How to Make Money in the Metaverse
Interest in the metaverse, the next-generation digital world where we can have a digital twin to play, socialize, learn, keep connected with friends, etc., has skyrocketed recently. Mattew Ball has famously described the metaverse as a “massively scaledand interoperable network of real-time rendered 3D virtual worlds which can be experienced synchronously and persistently by an effectively unlimited number of users.”
Since Facebook’s CEO Mark Zuckerberg announced in October 2021 that the company would now be called META and develop its own metaverse based on blockchain technology, many large companies and global conglomerates have announced plans for their own metaverses. Investing in metaverse property is the next big thing after the NFT market, where digital artwork can be bought as non-fungible tokens or NFTs, digital representations of real-world items. Virtual real estate now sells for hundreds of thousands of dollars, and Snoop Dogg, JP Morgan, HSBC, and other crypto enthusiasts have already invested in metaverse real estate by acquiring plots of virtual land. Finance in the metaverse is powered by the blockchain, so you need cryptocurrency for purchasing land, a virtual house, or other NFT in the metaverse.
While the crypto market is down right now, history tells us that actual developments in the crypto space occur during bear markets. As investors getting into the metaverse in any form are likely to reap huge rewards in the long run, we’re bringing our detailed guide on how to make money in the metaverse to you.
Let’s get right to it!
What Is Metaverse
Metaverse comprises the words “Meta” and “Universe,” and the term originated in the 1992 science fiction novel “Snow Crash” by Neal Stephenson. You can also get a hint of what metaverse is in the 2018 movie “Ready Player One,” based on a 2011 novel of the same name.
In the “Snow Crash” novel, the metaverse was depicted as an augmented version of virtual reality; however, the metaverse is more than just augmented reality. It is a combination of virtual reality, social media, and the physical and digital worlds. In the metaverse, you can play games, attend meetings, close business deals, build real estate, etc.
While we were in lockdowns globally, the world shifted online in a significant way. In the same way, the people and companies behind the metaverse want to make the metaverse a new-age global digital economy accessible to everyone that virtually connects the entire internet. They want the events of the physical world to be recreated in virtual worlds eventually. In so doing, they use Web 3.0, a decentralized web built upon blockchain technology, including digital identity, smart contracts, and decentralized applications (DApps).
The metaverse refers to a virtual reality-based parallel internet world where users can create avatars to represent themselves and dress their avatars with outfits, gadgets, headgear, or even weapons. They can buy, sell, or rent a virtual property and virtual clothing, collect goods and services in a 3D space and interact with each other. Users can also create virtual stores, just as they would in real life, and specialize in anything, from clothes or accessories to weapons or furniture.
In the virtual worlds created on the metaverse, brands can use digital advertising spaces and social forums to promote their marketing campaigns. They can use the design toolkits provided by metaverse platforms to create and monetize VR games and design and sell accessories on the marketplace. Experts can also capitalize on digital real estate by organizing virtual events such as concerts and conferences.
Metaverse is still developing, but its value and demand have significantly increased. The rise in the demand for metaverse has also expanded the use of several related technologies and the deployment of Virtual Reality Headset and Augmented Reality Headset hardware and equipment.
Now that we understand the metaverse let’s learn how to make money in the metaverse.
Best Ways to Make Money in the Metaverse
We’ve listed the tried and tested ways to make money in the metaverse below and explained how to do it correctly:
1. Invest In Metaverse Tokens
The simplest way to get involved in the metaverse is by investing in metaverse economy projects, powered mainly by metaverse tokens and digital assets. Several companies building on the metaverse, like The Sandbox, Decentraland, Axie Infinity, etc., have developed their own native tokens available on most major centralized and decentralized crypto exchanges. The metaverse tokens are also known as Web 3.0 tokens and can be found here: Web3.0 crypto coins.
Most metaverse tokens are ERC-20 tokens, i.e., built on the Ethereum blockchain. Their price depends on various factors, including the performance of their respective metaverse platform, roadmap, etc. External factors like inflation, global recession, wars, etc., also affect the metaverse tokens’ prices. Note that these tokens’ prices are highly volatile, and you should do your own research before trading metaverse tokens.
2. Invest In Metaverse Index
The metaverse is an open virtual universe with many investment opportunities. MVI, or the Metaverse Index, can help investors capitalize on the choice of metaverse protocols rather than investing their assets on one platform or token. The Metaverse Index is nothing but a collection of all the major metaverse tokens. Like any regular Index fund, it’s also relatively stable, as the price drop in one token can be offset by an increase in another. To learn more, you can check out the CoinStats guide on “How to Buy Metaverse Index.”
3. Buy or Sell Virtual Real Estate
Virtual real estate is a huge part of the metaverse. Metaverse Real Estate Companies own vast swaths of virtual plots in the online world. Buying and selling digital land is similar to the real world. Many companies like The Sandbox, Decentraland, etc., are already selling metaverse real estate to prospective buyers, and some of these plots in the virtual space are already being sold for millions of dollars.
In the metaverse, you can not only buy or sell digital land but also pursue traditional real-world business models, such as:
- Renting
One of the oldest ways of making money through real estate is renting your property. On the metaverse platforms, you can rent your digital properties to digital artists, game developers, or other businesses and earn a regular income on your digital assets. You can also rent your land to users who want to organize virtual malls, host virtual parties, etc.
- Virtual Real Estate Company
Metaverse virtual real estate companies help with real estate management for individuals who don’t have the time and/or skill to search for a virtual property or make the best of their property. These companies form a huge part of the Metaverse economy and generate revenue at a hefty rate. So, becoming a digital real estate dealer will earn you massive commissions.
- Real Estate Flipping
The easiest way to make money in the metaverse is to buy property at a low rate and sell it at a higher price.
4. Hosting or Managing Events
You can find many opportunities to earn money by hosting or managing virtual events in the metaverse following the Warner Brothers’ recent plan to start a virtual concert hall.
5. Play to Earn Games
You’ve probably heard about the play-to-earn games that reward you in the form of their native tokens for playing games. These online games have become one of the most popular and fun ways of making money in the metaverse. Though there aren’t as many monetary rewards offered by metaverse experiences as there used to be, they have surpassed the traditional gaming methods in popularity. There are all sorts of play-to-earn games in the virtual universe, letting you earn crypto rewards while doing what you love.
6. eCommerce Business
This business model enables you to start your own eCommerce business in the metaverse and generate revenue for yourself. You can sell products like digital fashion, art, etc., to the metaverse residents and take their online shopping experience to a different level. Running your own eCommerce business in the metaverse gives you complete control over the services, products, promotion strategies, customer service, etc., you deploy.
7. Promote Businesses
You can also earn money by promoting businesses running in the metaverse. This method of generating money in the metaverse works through connecting buyers with sellers in the virtual world. Suppose someone has a digital clothing line; you can promote it in the metaverse for a fee.
8. Metaverse Architecture
Businesses and companies building in the metaverse would want to make their virtual property enticing and aesthetically pleasing for users. As a result, metaverse architecture has already proven to be a lucrative business in the virtual world. Real Estate designing is a real-life skill that can be transferred easily into the metaverse. As more and more companies get into the metaverse, the demand for architects would also skyrocket.
9. Online Classes
Undertaking educational initiatives in the metaverse is a great way to make money. It’s a huge opportunity for teachers and educators to provide real-world value and make extra money.
10. Create or Sell NFTs
There was a huge boom in the market for NFTs (Non-Fungible Tokens) in 2021, and many NFT projects, such as the Bored Ape Yacht Club, etc., were sold for millions of dollars. The NFT boom can be seen as a prelude to the metaverse revolution waiting to happen. NFTs, such as digital avatars, in-game assets, etc., will be a considerable part of the metaverse, so you can earn money by creating and selling your own Non-Fungible Token in the metaverse. You can even choose to open an art gallery in the metaverse, showcasing popular NFT collections, NFTs of popular artists, or your own creations.
Go check “How to Make an NFT” and “How to Buy NFT” guides for more info.
11. Virtual Labor
Virtual labor doesn’t differ much from the real world. Whatever your profession or skills are, there is a job for you in virtual reality. Virtual workers, such as programmers, artists, writers, designers, etc., can attain financial freedom by working in the metaverse.
12. Sell Data
Companies use the best market practices to collect, store, and analyze user data to improve their services. When the world shifts towards the metaverse, various metaverse platforms will be willing to pay for the provided data. While the regulations in this regard are not yet clear, there is an opportunity to earn money by helping businesses understand their clientele better through data.
13. Virtual Tourism
Virtual tourism helps tourists make travel decisions. Taking a virtual tour of the place they’re visiting or the hotel they’re staying at gives tourists a better idea about the experience to expect on their trip. You can make money by providing tourists with a virtual tour of your property, becoming a virtual tour guide, starting a travel agency, etc.
14. Test Virtual Products and Apps
Since the metaverse is relatively new, and companies are just starting to build on it, there is a high demand for skilled people testing their products. So, you can earn money for helping companies identify defects or glitches with their products through beta testing and rectify them before it reaches the masses.
Conclusion
The above-described methods are some of the best ways to make money in the metaverse. From creating digital art to creating NFTs to buying, selling, or renting digital properties, there is a huge opportunity for each to make money in the metaverse.
Metaverse aims to bring the two digital worlds, i.e., Web 2.0 and Web 3.0, together and offer users a totally immersive and realistic experience. As the two virtual worlds collide, the possibilities are endless, and so are the opportunities.
To learn more about making money in Web 3.0 or through DeFi, visit our detailed guide, “What Is DeFi.” You can also check cryptocurrencies’ real-time prices, such as “Bitcoin Price,” etc., or learn all about portfolio trackers on “Crypto Portfolio Trackers.”
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