How to Make Money in the Metaverse
From technology giants to fashion brands, everyone is betting on the Metaverse, but how can you profit out of it?
As the least combination of economies, decentralized governance, digital identity, and much more, the Metaverse has enormous monetization potential for all stakeholders in its development and usage and anyone can invest in it.
According to industry estimates, revenues from virtual reality (VR) gaming worlds could reach $400 billion USD by 2025, and the Metaverse could cumulatively generate $1 trillion in value. This has made users eager to get a headstart advantage and find ways to make money in the Metaverse.
So the important question is how can you make money in the Metaverse? Here we will detail some gains opportunities in the Metaverse, ranging from very simple with low barriers to entry, to complex economic activities like property investments.
Play to Earn (P2E) Games
Play-to-earn games on Metaverse will give users the opportunity to earn crypto rewards. Though there aren’t as many monetary rewards offered by metaverse experiences as there used to be, they are expected to become more popular than traditional gaming methods.
Games like VR poker, e-sport betting, and others allow users to earn money as they play online games. There are entire companies dedicated to this category such as Admix, a startup that just raised $25 million USD to drive in-game monetization in the Metaverse. Platforms like Bloktopia will have entire floors or divisions dedicated to play-to-earn gaming.
Online Shopping or Virtual Clothing
In Decentraland, clothing for avatars – known as “wearables” – can be bought and sold on the blockchain in the form of non-fungible tokens (NFTs). NFTs exploded in popularity earlier this year, as speculators and crypto enthusiasts flocked to buy the new type of asset, which represents ownership of online-only items such as digital art, trading cards, and land in the online world.
Metaverse Architecture and Designer – Design 3D Accessories for Users
For architects, the chance to design in a permissive utopia is surely one of the most tantalizing possibilities in the emerging network of digital worlds known as the ‘metaverse’. The rush of brands and companies looking for a ‘metaverse presence’ is creating a cottage industry of architects and designers producing 3D models of buildings.
Those with some knowledge of 3D design can create accessories for VR gameplay. Metaverse users would want to “dress” their avatars with accessories like wearables, gadgets, headgear, outfits, or even weapons. One can design and sell these accessories on the marketplace, taking advantage of the design toolkits that most metaverse platforms provide.
Create and Profit from VR Games
Like 3D accessories, one could design and publish end-to-end games in VR. This does not necessarily require advanced technical skills. People can combine basic storytelling skills with VR design platforms like Horizon Worlds to make money from this source. For example, a VR version of Google’s iconic dinosaur game could work equally well for user adoption and monetization.
Conduct Metaverse Events, Open Art Gallery
This is already an extremely popular way to make money in the Metaverse. Live concerts by real artists can attract massive crowds, and organizers can charge users in the form of paid tickets.
Warner Music has already partnered with metaverse platform The Sandbox to create a virtual concert hall. Snoop Dog’s recently acquired Death Row Records is poised to become an NFT label, and the artist has already purchased a large block of land on the Metaverse offering additional revenue generation streams.
There’s a huge push towards NFTs and virtual art that everyone is buzzing about. It’s not just a trend; even the top art experts agree that this new virtual space for art is going to transform and expand the industry in huge ways. While in-person galleries aren’t going away, virtual reality art galleries are offering people expanded accessibility, incredible digital experiences, and a new way to enjoy the fine works of upcoming artists. Opening your art gallery is one of the best ways to make money in the metaverse.
Invest in 3D NFTs
NFTs are blowing up. These digital collector’s items are sold in groups of unique pieces that can number in the tens of thousands per collection — which means there’s a growing need for graphic designers and illustrators who can help create them.
One can always trade 3D NFT – the VR counterpart of NFT trading in the traditional digital world. The metaverse could house a variety of 3D artwork as NFTs for purchase as an investment class.
For enterprising creators who are willing to learn a little about this new investment craze, the payoff could be major — especially if your compensation includes a cut of the sales proceeds of the NFTs you help design.
Real Estate Investments in the Metaverse
1.Develop Metaverse Real Estate Yourself
Another alternative is to purchase land and develop it yourself with VR design and development skills. Unlike gaming, real estate and building design requires more work and may be expensive depending on the resources used. Different metaverse platforms will also have their own limitations, but profitability is equally high.
2.Buy and Sell Land Parcels
Buying virtual real estate is another popular way to make money in the Metaverse, and companies like PwC, JP Morgan, and several others, have made moves in this direction. Any user can purchase a land parcel for a fixed price and later sell it at a higher price to return a profit. Investors with high risk appetites can also explore emerging Metaverse platforms for such opportunities.
3.Rent out Real Estate to Developers
Rather than sell VR land for a profit, users can rent parcels out to developers to create buildings, gaming arenas, concert halls, offices, and other venues. This is ideal for those who want a steady stream of revenue, but keep in mind that in-demand properties at the best metaverse locations will be expensive.
4.Become Real Estate Dealer of Prime Properties
The most prominent agents diving headfirst into the nascent category of virtual real estate are focused primarily on two blockchain-based metaverses: The Sandbox and Decentraland. Both of these worlds allow users to purchase virtual plots of land with unique digital tokens known as NFTs. One can make a lot of money by becoming a real estate dealer of prime properties in the metaverse.
Finding A Job in the “Metaverse”
The Metaverse will have its own economy complete with a unique set of skill requirements for service jobs. For example, a VR tourist destination like a museum or art gallery would require tour guides to help visitors navigate this space effectively. VR clubs may also require security personnel, gamers may hire trophy hunters, and so on.
Get Sponsorship for Unpaid Events
Even if one cannot attract users to a paid event, there are sponsorship opportunities to unlock in the Metaverse. For instance, a small business could organize a trade show with free participation for attendees, where event sponsors would pay the organization to reach new audiences.
A Step-by-Step Guide to Starting to Make Money in the Metaverse
To gain from the above opportunities in the Metaverse, users first need to follow these steps:
- Set up a crypto wallet– Most metaverse offerings have their own crypto token and wallet, or users can connect their existing crypto wallets to the platform.
- Choose your Metaverse platform – Mature platforms are more expensive to enter but offer greater revenue generation opportunities. Ease of design and development are also determining factors.
- Invest in VR real estate – Even if a person is not an active property investor, real estate is one of the most common ways to make money in the metaverse as there are parcels available at every budget.
- Learn VR development skills – Advanced skills allow users to build complex games or develop prefabricated buildings for rent or sale.
- Develop VR assets or oversee their development – Depending on the skill level and capital expenditures, one can develop VR assets from scratch or work with a vendor.
- List monetizable assets on the marketplace – Each metaverse platform has its own asset marketplace, where users can list their creations and properties. Proceeds from a sale are credited back to the crypto wallet.
There are many opportunities for businesses to join the metaverse, and some B2C brands have already taken note of this. Due to the democratic nature of the platform, any user can profit from the spatial communication platform with the right investment, skills and timely efforts.
Sign up for BTCC now to build your own portfolio!