Mediaboss Marketing

Growth projections for the metaverse are reaching into the trillions of dollars, and most social media influencers say they're contributing to the burgeoning virtual world but the majority have yet to turn a profit for their efforts, according to a recent survey.

A 56% majority of US social media influencers are participating in the metaverse, said influencer marketing platform Izea about its findings from an online survey conducted in November.

The metaverse refers to the next version of the internet in which immersive worlds are experienced through virtual-reality and augmented-reality headsets. Companies including Facebook parent Meta and software giant Microsoft are putting money and resources into preparing spaces to draw in virtual foot traffic and advertisers.

Social media stars hold the potential to drive more people to play, shop, and work in the metaverse in the coming years, and 60% of influencers see themselves as participating in the metaverse as creators, said Izea.

The firm said brands can leverage influencers by having them host virtual events or co-create and promote NFTs. Influencers can already make hundreds of thousands of dollars a year promoting brands on popular social platforms such as Instagram.

Meanwhile, 51% of influencers are considering ways of making money from the metaverse, said Izea. But only 21% said they are already bringing in money from their virtual ventures.

Still, investment banks have been among those on Wall Street projecting huge potential in the metaverse. Goldman Sachs, for one, foresees the metaverse becoming an $8 trillion market. Crypto giant Grayscale projects $1 trillion in annual revenue being drawn in from metaverse advertising, hardware and other components.

With so much money to be made, how would influencers prefer to be paid for their time and effort in the metaverse? Bitcoin, said 49% of them. Ether was the choice of 9% of respondents followed by "another cryptocurrency," at 5%.

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Most social media influencers want to cash in on the metaverse: survey - Markets Insider