Money is the most important aspect of our civilized life. And we are doing the best we can to make us fit into the standards of this rich world. Metaverse has opened new horizons for people who are looking for opportunities to earn some extra bucks.
You might be thinking about ‘how to make money in the metaverse’ and this article is going to answer you that. However, before learning about the methods of making money in the metaverse. We need to know more about what the metaverse is and what are its ways.
We have seen the world transforming in the ways of communication like back in times we used to communicate using letters and postcards. As the technology progressed, we talked on phone calls and communicated through text messages and the era was known as Web 1.0.
Now the world has completely transformed as now we can talk on video calls with one another and see each other’s faces using our smartphones, and other devices. This era was known as the advanced era of the web known as Web 2.0.
After achieving the 2D environment in the digital world, now we have headed towards achieving Web 3.0. Web 3.0 consists of 3D virtualized worlds, and it is focused on social interactions. Users will communicate through their online avatars, and they will play games, work, and even attend concerts using their online identities.
The 3D universe of the metaverse is just like our real world and parallel to our real lives except for the fact that it works only in digital space. The metaverse uses many other technologies including virtual reality and augmented reality, the internet of things (IoT), 3D reconstruction, digital assets, and even artificial intelligence (AI).
The metaverse is still a little mysterious in many aspects but some of the aspects are relatively clear. The use of nonfungible tokens (NFTs) and cryptocurrencies are relatively a clear and permanent aspect of the metaverse. These two also play an important role in the metaverse.
Since we know now what the metaverse is, we are going to learn about different methods to earn money in the metaverse.
How To Make Money In The Metaverse
Making money takes effort and hard work and it is no different in the metaverse. Let me tell you that the metaverse is going to become huge in the coming days. The metaverse is going to expand so much that there will be fully functioning economies and it is going to change our world as we know it.
Even though it is just the beginning, we still have many opportunities to make money in the metaverse and before deeply diving into the unlimited world of the metaverse, we need to know more about ‘how to make money in the metaverse’. Let’s begin our journey!!
What is better than earning money by playing games? We say nothing is better; right? Just sit back, select your favorite game and then play the game to earn more bucks. I am pretty sure that you are wondering how earning money can be this easy. Well, my friend, it really is!! Let’s get into the details.
If you look at blockchain-based games and select the games which are constructed with play-to-earn models, also known as P2E, these games introduce virtual economies and reward the players with in-game assets which are tradable and also the cryptocurrency as a reward for their time and skill provided to the game.
The only downside to this method is that you are going to need investment before you start the game, and the investment will be of a huge amount. Most of the time, the investment is in the form of NFT. Reinvestments are also common for in-game items.
Playing games is the most important aspect of earning money in the metaverse for starters.
These play-to-earn games include
- Axie Infinity
Users made games will also be found on the metaverse in tools like Sandbox. The free tools will help the users to make games and then drop these games in the market for making money.
Oomph Your Style
One of the most favorite aspects of technology companies as well as the metaverse is fashion. You can stay fashionable as well as make money on the metaverse.
Fashion is one of the fastest-growing industries around the world and it wants to stay on top of its game. This is why the fashion industry is one of the initial industries to get settled in the metaverse universe. There are many high fashion brands that have a digital presence in the metaverse.
These fashion brands are now providing you with clothing and wearables in the 3D universe where they are issuing them as NFTs and a utility with a lot of potential in the future. You will also have access to both online and offline exclusive events of these high fashion brands.
Some of the most famous and enthusiastic brands present in the digital space of the metaverse are as follows.
- Ralph Lauren
Some of these brands have virtual pop-ups on metaverses like Ralph Lauren and Gucci while also having land in the Sandbox. Other ones have partnered with online games to provide their outfits as skin to the players.
The brands used neat ways to use their products for their presence in the metaverse. As people’s avatars will be using digital fashion, it will give a huge opportunity to the people with a clothing line to monetize their products.
Metaverse Real Estate
Real estate in the virtual world of the metaverse is all the rage these days. People are investing more and more to be a part of a virtual community with huge potential. This is why virtual real estate in the metaverse is experiencing a boom in demand.
Even in the initial phases, the prices of the metaverse real estate are really high. This can also be a safe and a potential investment as you can use the purchased virtual land for constructing your favorite building or you can re-sell them as well.
People who bought a small piece of land in metaverses like Decentraland and The Sandbox for under $1000 were seen selling the same piece of land for ten times higher prices of their purchase price.
If you buy a piece of land in the metaverse, it will be saved as a land parcel and it is an NFT that is stored on the blockchain. It is representative of the fact that every piece of land in the metaverse is unique, and it cannot be duplicated.
The piece of land on the metaverse can only be accessed by the person who has the private keys to the wallet address that holds the NFT. The piece of land can also not be duplicated by anyone.
Virtual real estate works almost similar to real estate in the real world as you will have to research for the product to purchase before and then buy the land of your choice.
The Metaverse Tokens
If you are getting a little confused among all these options, you should go for the simplest method to earn money in the metaverse which is investments in the metaverse economy projects. These projects mostly use digital assets and cryptocurrencies.
You need to have the metaverse tokens if you are planning on getting into the metaverse space. These tokens gained immense popularity after Facebook announced its entry into the Metaverse and renamed it ‘Meta’. Many cryptocurrencies were increased as they gained footing for their survival.
These cryptocurrencies included MANA and SAND among others. You should have as many of these tokens for you as possible as you are going to enter into the metaverse to earn more money. You can also generate passive yields by staking them.
Some projects including Axie Infinity and The Sandbox also offer native staking facilities for these tokens. You can also stake most of the top metaverse coins on decentralized exchanges like Uniswap or Sushiswap if you can’t find staking facilities in the project.
Non-Fungible Tokens (NFTs)
All of these metaverses, some smaller and some larger, will come together to integrate and connect with one another and make an overarching metaverse. This will make it easier for the NFTs from different metaverses to easily migrate from one to the other. It will become easier to buy and purchase NFTs across different metaverses.
Another way to answer your question of ‘how to make money in the metaverse’ is to buy and sell NFTs. This is going to work because you can buy NFTs at lower prices and then sell these when the prices are high. This is a game of chance, but recent developments have shown potential in this area.
It might seem a little limited in potential but in the times to come, the art will be displayed in the gallery within the metaverse and job opportunities as brokers and curators are also expected in this field. NFTs provided as rewards to gamers can also be used to trade in the real world.
If you are still confused about buying and selling NFTs, you can also create and sell NFTs in the metaverse. Anything in the metaverse can be minted as NFT. It means that you can develop and create your own NFT including décor, furniture, equipment, collectibles, and apparel, and then sell it on the metaverse.
A creator of NFT will also be able to earn royalties for the subsequent sale of each NFT. So, you will also be able to earn passive dividends from a percentage of the sale every time your creation is sold or resold in the market.
Experts see a lot of potential in this area so you can list yourself among the pioneers who started working on this one by starting to work on it immediately if you want to make money in the metaverse.
Tourism in the Metaverse
How do you like touring the whole world, in fact, different worlds and different time zones while you never left your couch? Interesting, isn’t it? Not only that you can tour the world, but you can also go back in time by experiencing the past events recreated in the virtual world.
It means that you can experience World War II without having to leave your seat. You can also visit the Seven Wonders of the World, but you don’t have to get up off your sofa. All this is possible in the 3D world of the metaverse.
So, in response to your query that ‘how to make money in the metaverse’, we can say that you can use tourism as a money-making process. You can also use tourism as your land development plan. The sector will hopefully thrive, and it will also create a number of job opportunities as well.
Tourism in the Metaverse is still underrated but once the sector is successful, virtual tour guides and travel agent vacancies will be available to grab. If you are planning to use this in the metaverse for money-making, you better start planning ahead.
Other Related Opportunities
We have only discussed business opportunities so far but if you are more interested in working jobs, the metaverse provides opportunities to job lovers as well. Here are some of the popular job opportunities for the job hunters
- Web 3.0 Developers
- Research Scientists for Augmented Reality and Virtual Reality
- Digital Asset Creators
- NFT Brokers
- Community Managers
- 3D Artists and Designers (specialized)
- Game Designers
I believe I am able to effectively answer your question about ‘how to make money in the metaverse’. You can thoroughly read about these opportunities and then decide for yourself which one is the most suitable for you in your situation. Don’t waste time and start hunting for your opportunity as the world is already leaps and bounds ahead. Good luck!!