How to make money in the metaverse?
20 Ways to Make Money in the Metaverse in the Metaverse
"How can I make money in the Metaverse?" is a query I've had about the Metaverse. I'm a big tech nerd, so having another side hustle that involves technology is appealing to me. So, let's take a look at some of the metaverse's prospective side hustles to see how we may make more money.
The metaverse revolution has here, and the virtual gold rush has begun. This new digital frontier is attracting a lot of attention, from large tech names to everyday users who want to be the first to take advantage of the metaverse's endless possibilities. There are various ways to generate and exchange value for real-world benefits as a result of your metaverse experience, ranging from taking on a virtual job to producing new forms of art and entertainment. It's also probably a lot easier than you think. So, here's a list of 11 different ways to generate money in the metaverse.
1. NFT Art.
Right now, the NFT art industry is exploding! A quick Google search for "NFT art" will turn up news stories about a piece of NFT art selling for a new record price. I recently learned that someone purchased a Bored Ape NFT for around $50 a few years ago and recently sold it for $1.8 million!
The plan is to purchase NFT Art and display it in a metaverse art gallery. Obviously, your goal is to purchase art at a low price and then sell it for a high price.
2. The voxel
What exactly are voxels? Until I started writing this post, I had no idea. It's great to be able to learn new things!
Voxels are a really intriguing concept. They're the "materials" that are used to make other things in the metaverse. Consider them a 3D pixel that may be joined with other voxels to create structures, clothing, automobiles, and other metaverse goods.
If you've ever played Minecraft, you're already familiar with voxels.
There are shops that sell voxels to other people. In the metaverse, this is a very lucrative business concept.
The following two ways to make money in the metaverse are completely out of the ordinary for me.
There are now construction companies in the metaverse! What are you talking about?!?!
Voxel Architects, for example, is paid $300,000 each project to assist others in constructing buildings in the metaverse. These building organizations may be considered a new generation of website developers.
4. Rentals of land
People can rent out land or space in a building in the metaverse, just like they can in the real world. When someone buys land but isn't sure what to build on it, they often rent it out to others.
Because virtual land is so expensive, I believe this is a good place to start for anyone who wishes to open their own store.
5. Online KTV (Karaoke)
Karaoke appears to be a popular pastime in the metaverse. Without a doubt, karaoke with friends is a fun but stupid activity. Unfortunately, getting everyone together at the same time is difficult. Everyone can gather together in the metaverse with karaoke, no matter where they are.
So, how are you going to make money with karaoke in the metaverse? You can either open your own karaoke club or develop music NFTs to sell to other karaoke establishments. You might even establish other types of businesses like virtual quiz nights or speed dating.
Beyond karaoke, I believe there are several opportunities.
6. Virtual Apparel
In these virtual worlds, you can buy virtual apparel for your avatars. Consumers are creating apparel to sell so that people can personalize their avatars. In fact, a bitcoin investment business recently purchased land in Decentraland's fashion area for over $2 million solely to sell virtual apparel.
Someone will have to make the clothes so that they can sell them. Will you be the one?
You can't transport your garments from one metaverse to another, as we taught in our 'What is the Metaverse' article. But! These clothing items are also NFTs, allowing you to resell your avatar's outfits for more money.
Collectibles exist in the metaverse, just as they do in the real world, such as trading cards (which are now available in the metaverse) and beanie babies. Clothing, a sword, a car, and even a yacht are all examples of collectibles. These collectibles are all NFTs, which means they are one-of-a-kind and cannot be duplicated. People are making voxel items that fit into their environment and selling them on the open market.
8. Data Science
As a data and analytics professional, I can only fathom the amount of information these metaverses collect on their users. Websites can observe every click you make on a webpage, just like they can on today's internet. I'm sure they're collecting the same information, such as where you go the most and so on.
It's simple to say that data science is used in advertising. It's also used in market research. Store owners and landowners want to learn more about the people that come to their small corner of the internet. People will also want to conduct market research on others in order to determine the right cost of items or land.
Data Science teams can purchase data from metaverse platforms and present it to their clients in easy-to-understand reports. This enables the customer to make data-driven business decisions in the metaverse, allowing them to make more money.
9. NFTS CREATION
At the present, the NFT frenzy is all gas and no brakes. In 2021, they've largely erupted in the art world, with events like Beeple's $69 million NFT auction or the Bored Ape Yacht Club and CryptoPunk's spectacular price run garnering headlines. However, in the metaverse, you'll be able to convert any of your creations into non-fungible tokens (NFTs) and sell them on open markets. To build and support open economies, the metaverse will rely on avatars, mansions, attire, collecting cards, and equipment, among other digital products - all designed and created by people. There are numerous tutorials available online on how to produce an NFT, which is a digital proof of ownership and validity of a specific property, virtual or not. However, for those who aren't interested, there are other choices to consider, such as creating an NFT art gallery and selling someone else's work in exchange for a portion of the earnings, or becoming an art broker and advising metaverse clients on how to best traverse the newly-minted NFT environment.
10. RESIDENTIAL PROPERTY
Virtual real estate has exploded in popularity recently, with plots in metaverses like Decentraland, Axie Infinity, and The Sandbox fetching millions of dollars. Clearly, there are a slew of opportunities available:
Investing in real estate and flipping houses: Buying virtual land or digital properties with the intention of reselling them for a higher price and pocketing the difference.
Real estate brokerage: With so much real estate to be done, the demand for virtual real estate companies has only grown. As a real estate broker, you may earn a lot of money by connecting buyers and sellers or simply giving advice.
Renting: You may buy a plot of land, build a house or another form of property, and then rent it out, just like in real life. You might also use your property as a kind of advertisement, especially if it is in a high-traffic region.
Management of real estate: Another wonderful method to monetize your metaverse real estate skills is to become a manager of other users' properties, which includes managing how virtual facilities such as music halls and plots of land are best used.
Real estate design: Imagining and bringing plots of land and metaverse structures to life may be a lucrative enterprise. Whether it's a private residence, a shopping mall, or a stadium, professional 3D designers will soon become one of the most in-demand virtual world vocations.
For big virtual world metaverses like Dencentraland and Sandbox, real estate has been flourishing. As a result, virtual real estate companies have sprung up. You can begin assisting folks in listing their land plots and earn a large commission on the sale.
Many businesses are flocking to the metaverse to establish a virtual presence as well as use it as a major advertising platform. Brands may create stores in virtual malls and advertise products and services across a variety of virtual platforms, including leasing and selling virtual reality commercials, just like they can in the real world. It's only natural that as more people join the metaverse, it will grow into a giant marketing and advertising platform.
You can construct advertisement platforms in the metaverse just like you do in the real world. People are erecting advertisements on their buildings and other structures. In addition, real-world businesses such as Nike are creating their own little part of the metaverse to aid in the promotion of their products.
Fashion was one of the early applications of the metaverse. Virtual clothing is already being tested by high-profile design brands like Louis Vuitton and Gucci in the shape of NFT collections. With efforts like Burberry x Blankos Block Party and Valentino x Animal Crossing, gaming has become another lucrative route for brand collaborations. In the metaverse, however, almost anyone can start a digital clothing company and make money. Even if you're not a fashion designer, you might enjoy creating unique designs for your own avatars and assisting your friends with theirs.
The potential of virtual schooling has become apparent as a result of the epidemic compelling schools to close and millions of students around the world to take online lessons. As it develops, the metaverse will become a more immersive environment, allowing lessons to become ever more individualized and engaging. As a result, tutoring and educational activities will undoubtedly flourish.
14. CREATING A BUSINESS
The metaverse is an ideal environment for entrepreneurs to thrive. Users can open stores and start enterprises with greater ease than they can in the actual world. There are an unlimited amount of enterprises in the digital world that can help you generate money, whether it's in fashion, sports collectibles, real estate, or entertainment.
Gaming is currently the most popular activity in metaverse-like environments such as Roblox and Fortnite. Users can gather and sell in-game assets in exchange for tokens that may have real-world worth, either through playing blockchain-based games or investing in metaverse activities, like in the case of play to earn games (check out our earlier intro to P2E). You may potentially make money in the metaverse by creating games for others to play and enjoy.
Gaming is a huge business. That will undoubtedly be true in the metaverse. MMORPG platforms with their own currency and land are being developed. You can also create games using existing metaverse platforms such as Decentraland and Sandbox. Arcades containing classic games and even casinos have been established. In comparison to something like making garments, I believe that developing these games will necessitate a great deal of technological understanding.
Once virtual reality is reintroduced into the metaverse, I believe there will be a gaming boom. Bowling alleys, laser tag arenas, and even axe tossing may all be popular attractions.
16. TOURISM AND TRAVEL
With the world on lockdown due to the COVID-19 pandemic, many people have turned to virtual reality tours for some much-needed relief (don't know where to start? We've compiled a list of the finest virtual reality travel experiences you should try right now). The metaverse will be a continuation of this, with the goal of recreating historical landmarks and events from the physical world in virtual environments. This will result in the creation of a variety of occupations in the metaverse tourism industry, such as tour guides and travel agents.
17. PROMOTION AND HOSTING OF EVENTS
In metaverses like Sensorium Galaxy, where superstar DJs like David Guetta and Armin van Buuren will perform, entertainment will be crucial. Parties, concerts, and sporting events are sure to draw hundreds (if not millions) of people, therefore promoters and hosts will be just as important in virtual worlds as they are in the real world to ensure that mind-blowing events take place.
18. PRODUCT TESTING FOR METAVERSE
As more products surface in the metaverse, there will be a greater demand for consumers to test them and provide feedback. With so many industries and enterprises preparing to enter the virtual world, the opportunities to experiment with digital assets are virtually endless.
20. VIRTUAL WORK
Virtual employees will be in high demand in order to develop a metaverse and maintain it running. You'll be able to provide your services as a freelancer or for organizations like Meta or Microsoft, regardless of your field. 3D artists, virtual reality architects, community administrators, developers, coders, graphic and fashion designers, recruiters, and metaverse content providers are just a few of the most in-demand positions.
On the metaverse, I believe there are a lot of extremely cool ways to make money. These are just a few of the ways that people might profit in these virtual worlds. In the next five to ten years, I'm confident we'll see even more inconceivable inventive methods to generate money on the metaverse.
Personally, I find these methods of making money in the metaverse to be a little strange. We're seeing new sectors emerge in the real world to support the virtual world. It's fantastic to see!
The metaverse is similar to today's internet, but instead of flat web pages, it exists in a three-dimensional digital universe. For today's internet, metaverse architecture firms are similar to web developers. A real estate firm is nothing more than a domain name registrar like GoDaddy. And, like Bluehost for your website, a virtual world like Decentraland is really simply a web hosting provider for your land plots and structures.