GOF’s vision is to create an NFT project that serves as a passive-income generating asset for its owners, rather than a piece of digital art that has “no lifecycle following purchase, other than to sit and hopefully acquire value,” says GOF project director Eu Wing Leong.ĭigital avatars building careers and making money has long been possible, as we saw in the case of Second Life landlord Anshe Chung. dollar, through a decentralized exchange. When an avatar is cast in a show or video, its owner receives a portion of the revenue via GOF community tokens, which can be swapped for other digital assets like stablecoins, a class of cryptocurrencies that are pegged to a ‘stable’ reserve asset like the U.S. The project, called ‘Guardians of Fashion,’ or GOF, has teamed up with Warner Music Group alongside streaming networks and fashion brands to produce the videos and shows. Each user can pitch its avatar NFT-which will cost 0.18 ETH ($514) each-for starring in virtual fashion shows, music videos, and animated series. ![]() Companies are letting individuals create and own avatars that can apply for jobs and build careers in the metaverse-and earn real money for their owners.Ī new project created by Singapore-based OWNFT World, plans to release 6,888 avatar non-fungible tokens (NFTs) built on the Ethereum blockchain later this month. ![]() Now, with the metaverse making a comeback, so too is the virtual economy. At the time, her holdings in the virtual world were equivalent to over $1 million in the real world, too. One Second Life user, Ailin Graef, operated an in-game persona known as Anshe Chung, who in the mid-2000s became a formidable virtual landlord and Second Life’s first millionaire through buying, developing, then renting or reselling virtual land. ![]() The game also includes a functioning economy, with its own currency that can be bought with and sold for fiat currency. Second Life’s residents operate much like humans in the real world: They can watch movies, start families, purchase property, buy and sell goods, get jobs and earn money.
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