From simply playing games to throwing thousands of dollars to own properties, here is a list of top ways to make money in the metaverse!
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Isn’t your news feed full of metaverse-related news? Since Mark Zuckerberg announced the focus of his new product towards the integrations of a new realm known as Metaverse, it has surged in popularity and made waves in the digital world. As a result, most of the industry's focus has shifted towards offering passive income opportunities through different metaverse-based products. If you are still confused regarding the scope of income in the metaverse, this article will point you in the right direction.
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How to Make Money in the Metaverse?
Although opportunities are limitless in the Metaverse, the following avenues have already shown real results with even more growth potential.
Play-to-earn Games
Perhaps no industry has a more straightforward path to success in the metaverse than the gaming industry. Metaverse-like virtual worlds have existed in the industry for years in the shape of online games. Fortnite, one of the most-played video games of the last decade, made headlines when it organized a virtual concert within the game.
Money is there to be made both via:
· Content creation through "Let's Plays."
· Game development and its sale.
But the most significant opportunity to earn money through gaming in the metaverse for everyone else is through in-game assets and NFTs.
NFT games, such as Axie Infinity and The Sandbox, offer players the opportunity to earn money by simply playing these blockchain-based video games. Each game has a different method to earn,!
Some of the most popular metaverse games in the play-to-earn arena are as follows:
- Alien Worlds,
- Axie Infinity,
- Decentraland,
- Gods Unchained,
- Illuvium,
- My Neighbor Alice,
- Splinterlands,
- The Sandbox.
Travel and Tourism
The virtual reality excursions of ancient Greece and Egypt became popular when the world observed quarantine amid the pandemic. It enabled users to cross borders without leaving their houses and travel back in time.
With the boost in the popularity of metaverse as a concept and how it is enhancing the way we can travel the world, travelers should be able to look at the accommodation options before planning out their holiday trips. This shows a considerable business opportunity for travel businesses and the hospitality industry to utilize the metaverse platforms and showcase their products to attract new users worldwide.
Online Concerts and Virtual Parties
Online events are one of the most well-known methods of generating money through a metaverse. For instance, The Sandbox allows users to conduct activities in their virtual world. The Weeknd TikTok concert was the first proof that virtual concerts could be successful if executed efficiently.
Since other famous musicians such as Travis Scott and Ariana Grande have also featured in the virtual worlds of Fortnite, the concept of online parties and concerts is only strengthening. So it's a positive sign for aspiring musicians, event organizers, and even businesses to test the virtual space that can help them make $$ and engage the new audience without the limitation of worldly boundaries.
eCommerce
Shopping in the metaverse isn't just a sales transaction; it's a virtual experience. As more businesses and brands join the metaverse, there will surely be a growing need for product testing and reviews. Individuals can be paid to test and give feedback on digital assets and physically-delivered goods.
Shopping also extends to gaming in the online world, where in-game items like "skins" can be sold as NFTs for mind-boggling prices. Ubisoft, the game development giant, did the very same.
Trading Virtual Property
Property in the Metaverse? It seems like an idea out of a science fiction movie, but the reality is often stranger and more profitable than fiction.
Virtual real estate is a reality in metaverses such as The Sandbox, Decentraland, etc. The transaction of these online plots has been growing in popularity and selling for millions.
Even in the metaverse, property owners and realtors can apply several traditional real-estate business strategies to generate revenue out of digital land ownership.
· Real estate flipping: Virtual plots can be purchased and then flipped for a heftier price like other digital assets.
· Renting: Digital properties can be rented out to artists, game developers, and other individuals looking to join the metaverse real estate scene but can't yet afford to buy digital land or simply choose not to own any virtual property. They can use said land to run or advertise their business or content by paying rent.
· Brokering: Commissions can be made on digital land too. Metaverse experts can act as a liaison between buyers and sellers by giving their advice as a broker. A better selling rate means better commission.
· Managing and Hosting: Experts can also manage digital real estate and capitalize on the land by organizing virtual events such as concerts and conferences. Warner Brothers' recent plan to launch a virtual concert hall is a testament to Metaverse's rising mainstream appeal. These experts can either be employed by corporations operating within the Metaverse or run events such as concerts, parties, and fashion shows.
3D designers can utilize the feature of uploading 3D assets as digital properties that can be traded as NFTs with the utility of being usable on various metaverse platforms.
Trading Metaverse Tokens
Metaverse tokens are virtual currencies used to make transactions just like any other currency. They are, however, more convenient since the transactions are instantaneous due to the blockchain.
These tokens can be bought, sold, earned or traded by the users. In addition, holders have access to various services inside their respective metaverse.
Metaverse tokens are unique in their functionality because they have value both in the metaverse and the physical world. These cryptocurrencies, such as MANA, can be exchanged for traditional currencies, while digital properties like NFTs validate ownership of real-world art and other assets.
Trading Digital Art
Undoubtedly the most polarizing subject on social media today is non-fungible tokens that have taken the world by storm. NFTs have proved to be the most lucrative money-making property in the metaverse for digital artists and owners alike. Even some of the most famous celebrities on the planet have bought these artworks. Owners flip their NFTs for high margins, and it seems like the highs keep on coming.
Advertising
Advertising has been the foundation of revenue generation in the media industry ever since the first printing press was founded. However, online advertising is now making its next move into the metaverse where brands use digital advertising spaces, including real estate, billboards, and social forums, to promote their marketing campaigns. Brands can capitalize through metaverse real hard, from trying on newly launched outfits to performing product placements in both existing and emerging VR games.
Best Platforms to Invest in the Metaverse
If you are finding the places where you can invest in the metaverse, below we have added some great metaverse money-making avenues:
Axie Infinity
Axie Infinity is the most popular project combining metaverse, NFT, blockchain gaming, and decentralized finance (DeFi). It is a play-to-earn game that presents its users with a metaverse where they can collect, breed, raise, battle, and even trade their NFT-based creatures known as Axies. Axie Infinity Shards (AXS) is an ERC-20 governance token developed for the Axie universe.
The SandBox
The Sandbox is a blockchain-based metaverse where players can build, buy, and sell various digital assets within the game. The platform uses $SAND as its utility token that lets players buy and sell LANDS and ASSETS in the metaverse.
SAND has a market cap of nearly $3 billion and is currently trading for around US$2.94. Moreover, the game has just achieved a $93 million investment from SoftBank's Vision Fund 2.
Decentraland
Decentraland (MANA) is a metaverse platform that runs on the Ethereum blockchain. The game lets players purchase plots of land that can be later modified and traded as NFTs. Users can also create, experience, and monetize content and applications. The platform uses two tokens named LAND and MANA. LAND is a non-fungible ERC-721 token that players can get by burning their MANA tokens. MANA is an ERC-20 token that can be used to buy avatars, names, or wearables on the marketplaces.
How Is Metaverse Booming at the Moment?
Since Metaverse has gained momentum, multiple industries and sectors have been running after it. As a result, its value and demand in the technological world have significantly boosted. Not only this, but it has also expanded the utilization of several related technologies.
For instance, the rise in the demand for metaverse in the gaming space has automatically increased the consumption and adoption of virtual reality and augmented reality. Furthermore, since VR and AR hardware and equipment are the essence of the metaverse, their deployment has gained much focus and value.
Following the rise, another exciting and promising commodity entered the digital world, known as NFTs. They are unique non-fungible tokens that cannot be duplicated, making them unique and rare. Their uniqueness has dragged millions of investors into the crypto trading sector. A total of $24.9 billion in NFT sales were recorded in 2021, compared to just $94.9 million in 2020.
Watching this space grow, technological giants, including Facebook and Microsoft, and retailers like Nike, Gucci and Coca Cola, etc., are in a unique position to capitalize on the metaverse craze.
Similarly, the leading makers of computer chips and infrastructure providers like Fastly and Nvidia are developing products and services needed for the "great migration to the Metaverse." These instances hint at a better future that this platform will soon bring forward.
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