How to Make Money in the Metaverse

Many people wonder, How can I make money in the Metaverse?” Let’s start off by explaining in simple words what the Metaverse is. Defining something that doesn’t exist in the physical world can be confusing. So, to put it simply, Metaverse is a hyper-realistic and immersive virtual space anyone can enter and interact with other people as if he/she would do in real life. Metaverse can have more than one virtual worlds. Using augmented reality (AR) and virtual reality (VR) technology, users can participate in tons of ‘physical’ activities through their devices, such as shopping, meeting friends, attending 3D virtual events and many more.

Now that we have explained “What is the Metaverse?”, let’s find out in which ways people can make money in Metaverse.

1. Construction

Metaverse construction companies help users build properties within the metauniverse. These new generation web-developers can earn millions of dollars by helping others to build their virtual shops and businesses.

2. Rentals

In metaverse you can buy land or other types of real estate property, just like in the real world, and then rent it out to other users. Buying virtual land is very expensive (over $15k for the smallest and cheapest piece of land), therefore renting space can be an alternative solution for people and companies that wish to be present.

3. NFT Art

NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art”, according to The Verge.

As reported by the Wallet Squirrel, “If you do a quick Google search for “NFT art” you will quickly find a news article about a piece of NFT art selling at a new record price. Recently, I saw that someone bought a Bored Ape NFT for about $50 a couple of years ago and they just sold it for $1.8 million! The idea is to buy some NFT Art and put it in an art gallery within the metaverse. Obviously, your goal is to buy the art for cheap and sell it for a lot.”

4. Real Estate

By getting involved into Metaverse Real Estate business you can earn a good amount of money from sales’ commission. People are looking to buy properties in Metaverse, and especially on Decentraland and Sandbox. Helping people list their plots of land can be a smart way to make money.

5. Clothing

Sell virtual clothing! Users will soon be looking to buy clothes for their avatars. In fact, as we have found out from the Wallet Squirrel, “a cryptocurrency investing firm just bought over $2 million in land within Decentraland’s fashion district just so they can sell virtual clothing.”

The bad news is that you can’t take your clothes with you from one virtual world to another. The good news is that the clothes that you are buying are NFTs as well, so you could resell them for more money.

6. Voxels

Voxels are the “materials” used to create other items within the metaverse. Different combinations of Voxels can create buildings, clothing, cars, and other metaverse items. Voxels are being sold in Metaverse stores, which offers a great opportunity for business.

7. Gaming

Gaming is already a huge industry. Metaverse allows users to build games within existing platforms such as Decentraland and Sandbox. Although building out games can require a lot of technical knowledge, a gaming boom is expected once more virtual reality is established within the metaverse.

8. Karaoke

Karaoke can be fun in the real world, but not as easy to do. Getting everyone together into the same physical space can be a challenge, especially after the social shift of 2019. Metaverse allows users to gather virtually with their friends and family and sing their favourite all time classic songs as they would do at a real Karaoke event.  You might be wondering now, how karaoke can make money. Well, you can start your own karaoke bar!  

9. Advertising

Another way of making money in the Metaverse is by creating advertising platforms. Users put advertising signs on their buildings and shops.  More than this, well-known and reputable companies are building their own little areas to boost their marketing activities.

10. Collectibles

Metaverse collectibles range from shoes to scarfs and even up to yachts. These collectibles are all also NFTs so they are unique and cannot be copied. Users can create collectibles, out of voxels, to sell on the open market.

The Metaverse era creates unlimited business opportunities. The above are only a few ways to make money in the Metaverse, but as this massive, new project develops and grows people will be getting more and more creative around it. Facebook Metaverse could take several years to build, but until then you can enjoy entertaining Facebook videos any time simply by downloading them on your devices.

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