitive for users.
Competition for Metaverse Users
As the Metaverse grows in popularity, the price of items and properties has grown exponentially. Right now, there’s immense competition for almost everything, from land to clubhouses and even tokens.
While on the Metaverse, you compete for many things; if you want access to a specific clubhouse or virtual performance, you may need to bid for a token that ultimately grants you rights to such exclusive events or spaces.
Gaming isn’t left out; now, game developers are embedding their games with tokens that grant you access to entire games or certain rewards or parts of popular games. NFT-access gaming is on the rise, and even with all the pushback from the gaming community, it seems inevitable.
For consumers, competition in the Metaverse is on the rise, and at this point, it’s only a matter of time until everything requires an NFT access token.
What does this mean for the public?
There’s a question that gets thrown around fairly often, “will I encounter a lot of competition on the metaverse?” The answer to this question is it depends. It depends on your interests and the type of spaces you frequent.
If you’re interested in owning the most sought-after real estate pieces, tokens, and attending exclusive Meta events, you’ll encounter a considerable amount of competition for “scarce” resources. For now, you can still make the most of this relatively new experience, and as of February 2022, you can still experience a competition-free metaverse.