Another buzzword is proactively circling in the crypto space after revolutionary Web 3.0, which is none other than the Metaverse. This concept will bring an entirely different virtual world, where communication, trading, working, playing, and even socializing will reach a new fascinating level. And although the idea itself is in the initial phases of development and still in the preparatory stage, crypto enthusiasts and experts have already made wild predictions on the oversized value and profit the Metaverse will bring after several other years.
But what is the significance of the Metaverse exactly? Why has it become the daily term of the digital industry talk? And what can it give to an average person living around the globe? These and other similar questions are perhaps what most people and businesses will think of once hearing about this phenomenon. So, let’s go on to find the answers, along with discovering the ways how to make money in the Metaverse.
Have you already grabbed a cup of coffee? Then we will begin.
General Understanding of The Metaverse Concept
Before we dive deep into exploring how to earn in the Metaverse, let’s first understand what Metaverse is and what it entails.
The Metaverse is a platform of highly immersive, virtual worlds with a core focus on social interaction and communication that you can enter through a virtual reality headset and VR glasses. In the Metaverse virtual space, people can come together to do activities through their digital avatars, like attending a concert, participating in online classes, playing games, buying plots, or building a house.
In simple words, the Metaverse is a virtual reality that parallels our lives, making almost everything possible. The vital role in the realization of this concept relies mainly on such technologies as:
- Virtual Reality (VR) and Augmented Reality (AR);
- Digital Assets and Web 3.0;
- Internet of Things;
- 3D Graphics and Reconstruction;
- Artificial Intelligence;
Although many aspects of the Metaverse concept are abstract and not precise, some components and specific elements, including non-fungible tokens and cryptocurrencies, are expected to play a leading role in its economy and internal infrastructure.
How to Make Money On The Metaverse: Top 10 Ways
The Metaverse revolution has tremendous monetization potential for all investors, businesses, and stakeholders in its usage and development. According to industry experts’ estimations, revenues from virtual reality gaming worlds may reach $400 Billion by the end of 2025, and the real-world value generated by the Metaverse could reach up to $1 Trillion.
These predictions and speculations around the Metaverse economy made people gain a headstart advantage and explore ways to make money in the Metaverse with a bit of initial investment. As a result, we periodically witness an infinite number of new monetization channels enter the crypto market, including play-to-earn games, data monetization, real estate management, educational initiatives, virtual property, and Metaverse tokens investments.
Below let’s review some top projects and business opportunities to make money in the Metaverse.
#1 Participate In Play-to-Earn Games
Earning money while playing and having fun – seems perfect, right? Games like e-sport betting, VR poker, and other blockchain-based games enable you to earn money or digital tokens as you play online video games. The crypto space is already full of various play-to-earn game options, and huge amounts of companies focus primarily on this category.
For example, the platforms of Admix and Bloktopia work towards driving in-game monetization in the Metaverse.
#2 Create and Monetize VR Games
It is now possible to create and publish end-to-end games in VR without advanced technical skills. Instead, users can combine VR design platforms with basic storytelling skills to make money. For instance, creating a VR version of Google’s dinosaur game can work well for monetization and user adoption.
#3 Design 3D Accessories
If you have some knowledge of 3D design, one of the ways to make money in the Metaverse could be creating accessories for VR gameplay. The consumers of such accessories could be users who want to add extra details to their digital avatars, such as virtual clothing, gadgets, outfits, wearables, headgear, and even weapons. Essentially, one can create and sell these accessories on the marketplace and use the design toolkits most Metaverse platforms provide.
Another subdivision of Metaverse designing can be digital fashion focusing on the digital clothing line.
#4 Conduct Metaverse Events With Paid Tickets
Another excellent way to make money in the Metaverse is by conducting Metaverse events and concerts. For instance, live concerts or other virtual events with real-world artists can catch the attention of massive crowds and more users, and the organizer can charge people in the form of paid tickets.
Furthermore, there are already multiple real examples of these ideas, including Warner Music which has partnered with one of the popular Metaverse platforms – The Sandbox, to build a virtual concert hall. Another example is the acquisition of Death Row Records by Snoop Dog, which will become an NFT label. In addition, the artist has already purchased a large block of land on the Metaverse providing additional sources to generate revenue.
#5 Get Virtual Workers In The Metaverse
According to the initial ideas, the Metaverse economy will ultimately differ from other crypto spaces and have specific skill requirements for various service jobs. For instance, a VR tourist destination such as an art gallery or museum would require tour guides and travel agents to assist visitors in navigating the space efficiently. Moreover, VR clubs may also require security personnel, and players may hire trophy hunters, etc.
#6 Find Sponsors For Free Events
If one can’t attract people to a paid event, there are still sponsorship opportunities to unlock in the space of Metaverse. For example, a small business can organize a trade show with free passes for attendees, where the event’s sponsors will pay the companies to reach new audiences.
#7 Rent Out Metaverse Real Estate to Developers
Users can also rent parcels to other developers to create gaming areas, buildings, offices, concert halls, virtual malls, and other venues rather than sell VR land for profit. This option is excellent for those people who prefer a steady stream of revenue. However, in-demand digital properties at the best Metaverse locations will be rather expensive.
#8 Buy and Sell Land Parcells
Another popular way to earn money in the Metaverse is buying virtual real estate. Several virtual real estate companies like JP, PwC, and Morgan have already made solid moves in this direction.
For example, any person can buy a virtual land parcel for a fixed price and sell it at a higher price to gain a profit. Users with high-risk tolerance can also discover emerging Metaverse platforms and services.
#9 Develop Metaverse Real Estate
If you look for an alternative to purchasing digital land, you can develop one by yourself with development and VR design skills. However, compared to gaming, building and real estate designing require more work; thus, virtual properties be expensive depending on the used resources.
#10 Trade 3D NFTs
The primary option and the leading activity to earn money in the Metaverse will continually be trading 3D NFT art, the VR counterpart of non-fungible token trading in the standard digital world. Thus, the Metaverse could store a variety of 3D artworks as NFT collections for trading as an investment class and connecting buyers with creators via marketplaces.
Get Started With The Metaverse
As we have already discovered some popular ways of making money in the Metaverse, it’s time to determine the required steps to start the journey.
- Get a Crypto Wallet: In most Metaverse platforms, you will need to make different transactions, so the need for a digital wallet is a must. The wallet type can differ depending on the platform and its native token.
- Select the Metaverse Platform: Generally, mature Metaverse platforms are more expensive, but they offer more incredible revenue generation options.
- Learn VR Development Skills: In some cases, you will need to develop prefabricated buildings for sale or rent or create complex games.
- Develop VR Assets: Depending on the capital expenditures and skill level, a user can develop VR assets from scratch or choose to work with a vendor.
- Put Monetizable Assets On The Marketplace: Almost every Metaverse platform owns its native asset marketplace, where people can put their properties and creations. Furthermore, the proceeds from a purchase are credited back to the digital wallet.
The Metaverse indeed offers the potential for outsized gains and good investment returns. However, like any other crypto stock or currency, it also carries a possibility of high-level risks. Therefore, before investing, it’s essential to do careful research, weigh all the cons and pros of the project and its services, and then decide to avoid such scenarios as loss of your fund.
Unlike traditional real-world economies and investments in physical properties, the Metaverse does not have restrictions on the location or nationality of users. So anyone can easily purchase and invest in various platforms of crypto Metaverse without any barriers to earning passive income.
Here are several ways you can consider investing in the Metaverse:
1. Buy Metaverse cryptos
2. Rent or buy Metaverse buildings
3. Acquire Metaverse land
4. Purchase stocks in the Metaverse
5. Create and trade NFTs
As the Metaverse is still in the development phase, there are only mere predictions all over the map on its current value and potential future market cap. However, the average estimate according to these predictions ranges between $800 Billion and $1 Trillion.