VRChat is the most popular VR social platform, which enables users to create their own virtual persona as a customized avatar, interact with each other in a virtual environment, and create games and worlds for everyone to explore. As you can tell, the act of creation is the foundation of this platform. In order for more people to be motivated to deploy their creations on VRChat, the platform has announced that a new project called the Creator Economy would slowly start enabling creators to make money off of their virtual work.
Paid Subscriptions – Creator Economy’s first monetization approach
The best way you could show someone you value their work is through financial incentives. That’s why the first phase of the Creator Economy would introduce paid subscriptions, which would enable users to support their favorite creators straight through VRChat.
You can now buy VRChat Credits with fiat money and go to the creator’s Group page. After clicking on the Store button, you’ll view all available digital creations for purchase. It is important to note that it is planned most of these products are up for sale only in limited time frames, however, this feature is yet to be introduced.
That way, the creators themselves could choose how to give thanks to their supporters. They could create a VIP room, or depending on the type of digital product they provide, exclusive access to certain game modes or events could also become a reality.
How will the revenue get split?
VRChat’s goal is to allow creators to make the most out of their work by getting 50% of the revenue. Platforms like Meta and Steam would get 30 %, and the remaining 20% go to VRChat.
Open Beta started on November 22
As of November 22, users can have access to the open beta version in which everyone will be able to purchase the presented digital goods, however, selling opportunities are still limited. After the paid subscriptions are removed from the beta version, sellers will finally be able to take full advantage of the Creator Economy.
What more to expect
VRChat has stated that the Paid Subscriptions are a small step towards transforming the ease of support for creators on their platform. More information about future updates of the Creator Economy will be released on January 18, 2024.
If you’re not too familiar with VRChat, you can get a decent introduction through VR Today Magazine’s Beginner’s Guide to VRChat.