Metaverse has become one of the most common buzzwords circulating in the world in the past few months, causing people to research how to make money in the metaverse. Well, you first need to understand what the metaverse really means.
This metaverse guide covers the following topics:
- What is the Metaverse?
- How do you make money in the Metaverse?
- Final words
What is the Metaverse?
Metaverse is a fine mixture of online gaming, virtual reality (VR), augmented reality (AR), social media, and cryptocurrencies. The metaverse is a lot like video chatting where people may connect digitally in the form of customized avatars. However, according to Meta (formerly Facebook) CEO Zuckerberg’s vision, your metaverse experience will feel more “real” than the current social media as the interactions will be synchronous.
For decades, the metaverse was only a concept in sci-fi novels and movies. Yet all of a sudden it’s everywhere – the news, the social media – you name it. So naturally, the virtual gold rush didn’t take long to begin. Tech giants of the world have already started to pour heavily into this technology and it is predicted to become the new reality for us in just a few years. Be that as it may, this new world opens up a long list of money-making opportunities even for all of us common folks. Keep reading to find out how to make money in the metaverse.
How do you make money in the Metaverse?
To be honest, the metaverse isn’t that different from the real world; overall, it’s a virtual embodiment of it. Consider the metaverse to be a parallel reality with greater freedom from social norms, hierarchies, and even laws of nature – so the possibilities are infinite. Consequently, how you make money in the metaverse will be comparable to what they are now, with the added advantage from some digital spices.
1. Investing in the Metaverse
Investing in the metaverse is a lot like buying a potentially profitable company or its assets and/or shares. Factually, the global revenue growth of the virtual world is predicted to rise to about $400 billion by 2025 from $180 billion in 2020. So, this is clearly the perfect time to get into the metaverse business, if you haven’t already. However, we should warn you that metaverse is still in the baby stage and investments can be really risky here, so do your homework well before jumping in.
- Metaverse stocks:
Meta Platforms Inc, Roblox, Boeing, and Microsoft are presently the publicly listed firms who aim to become metaverse corporations first, and their revenue is thus related to the metaverse. Ergo, investing in them is the least risky option at the moment.
- Metaverse lands:
Organizations like The Sandbox and Decentraland have already begun selling non-fungible tokens (NFTs) as virtual land properties. The owner of a Metaverse land NFT can remodel it and/or rent/sell it on the NFT marketplace after purchasing it.
- Metaverse crypto:
Currently, the currency of the metaverse world is cryptocurrencies. When Facebook relaunched itself as “Meta” in 2021, the worth of the most prominent metaverse cryptocurrencies increased exponentially. Consequently, there hasn’t been a better time to invest in cryptocurrency.
- Metaverse Index:
Just like the real world, the metaverse also has an index (Metaverse Index or MVI) that records trends of various cryptocurrencies. This is the least volatile and risky investment to be performed in the metaverse right now.
Other creative ways to make money in the metaverse
Investing in Metaverse-related ventures is just one way you can make money in the metaverse. There is a broad range of various earning possibilities in this new reality.
2. Metaverse games
Gaming is one industry that is already at large in the existing virtual world and it definitely holds the power of being the biggest industry in the metaverse. Being a part of the gaming industry will open up many doors for you in the metaverse –
- Play-to-earn NFT games: These games enable players to take ownership of their in-game assets, avatars, and crypto rewards. Users can thereafter trade these in the marketplace.
- Game development: In the metaverse you can develop a monetized game yourself or buy someone else’s game to monetize it yourself. You can even create games within games that won’t require a lot of coding knowledge.
- Other ways: Apart from availing NFT opportunities, metaverse also brings scope for being sponsors or e-sports participants for players and game developers.
- NFTs and other asset creation:
The avatars, buildings, garments, equipment, collectibles – everything in the metaverse will be designed by the users, and everything will be NFTs. Not only are these tradeable in the open marketplace, but you can also earn royalties from resell.
3. Real Estate
Investments in metaverse lands have already started, but there is a lot more to it:
- Flipping: Buying virtual land and then flipping it for profit is always the easiest way to earn in metaverse real-estate.
- Renting: If you have a virtual plot, you can lease it or a portion of it to developers, designers, builders, creators, and more to earn monthly rent on it. Your virtual plot or property can even be used as a gallery to display NFTs or a hall to host events.
- Brokering: Just like in the real world, you can be a metaverse broker and help the rich sell their metaverse plots and buildings at a higher cost and earn out of commissions from successful deals.
- Managing: Another great way to make money in the metaverse is by is to manage others’ used properties. You can also ramp it up by arranging for the owner to earn optimum profit from concert halls and other pieces of land.
- Advertisements: You can collaborate with other businesses to put up banners and other forms of advertisements on your owned property and earn from that.
4. Apparel and fashion
People will need apparel for their avatars in the metaverse, and you can make both high-fashion or regular clothing for metaverse avatars. On the other hand, all clothing in the metaverse are NFTs; so you can even make money out of the clothes that you buy by trading them in marketplaces.
5. Travel and tourism
Metaverse offers the travel and tourism sector a new opportunity to thrive. As the user base of metaverse increases, almost everything from the real world will be recreated in the virtual world, and thus, virtual tourism will be a big business.
6. Selling NFT art in the Metaverse
The NFT art market is already a hot field, with artists making millions in the NFT marketplaces. In the metaverse, where people will majorly be working with NFTs, art will be a big sector of service as well as investment.
7. Architecture and Civil Engineering
Metaverse is full of virtual lands that can be turned into malls, galleries, stores, museums, casinos, business offices, theme parks, as well as, of course, good old residential properties. In fact, an architecture firm is already making millions to design real estate in the metaverse. So if you’re an architect or a civil engineer, you have a job in the metaverse!
8. Metaverse maintenance
Last but not least, there will always be requirements for coders and developers, interior designers, 3D and graphic artists, community managers, recruiters, and content creators in the metaverse, no matter the industry. You can offer your services to giants investing in metaverses like Microsoft and Meta, or freelance.
It’s too early to draw any conclusions about what the metaverse might become in the future, but one thing is definite: it will revolutionize the world we know. All we can do for the time being is equip ourselves on how to make money in the Metaverse and help grow this brave new world that lies just ahead.
Ralph Kalsi is an entrepreneur, blockchain consultant and blockchain enthusiast who collaborates with businesses in Australia. With his vast knowledge and industry experience in blockchain, he helps drive sustainable business growth. He is the CEO and proud founder of Blockchain Australia™. You can find him on Twitter and LinkedIn.
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