At The Metaverse Insider, we had the pleasure of interviewing the founder of both Xsolla and X.LA – Shurick Agapitov. X.LA is a decentralized protocol that empowers content creators to capitalize on their intellectual property in the Metaverse economy. By utilizing revenue-sharing smart contracts, content creators can generate profits from their IP while participating in the metaverse.
Join us for Part 2 of our interview with Shurick, as we explore the vital role of revenue share on the blockchain, the monetization of X.LA’s Multiverse, and the exciting plans for the company’s future.
Democratizing wealth and building revenue distribution for IP creators, owners, and holders
Shurick discusses the potential for a gig economy model to be applied to high-level jobs in the creative industry – suggesting that in utilizing this business model, creators can contribute their talents to independent projects and receive a share of the revenue, benefiting both the creators and the entrepreneurs who created the project. He notes that it may be impossible for large companies like Disney to offer royalties to their employees due to their fiduciary responsibilities – however, could provide profound opportunities across the board:
“I believe that in the future, very high-level jobs could be available with a similar model [to the gig economy]. But with the rewards and the revenue share.”
He suggests that the same model used for Uber drivers could be applied to the creative industry, allowing talented creators to contribute to independent projects while receiving a share of the revenue:
“They might contribute and create a character for an indie project, it could be a video game or an animation, and they can make this contribution and create a character for the 5 percent revenue share royalties.”
Such a model would benefit both creators and entrepreneurs alike; creators would have the opportunity to receive a share of the revenue for their contributions, while entrepreneurs would gain access to talented creators that they might not be able to afford under traditional employment models. However, Shurick points out that it may be difficult for large companies like Disney to offer royalties to their employees while also fulfilling their fiduciary responsibilities to their shareholders.
Revenue share on the blockchain is vital
According to Shurick, building a portfolio of revenue shares and passing it down to future generations through the blockchain is an exciting possibility. With Blockchain technology, this can be executed in a way that allows strangers on the internet to trust each other without necessarily knowing or liking each other. He emphasizes that this is the next wave of the internet and that it will be a crucial development in the future.
There is a lot of potential for gamers to become more proficient in using blockchain technologies through their gaming experiences; Shurick believes that gamers’ inherent motivation to improve their gaming experiences will drive them to adopt more advanced blockchain tools like MetaMask and Ledger wallets.
Shurick acknowledges the challenges in aligning the interests of different entities in the gaming ecosystem, such as game developers, MetaMask, and hardware wallets. However, he proposes that revenue sharing on the blockchain could help overcome these challenges by fostering collaboration and coordination among stakeholders. This way, parties involved in onboarding users and distributing digital items can receive referrals and rewards based on their contributions.
Another exciting development for X.LA is the introduction of a platform called Metamall, which allows users to subscribe and earn revenue shares. Shurick notes that participating in such platforms early on can be highly rewarding, as it may be easier to acquire customers in the beginning stages.
A marketplace for the next generation of the internet
Shurick discusses the concept of an X.LA Multiverse and Metamall platform that allows users to co-create content all whilst sharing revenue on the blockchain. He uses the example of a niche IP such as Highlander, which could be expanded by allowing the community to create content and develop the universe. Shurick mentions that while some users already create content based on their favorite IPs, they don’t have the opportunity to monetize it due to legal restrictions. By allowing creators to contribute to different projects and have a portfolio of revenue share, users can participate to a greater extent.
These platforms would also be beneficial to IP owners; they would allow them to monetize different types of content, such as NFTs, in-game items, Snapchat lenses, YouTube content, etc. By approving creators who meet their standards, IP owners could enter into an official partnership with them and earn revenue from their contributions. The opportunities being pursued by X.LA are significant, and The Metaverse Insider is eagerly anticipating the realization of Shurick’s vision.
According to Shurick, the digital content industry is rapidly expanding, citing TV shows as an example of its potential. Shurick suggests that AI filters could be used to enable fans to immerse themselves in the show and share their experiences on social media, creating a new revenue stream for IP owners. However, he acknowledges the challenges involved in coordinating and producing such filters, which would require a streamlined approval process for creators to collaborate with IPs and expand digital content. Shurick emphasizes that this system would open up new opportunities for creators from anywhere to work with iconic IPs and contribute to the growth of the industry.
The future plans for X.LA
Shurick is currently in discussions with IP owners and producers, focusing on producing digital items. He believes that the future will bring an abundance of digital memorabilia. Shurick explains that the company’s strategy involves creating digital items and helping brands and IP holders develop Metasites. The goal is to make the items 3D by default, with X.LA offering them as a way for people to communicate a message or pay for traction. In the future, Shurick envisions every website offering users the option to accept NFTs that can be redeemed for discounts or incentives. Users can collect, trade, sell, or keep these items as they please, elaborating how he wants to revolutionize the concept of website cookies into something with actual consumer utility.
The ongoing developments at X.LA are extensive, and The Metaverse Insider plan to closely monitor their progress and stay informed on important updates. Due to being in the early stages of development, we cannot disclose the major IPs that are currently in conversation with X.LA. With Shurick’s proven success in the video game industry through Xsolla, we were very excited to see how X.LA is poised to revolutionize the Metaverse landscape.