The metaverse is a digital space where individuals can go and experience whole new things; besides, they can even earn a significant amount in a short time. They can experience new experiences through their computer screens or virtual reality headsets to enter the digital world.
Now you do a bunch of various things in the metaverse; you can have a meet, play games, go to a concert, play with friends, and do almost infinite things. It’s a virtual world where you can create everything; you can even make money in the metaverse. Read the article in depth to understand how to earn money in the metaverse world. But before that, let’s understand what Metaverse is quickly right away.
What is Metaverse?
The metaverse is undoubtedly a hypothetical iteration of the web, an immersive and universal virtual space that is enabled by the use of augmented and virtual reality headsets. In colloquial use, it’s a 3D virtual world network focused on social connection. In 1992, the term was introduced by Neal Stephenson in the science fiction novel ‘Snow Crash.’
However, the digital world got recognition when Facebook, termed Meta, opted for the new moniker, founded on the sci-fi term metaverse, to define its vision for working and playing in a digital world. However, the digital economy is growing in the metaverse; an individual can make, buy, and sell goods.
A more idealistic vision of the metaverse enables you to take virtual items from one platform to another. This modern tech enables you to create a persona that can be copied from one digital space to another.
Metaverse opens vast opportunities for entrepreneurs; the concept is an event started to incorporate Web3 technology enabled via blockchain technology. The metaverse future can be similar to the real world in lots of aspects and replace real-world activities.
Proven Ways to Make Money in Metaverse: Beginner Guide
The metaverse market size is estimated to jump and reach around 426.9 billion by 2027. It’s forecasted to grow by 47.2% Compound Annual Growth Rate. In 2022, the market for metaverse was valued at 61.8 billion.
Source: (MarketsAndMarkets)
There are lots of aspects that drive metaverse market growth, including the evolving opportunities from adjacent markets like Mixed Reality (MR), Virtual Reality (VR), Augmented Reality (AR), and digitalization in retail, art, and fashion industries.
From fashion to tech giants, every venture is placing their bets on Metaverse, but how can you make money out of it? A metaverse enables users to meet, work, shop, play games, etc. Users can experience ultra-fast broadband speed with VR handsets and the online world.
An individual can work in a virtual office of a metaverse after relaxing and working in the gaming section; blockchain-based, they can easily manage their portfolio and crypto finances inside this app. Metaverse is a combo of decentralized governance, economies, and digital identity. Let’s check a few of the proven ways that help you to make money in Metaverse.
Play to Earn Games
Games such as e-sport betting, VR poker, and many more enable users to earn money as they play games online. There are lots of companies that have launched play & earn games, they want games to drive in-game monetization in the Metaverse. Platforms such as Bloktopia have divisions dedicated to playing & earning gaming.
Sponsor Free Events
If one can’t attract users to a paid event, there’s a sponsorship possibility to unlock in the Metaverse. For example, a business could create and manage a trade show with the participation of attendees, where event sponsors would spend the organization to reach new audiences.
Design 3D Accessories
With knowledge of 3D design to create accessories for virtual reality games. Metaverse users can “dress” their avatars with accessories such as gadgets, wearables, outfits, headgear, weapons, etc. One can design and sell the accessories on the market, taking advantage of the design toolkits that most metaverse platforms offer.
Build and Monetize VR Games
Just as 3D accessories, one can easily design and publish end-to-end games using virtual reality. This doesn’t require advanced technical skills; people with basic storytelling skills who use VR design platforms such as Horizon Worlds can make money from this source. For instance, a virtual reality version of Google’s iconic dinosaur game can work well for user monetization and adoption.
Buy and Sell Land Parcels
Purchasing virtual real estate is another way to make money in the Metaverse, and brands such as JP Morgan, PwC, and many others, have made moves in the right direction. Users can purchase a land parcel for a fixed price and can also sell it at a higher price to make a great profit. Investors with high-risk appetites can explore emerging metaverse channels for such opportunities.
Rent Metaverse Real Estate
Instead of selling the VR for a profit, users can rent parcels to developers to build buildings, concert halls, gaming arenas, offices, and other venues as well. It’s ideal for those who wish for a steady revenue stream, but remember that in-demand properties at the right metaverse locations are expensive.
Freelance Gig
The metaverse has its economy with a unique set of skill requirements for service jobs. For instance, a virtual reality tourist destination such as an art gallery and museum would need tour guides to help visitors navigate digital space effectively. Virtual reality clubs might require security personnel; gamers might hire trophy hunters, etc.
Create and Sell Non-fungible Tokens
Non-fungible tokens are digital assets that aren’t interchangeable and are unique. NFTs can be utilized in the metaverse to represent anything from virtual land to art. Many choose to invest in the NBA NFT marketplace to give the launch unique accessories and other assets related to specific industries. If you’re creative as well as have an eye for design, you can create NFTs and sell them to make money.
For example, in Decentraland, you can make and sell NFTs using its MANA cryptocurrency. Additionally, owning NFT in the metaverse also provides the direction in which Decentraland proceeds.
Metaverse Architecture and Designer
For architects, there are lots of chances to design in a permissive manner. It’s one of the tantalizing possibilities in the growing network of digital space termed as “metaverse.” Companies and brands rush for a metaverse presence and are building a cottage industry of designers and architects producing 3D models of buildings.
Conduct Events with Paid Tickets
It’s a trendy approach to making money in the Metaverse. Live concerts hosted by an open-source event ticketing system by real artists can interact with massive crowds, and bands can charge users in the paid tickets form. You can invest in the NFT Marketplace to manage sports events-related accessories, memories, and more in the digital space. Warner Music has partnered with metaverse platform The Sandbox to build a virtual concert hall.
Snoop Dog’s acquired Death Row Records is balanced to become an NFT label, and the artist has purchased a considerable block of land on the Metaverse delivering additional revenue generation streams.
Open Art Gallery
There is a huge push in virtual art and NFTs that everyone is talking about. It’s trendy, however, the top art professionals agree that this new digital space for art is transforming and expanding the venture in great ways.
However, in-person galleries are not going away, VR art galleries are providing people with expanded accessibility, new ways, and incredible digital experiences to enjoy the works of upcoming artists. Launching your art gallery is the best way to generate revenue in the metaverse.
There are lots of opportunities for business owners to join the metaverse and lots of B2C brands are taking notice. The democratic nature of the platform enables users to make money from the spatial communications platforms with perfect investment, timely efforts, and skills.
Ending Note
The metaverse has just launched. There are lots of opportunities for those who expect to make money in an exciting world. Whether you are a game developer, art collector, entrepreneur, or other business owner, there is a great place for you in the metaverse.
Author Bio
Dilshad Durani is a seasoned Digital Marketer and Content Creator currently contributing her expertise to the dynamic team at Alphanso Technology, a leading company specializing in Spotify Clone and Netflix clone development. Her insatiable curiosity fuels a relentless pursuit of knowledge, driving her to unravel the intricacies of changing trends, evolving marketing approaches, and ethical business practices.