Make Money in the Metaverse? The Digital World can Give You a Job
Users are eager to gain a headstart at the advantages and find ways to make money in the metaverse.
The metaverse is an online world. And it’s a virtual space where you can enter and experience it through a screen like your computer, or you can put on a virtual reality headset and step directly into virtual reality. Now you can do many different things in the metaverse, you can go to concerts, you can have meetings, you can play games with your friends, you can do an almost endless number of things. But the lesser-known part is you can actually make money in the metaverse too. It’s literally a virtual space where you can create almost anything.
How to Make Money in the Metaverse
Revenue-generating opportunities range from very simple with low barriers to entry into complex economic activities such as real estate investment. To make money in the metaverse, users can:
Participate in games to play and earn
Games such as VR poker and esports betting allow users to make money in the metaverse while playing online games. There are companies that specialize in this category, such as Admix, a startup that has just raised US$25 million to drive in-game monetization in the metaverse. Platforms like Bloktopia have their own floors or sections to play to win the game.
Design 3D accessories for users
Anyone with 3D design knowledge can create accessories for VR gameplay. Metaverse users want to “dress up” their avatars with accessories such as wearables, gadgets, hats, costumes, and even weapons. Design toolkits from most metaverse platforms can be used to design and market these accessories.
Create and monetize VR games
As with 3D accessories, you can design and publish end-to-end games in VR. This does not necessarily require advanced technical skills. People monetize the metaverse by combining basic storytelling skills with VR design platforms such as Horizontal Worlds. For example, the VR version of Google’s iconic dinosaur game could work just as well for user recruitment and monetization.
Get a freelance gig in the Metaverse
Metaverse has its own economics and unique skill requirements for service jobs. For example, VR tourist destinations such as museums and art galleries need tour guides to help visitors navigate the space effectively. VR clubs may require security guards, and players can also hire trophy hunters.
Run a metaverse event with a paid ticket
This is a very popular way how to make money in the metaverse. Live concerts by real artists can attract a large number of people, and promoters can charge users in the form of paid tickets. Warner Music has already partnered with The Sandbox on the metaverse platform to create a virtual concert hall. Death Row Records, recently acquired by Snoop Dogg, is ready to become an NFT label, and artists have already acquired most of the land that provides an additional source of income in the Metaverse.
Get sponsored for free events
Even if you can’t attract users to paid events, the metaverse has the opportunity to unlock it. For example, a small business may hold a trade fair where attendees can attend for free, and event sponsors may pay the organization to reach a new audience.
Buying and selling land
Buying virtual real estate is another popular way how to make money in the metaverse, and PwC, JP Morgan, and several other companies are moving in this direction. All users can buy land at a fixed price and later sell it at a higher price to make a profit. Risk-minded investors can also look for such opportunities on the new metaverse platform.
Rent out metaverse real estate to developers
Instead of selling VR land for commercial purposes, users can rent land lots to developers to create buildings, game arenas, concert halls, offices, and other places. This is ideal for anyone who wants a stable income flow, but keep in mind that vacant properties in the best metaverse locations can be expensive.
Develop your own Metaverse real estate
Another way is to buy land and develop it yourself using your VR design and development skills. Unlike games, designing properties and buildings requires more work and can be costly depending on the resources used. The various metaverse platforms also have their own limitations, but the profitability is the same.
Trade 3D NFTs
Finally, you can trade 3D non-fungible tokens (NFTs) at any time. This is a VR version of NFT trading in the traditional digital world. Metaverse can host a variety of 3D artwork as an NFT for purchase as an asset class.
