You can earn money with Metaverse by selling, exhibiting, and creating NFTs, playing and creating games, throwing events in the Metaverse, trading or building real estate, and selling 3D attire for Metaverse avatars.
Since its launch in the summer of 2021, the metaverse has been a hot topic, but rarely a point of interest for financial enthusiasts. But things have quickly changed.
Even though its a reasonably unconventional way to explore financial ventures, the metaverse is a way to earn cryptocurrency.
The popularization of the metaverse didn’t come at the right time. After 2 years of spending every possible life event virtually, the last thing people were willing to engage in was another virtual life.
But the metaverse is more than virtual hangouts. It’s a glimpse into the future of the world.
Since we live in a unique era where the metaverse is still being built, you have the chance to cash in on the experience. We know that Nike already is.
What is the Metaverse?
You’re probably confused if you tried Googling Metaverse, The Metaverse, or Facebook’s virtual land.
In simple terms, the Metaverse is the idea of creating one single virtual space where everyone can live their everyday life, but virtually.
Attending concerts, parties, theaters, playing games, and dressing up nicely it’s all available on the Metaverse.
You know how you’re chasing your relatives and friends across platforms? Some have deleted Instagram, while others have deleted Snapchat, and it becomes hard to locate them.
The idea of the Metaverse is to eliminate that and have everyone hang out using VR.
Moreover, it will allow everyone to dress up however they want – and can afford, and do whatever they want.
We mentioned Nike, but there are also Gucci, Adidas, Puma, Sketchers, and Walmart who have entered or are in the process of entering the Metaverse.
Who is on the Metaverse
The apparel companies are not the only ones trying to capitalize as early as possible on the Metaverse.
Tech giants like Google, Snap, NVIDIA, Microsoft, Apple, and Mark Zuckerberg’s Meta, formerly Facebook, are among the first companies to financially back up their interest in the Metaverse.
For the regular person, this means that you will be able to buy an iPhone or a MacBook in the Metaverse.
For the financially inclined, the backing up of this significant investment by some renowned names means there is profit.
After all, Google has invested in Uber, DocuSign, Medium, and Slack.
But is there profit for small investors? Can you invest your time to make money in the Metaverse? We’ll explore the so far known ways of making money through the Metaverse virtual reality.
9 ways to earn money on the Metaverse
1. Play-to-earn games
Play-to-earn games or P2E like Decentraland, Blankos Block Party, Alien Worlds, Zed Run, and The Sandbox reward players with NFTs or cryptocurrency.
They’ve become more popular recently, and they provide less earning than before by farming in-game currency, staking, or creating tokens.
Players can later on trade cryptocurrency to fiat or spend on platforms that accept the currency.
This process is powered by blockchain technology, and by playing, players help developers improve and grow the whole P2E system.
Like in real life, freelancing in the Metaverse gives you many opportunities. Since all places are a replica of the real world, an art gallery in the Metaverse would need a curator too.
You can freelance as a fashion designer for brands, architect, graphic designer, and even as a bouncer!
Of course, this means you need to have a specific set of skills and the ability to navigate through the VR.
NFTs are Non-Fungible Tokens are the virtual form of art, tokens that have valuable data stored on them that no one can’t replicate.
Like the unique painting of the Mona Lisa stored in the Louvre, the NFTs are unique and held at a location preferred by the owner.
As an artist, you can create NFTs, sell them and earn. But it’s not only art that can be sold as NFTs.
For example, the first NFT was a video; there is an NFT of the first tweet ever posted and an image of the Nyan Cat, a popular meme gif from 2012.
You can also earn by buying high-potential NFTs and sell them at a higher price later.
Experts do warn about a decrease in sales in NFTs of 92% compared to the spike in September 2021.
Just like a concert, a Metaverse event can feature stars that draw in crowds.
By organizing an event that features an in-demand star or host you can charge tickets and earn great commission.
Just think of how much more convenient it is to through a virtual concert or a stand-up show than in real life!
However, if you’d like to hold a free event, you can always look for sponsors who would pay for the venue and your time, and you’d place their banners in return.
5. Real estate
Real estate is one of the most convenient ways to earn in the Metaverse.
This virtual land lets you, as an owner, to build something on it and charge entrance later, lease it to someone, and charge rent.
If you decide to build yourself, it would be more time-consuming and requires more skills. Real estate as a method of earning is a good idea if you plan on spending significant time in the Metaverse.
Artists have one of the most in-demand skills to make money in the Metaverse. But how would you sell paintings in virtual reality? NFTs help artists monetize their work by minting their paintings and selling them as NFTs.
But this is not the only way. You can also collect artwork and exhibit it in an art gallery. Art galleries make a profit from selling tickets and occasionally auctioning pieces.
Taking a trip to the MoMA to see a new exhibit is time-consuming, but taking a stroll in the Metaverse for significantly less time and money to see the NFT version seems like a good idea.
We’re aware people spend thousands on looks in real life where you can only meet a handful of people daily, so imagine how much they would spend virtually shopping in the Metaverse?
From clothes designing to handbags, shoes, or working for more prominent brands, designers can make a good profit in the Metaverse.
The Metaverse is a large market, so everyone wants exposure, and unique designs are guaranteed to draw attention.
You can trade virtual land, cards, and art, and you could even organize a trade show.
People already trade NFTs via various digital platforms, so the Metaverse would just simplify the process. Think of it as a market where you can buy a bag, but in virtual reality.
9. Creating games
Finally, software and game developers already have the skills needed to earn money through Metaverse. Just like you could create NFTs, you can also develop VR games.
Not many popular games are VR compatible, so when Metaverse swings in full force, there will be a higher demand for end-to-end VR games.
Steps to take before earning on Metaverse
Before making any money through the ways mentioned above, there are some steps you need to take.
First, you must set up a digital wallet for crypto like Meta Mask. If you have one already, you can use that one too.
Next, you have to choose which platform you’d prefer to enter; some might be more developed and with more opportunities to earn.
The following step is to purchase VR land to have a space to develop your business or have a persistent presence on the platform.
If you want to go fully independent, invest in learning VR development skills so you can develop assets instead of purchasing them.
How do you make money investing in the Metaverse?
You can make money investing in the Metaverse by hosting events where you spend money to get an artist and charge for tickets, investing in the development of assets like VR compatible games and NFTs, or investing in VR real estate ad selling it later.
What can I do with Metaverse?
People can socialize, network, create contacts and make friends, attend events like parties and concerts, earn money, work, shop, play games or create art in the Metaverse.
How do I start a Metaverse business?
You can move almost any business to the Metaverse, but you must already have an excellent online presence, so set up your digital profile as early as possible.
If you want to focus solely on a Metaverse-related business, think about VR headsets, VR games, P2E games, and NFTs of all sorts.
The concept behind the Metaverse is transferring your everyday life into 3D virtual reality.
This 360-degree digital world will contain everything you already use and spend money on – shopping, real estate, events, and art. So don’t think that solely software engineers can make money through Metaverse.
Since everyone will have their own avatar that you can design and dress, one way to earn money is through fashion design and NFTs.
Another is via hosting events, sponsorships, and finally, trading assets.
What do you think? Would you attempt making an income with Metaverse?