The Metaverse is predicted to become a trillion dollar industry by 2025 which means that the Moolah and the Metaverse go hand in hand. There are seemingly endless opportunities to make money in the Metaverse whether you’re an individual or a multi-national giant.
How much money one can earn totally depends on how much one is invested in this universe and is abreast with the new trends.
To make things profitable, we are listing below seven major ways that can make your wallet hefty in Metaverse.
Gaming is currently one of the leading and probably most fun ways to make money in the Metaverse. Platforms such as Roblox and Fortnite allow users to collect and trade in-game assets for tokens that can be used in the real world such as crypto currency.
Then there are Casino games too, such as virtual blackjack and poker, offered by platforms such as Decentral Games and as such. These platforms give gamers a chance to earn while they play.
Some of the most popular Metaverse games in the play-to-earn sphere are Alien World, Axie Infinity, The Sandbox etc.
In the image; an overview of the multi-planets of the Alien World gaming metaverse
If you think the games out there in the Metaverse aren’t absorbing enough, well another avenue to earn is to create your own game. And if you think that you need to be a technical wiz kid to do this, that’s not necessarily the case. Basic storytelling skills along with a VR design platform should be enough to get you started to being a game creator.
The Sandbox map of Virtual lands
Virtual Real estate is one of the most profitable avenues of income in the Meta-verse. Of lately buying virtual property in Meta-verse like The Sandbox or Decentraland has been much more expensive than buying the actual property. Also, the returns of virtual real estate are much higher than the real one.
Companies building virtual worlds sell the plots as NFT’s. Even proper registries are done and recorded on a blockchain so that no one else can claim the virtual land. Paris Hilton, Snoop Dog, Gucci and many other big names are buying virtual real estate for millions of Dollars.
Next Earth is another key player that is offering virtual lands that represents and corresponds to a real world location on the Earth.NFT copies of famous cities like Manhattan and New York and landmarks like Egyptian pyramids and the Colosseum were the first NFT’s provided by the metaverse and were sold rapidly.
The price of virtual real estate is skyrocketing because web 3 is the future and many people are getting curious about the Meta-universe and are gearing up to make their entry in this 3D virtual world. One can also make a lot of money by becoming a virtual property agent dealing in prime properties in Meta-verse.
Of course, before selling there are plenty of other options to make virtual property bring in the bucks. VR land just like in the real world can be rented out to be used as malls, office spaces, storefronts and the like. Virtual land can also be used to provide advertising space to the many companies entering the Metaverse.
Besides being a landlord in the Meta-verse, if one has a flair for design and architecture, there are plenty of opportunities to develop properties or do their interiors and more. As many brands are entering this space there’s cottage industry of designers and architects creating 3D models of stores, malls and buildings.
A fan token available in Metalok
While investing in real estate is a big step and not one that everyone is ready to take in the Metaverse, an alternative which requires less of an investment is buying tokens associated with different Metaverses which can then be traded. For example, Metalok tokens are called fan tokens, Decentraland tokens are called MANA, Sandbox tokens are called SAND and the list goes on. If you don’t have the time or expertise to research each of these meta-verses, you can use the Metaverse Index instead. This has a combination of various tokens which tries to capture the trends in the fields of entertainment, sports and businesses making their shift to the meta-verse, to ensure that your investment grows.
An NFT can be anything from a domain to virtual land. It can also be an expression of creativity whether it is digital art, music, an audio file, a video file, a meme or a tweet. As you are probably already aware artists and musicians have been exposed to a whole new world of opportunities in the Metaverse, with digital art for example selling for millions. Case in point nother Beeple’s “Everydays: The First 5000 Days”, the first purely digital NFT piece of art that was auctioned by a popular auction house for a jaw dropping $69 million.
One can also resell an NFT provided he’s authorised to do that. There are many NFT marketplaces like OpenSea, Rarible and many more.
Another option is to open up an art gallery displaying all the artistic NFT’s and putting up a ticket to visit the gallery. Ticket will be another NFT to be bought in Crypto.
The Metaverse has opened up a new space, quite literally, for various performing artists to showcase their talents. Just as in the real world, tickets can be sold for concerts and performances and event organisers are very much the need of the hour in the Meta-verse as well. World famous DJ David Guetta recently hosted a virtual DJ party on the platform Roblox.
DJ David Guetta concert on Roblox.
Travis Scott held a nine minute concert inside a popular video game Fortnite (another Metaverse ) and made 20 million Dollars . 12 million people attended the concert from the comfort of their rooms. A concert of this scale would have been damn difficult to execute in real life but wasn’t in the Meta- universe.
Besides concerts and parties, there are many more large scale events such as sporting events, that will be hosted in the Meta-verse which will require the expertise of event organisers leading to a whole plethora of opportunities for the event management industry.
Coachella, one of the grandest music and art festival has also entered the metaverse with it’s coachellaverse. The weekend 1 Coachella Youtube livestream gave a teaser of the metaverse experience of this annual event which is all set to take the 2022 festival a step further by providing an immersive experience.
Following suit, TomorrowLand, the Belgium Eloctronic dance festival will drop 6500 NFT’s for the participants and fans to experience a magical journey in their upcoming metaverse Medallion of Memoria with perks for the NFT holders.
Clothing or accessories of avatars can be sold and bought in Meta-verse. As discussed in our previous articles, in Meta-verse, one experiences the virtual universe via his/her digital avatars. Now you can dress up your avatar and glamourise it as you wish. Many brands have opened up their stores in this parallel universe on the internet. Gucci, Louis Vuitton and many leading brands are selling their wearables and accessories as NFT’s. Anyone can launch his/her brand in meta-verse, open up a store by buying or renting out a virtual land ,hold launch events and can sell NFT versions of his products to make money.
Further more, big brands like Adidas and Nike have opened a cross-platform store front where anyone having their NFT’s showcasing their original collections can redeem the physical merchandize. This partnership with the metaverse created huge hype for the brands and their value.
Established influencers can earn in metaverse via their digital avatar or their digital twin. Not only will their digital avatar promote the brand in a new universe but will also build a fresh audience in a new digital space for the brand. A win-win situation, both for the brand and the influencer. These days there are various tools and mechanisms available on the internet to create digital avatars.
Brands have also started creating their own digital influencers called meta-fluencers. This trend is budget friendly for the brands because their own creation i.e their own meta-fleuncer will not charge them for promotions and advertisements in metaverse. Everyday brands are entering the meta space, as not only this boosts their revenue but also create a new market space for them which is very important because web 3- metaverse is the future.
Kyra: India’s First Meta Influence
Popular meta-influencers like Miquela Sousa famously known as Lil Miquela and Shudu Gram have a million plus followers on instagram and promote merchandize and social causes. TopSocial created Kyra, an Indian influencer to support brands and causes and engage customers on social media.
Bored Ape is a character meta-fluencer that has great following proving that the Meta-fluencers are not only limited to represent only human counterparts but also extends to other characters.
So now you have an idea on where you can make money in the Metaverse but just how do you get started?
Well as with everything in the Metaverse you set up a cryptocurrency wallet, choose which Metaverse platform you’d like to be a part of, the more established platforms may be more expensive to invest in initially but gains should be greater in the long run.
Then you can decide if it’s real estate or tokens that you would like to invest in or if it’s a specific set of skills you would like to brush up on that would be useful in the metaverse such as graphic design skills or gaming development skills and presto you should be able to be rich in a whole new world.