Cryptopeople never succeeded in convincing a general population that owning expensive NFT is a positive signal. It was maybe perceived as a positive signal for a few nerds but saying “I payed 100k for an NFT” at a date was for most women more a signal for bad judgement than a positive signal.
They also lacked a way to get the NFT displayed automatically in social interactions, the way a virtual good in a dating app can be displayed.
Virtual worlds make it easy to display virtual goods during social interactions. If the social interactions within the virtal world are high stakes then users are okay with paying more to increase their status in the virtual world.
I’m not 100 percent sure but I think I heard about the Chinese example from the early days of WeChat and it was the first business model that really worked for them.
In the Chinese example, signaling wealth was a very useful signal and thus that worked in a straightforward way.
If you on the other hand, have a virtual LessWrong conference (and currently such a thing is even planned) then I don’t primarily care about the wealth of people I’m speaking with. If some users on the other hand had a badge that they could have only brought if they were at a CFAR workshop, I might be inclined to be more likely to chat with people who have the CFAR badge.
At a virtual EA global conference, EA charities could sell virtual goods that participants could then wear. I would expect that it would be a positive status signal at a virtual EA global conference if someone wears a virtual good that they brought for 100,000 dollar from AMF. People at EA global are th Bere for professional networking and the fact that someone essentially donated that money to AMF is a sign that they are a valuable person to network with.
Different virtual world events will have different qualities that are worthy to signal and you are going to have similar dynamics as meatspace fashion being an “insider” can mean that you know how to signal to other “insiders” that you are an insider by chosing the virtual goods you wear.
The kind of people who put Black Lives Matter on their twitter profile, might buy a Black Lives Matter virtual T-Shirt that’s sold by the Black Lives Matter foundation. Then you also have marketing agencies that will pay influencers to wear certain virtual goods and in some scenarios that will make it a good social signal to wear the current goods that the influencers wear. It’s all about how much signaling matters within the virtual world.
You can make an argument that current dating apps aren’t metaverse-based but that doesn’t mean that this is an inherent feature of dating apps. https://techcrunch.com/2021/11/03/match-group-details-plans-for-a-dating-metaverse-tinders-virtual-goods-based-economy/ sounds to me like something everyone would call metaverse.
Cryptopeople never succeeded in convincing a general population that owning expensive NFT is a positive signal. It was maybe perceived as a positive signal for a few nerds but saying “I payed 100k for an NFT” at a date was for most women more a signal for bad judgement than a positive signal.
They also lacked a way to get the NFT displayed automatically in social interactions, the way a virtual good in a dating app can be displayed.
Virtual worlds make it easy to display virtual goods during social interactions. If the social interactions within the virtal world are high stakes then users are okay with paying more to increase their status in the virtual world.
I’m not 100 percent sure but I think I heard about the Chinese example from the early days of WeChat and it was the first business model that really worked for them.
In the Chinese example, signaling wealth was a very useful signal and thus that worked in a straightforward way.
If you on the other hand, have a virtual LessWrong conference (and currently such a thing is even planned) then I don’t primarily care about the wealth of people I’m speaking with. If some users on the other hand had a badge that they could have only brought if they were at a CFAR workshop, I might be inclined to be more likely to chat with people who have the CFAR badge.
At a virtual EA global conference, EA charities could sell virtual goods that participants could then wear. I would expect that it would be a positive status signal at a virtual EA global conference if someone wears a virtual good that they brought for 100,000 dollar from AMF. People at EA global are th Bere for professional networking and the fact that someone essentially donated that money to AMF is a sign that they are a valuable person to network with.
Different virtual world events will have different qualities that are worthy to signal and you are going to have similar dynamics as meatspace fashion being an “insider” can mean that you know how to signal to other “insiders” that you are an insider by chosing the virtual goods you wear.
The kind of people who put Black Lives Matter on their twitter profile, might buy a Black Lives Matter virtual T-Shirt that’s sold by the Black Lives Matter foundation. Then you also have marketing agencies that will pay influencers to wear certain virtual goods and in some scenarios that will make it a good social signal to wear the current goods that the influencers wear. It’s all about how much signaling matters within the virtual world.