With popular companies such as Facebook pivoting to the Metaverse, this topic has caught international attention recently.
Not to mention, the amount of money that has been made. In 2021 alone there was over $500 million in revenue from Metaverse projects. Now you are probably wondering, how do I get a piece of the pie?
Don’t worry. In this article, I will be going over 10 ways to make money in the Metaverse. So without further ado, let’s jump right in.
1. Invest in NFT real estate
Like the real world, metaverse real estate can be extremely lucrative. Users can buy and sell virtual plots of land for profit. Moreover, metaverse platforms such as Sandbox allow users to rent out areas to generate passive income.
Overall, there are several factors determine virtual real estate value. Firstly, areas within proximity to high-value neighbors prove beneficial. For instance, having land next to a Nike store or celebrity will bolster land values.
Moreover, the prospects of development also help increase values. If there are future development plans for various amenities then the land becomes more desirable
Therefore, if you do extensive research then you can gain an edge in the market. Whether that be a long-term investment or short-term flipping.
2. Create and sell NFT collectibles
NFTs and the metaverse go hand in hand. Simply put, NFTs are digital contracts that create scarcity in the virtual world. This can be anything from artwork to skins for gaming.
Thanks to marketplaces such as Magic Eden and OpenSea anyone can create NFTs within a matter of minutes. One notable example is the creation of 3D accessories.
Users can purchase these NFTs that serve as accessories for 3D avatars. This can be various gadgets, headgear, clothes, etc. Moreover, royalties can be set which take a share of each subsequent sale for the original creator.
Ultimately, NFTs allow users to own unique assets in the virtual world and as the Metaverse becomes more popular so will the demand for these goods. Overall, if you are a creative person then this avenue can generate serious income.
3. Host events
Hosting exclusive events can generate money through the sale of tickets. For instance, this can be through paid concerts. Warner Music recently partnered with Sandbox to create a virtual concert hall.
Another popular example is virtual galleries. Users can display their own NFT collections while also charging for the service.
Lastly, they also benefit fans as they are convenient without any geographical restraints.
4. Play to earn
This gaming model provides economic incentives for playing video games. It is most popular in the cryptocurrency space whereby players are rewarded with gifts and prizes by participating in the network.
The most popular play-to-earn game is Axie Infinity. In essence, it works by rewarding players for raising and fighting virtual pets.
These pets are known as Axies and they can be traded on the open market. The stronger the Axie the more valuable they are. Moreover, the cryptocurrencies earned can also be exchanged for in-game items and other cryptocurrencies.
5. Freelance
The demand for web 3.0 jobs is extremely high. If you browse job platforms such as GitHub and LinkedIn you can find countless opportunities. This could be anything from software development to freelance writing.
Not to mention, the salary is fantastic. To put it into perspective, the average web 3.0 blockchain developer makes over $100,000 a year.
Therefore, if you are looking for a job without the hassle of managing a business or creating an original product this option is your best bet.
6. Build virtual businesses
Like the real world, there are plenty of business opportunities in the Metaverse. The majority of the brick-and-mortar stores can be created. For instance, marketplaces can be built where users buy and sell virtual goods.
Moreover, entrepreneurs can buy plots of land to open a virtual office. This fosters collaboration, and community which in turn increases economic activity. All the while this can be built with just an internet connection and a computer
7. Start a youtube channel
If you have been involved in the cryptocurrency industry then you probably know that youtube is the primary way to distribute content. With over 2.5 billion monthly users this platform is unrivaled.
Crypto youtube channels such as Altcoin Daily and BitBoy have over 1 million subscribers so there is certainly demand.
Not to mention, the monetization methods are endless. Whether that be ads, promotions, affiliate links, or courses. That being said, this business idea is not very passive as it requires consistent quality uploads.
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8. Invest in Metaverse platforms
Whether this is cryptocurrency platforms such as Decentraland or stocks such as Meta, there are plenty of Metaverse platforms to invest in.
This is a great option for the risk-averse. Rather than investing in low liquidity and high volatility assets within the metaverse, you can invest in the services that develop and sell the assets.
However, it is worth mentioning that this technology is in its infancy. So although they may experience exponential growth there is also inherent risk in investing in the space.
9. Trading
Thanks to the permissionless and decentralized nature of metaverse platforms anyone can trade digital assets on the open market.
Marketplaces offer thousands of different NFTs and tokens that can be traded. Therefore, there are plenty of opportunities to find undervalued assets and projects to flip for a profit.
10. Tour guide
As the Metaverse is a relatively new concept it can be easy to get lost. As a result, this creates a great opportunity for tour guides to help people navigate these virtual worlds.
It allows guides to onboard new users while also providing expert knowledge on the space. Although this may not be the most lucrative approach it is certainly fun.
Final Thoughts
As you can see, there are plenty of ways to make money in the metaverse. From investing in metaverse stocks as a more passive approach to creating NFT art for the more creative individuals. Overall, there is an option for everyone.
Lastly, as this novel technology continues to develop the opportunities will increase. I hope you found this article useful and thanks for reading it.
Want to learn about the most common NFT scams? Click here, to learn more.
