Since Mark Zuckerberg announced that he was changing the Facebook name to Meta, the term 'metaverse' has been the most widely talked about topic among tech-savvy. People even start to consider how to make money in the metaverse after knowing the enormous potential for monetization in the virtual world.
How to Make Money in Metaverse
What is Metaverse? Metaverses are not to be taken for granted. There are actual economies in these digital worlds that allow users to make a significant profit. When they are fully open, here are ten possible ways to generate income through the 360-degree metaverse.
1. Join Play-to-Earn Games
E-sport betting, VR poker, and the likes are games where users can earn money from the gameplay. Admix, an ad tech startup that just funded around $25 million to promote a play-to-earn game in the virtual world, is one example of a company dedicated to this area. A metaverse game platform Bloktopia event will prepare specific divisions for its in-game monetization.
2. Create Custom 3D Accessories
Users in the metaverse would have the urge to dress their 3D avatars with various accessories, including outfits, gadgets, wearables, and even weapons. Those with an in-depth knowledge of 3-dimensional design can make the most of this opportunity to earn some money. One can even offer custom design services by taking advantage of the provided design toolkits in the metaverse.
3. Build and Monetize Games in VR
Much like accessories for 3D avatars, users can design and release end-to-end VR games. The good thing is that it doesn't require one to have considerable technical knowledge. Here people can make a sum of money by utilizing the existing VR design platforms and their own storytelling skills.
4. Be a Freelancer in the Metaverse
The metaverse is like the twin of our real world; thus, it's not surprising that it will have its own economic system with a set of service employment skill requirements. For instance, a tourism site in a virtual reality like an art gallery would often require tour guides to provide visitors assistance in navigating through the place effectively. Other jobs like security guards for VR nightclubs or trophy hunters for gamers are among the possible types of freelance gigs in the metaverse.
5. Organize Virtual Events with Paid Tickets
Live concerts in the metaverse have been a popular means of making money. The ones with real artists are able to attract huge audiences where organizers can make a great deal of money from the bought tickets or collect nft ticketing. There have been many major companies taking full advantage of this opportunity. For instance, the music label Warner Music has held a virtual music concert by collaborating with The Sandbox metaverse. Virtual events like these will profit the organizer and the artists.
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6. Get Sponsorship for Unpaid Events
Encouraging people to attend an unpaid event is never an easy task in the real world, let alone in the metaverse. Luckily, users in the virtual world still have a chance to do this by looking for sponsorship. For example, a group of artists could host an exhibition with free entry tickets for visitors in exchange for event sponsors paying to attract new attendees.
7. Investing in Virtual Property
Investing in virtual real estate has been at the top of the list for people considering how to make money in the metaverse. Even major corporations like JP Morgan and PwC have been moving in this industry sector. This is an excellent opportunity to be explored for users or investors who don't fear high-risk investments. They can first purchase a land block in the metaverse for a set amount before reselling it for a profit.
8. Metaverse Property Rental
The economy in the metaverse is not much different from that of the real world. Users can own property and rent it out to developers for various purposes, including constructing buildings, concert halls, gaming arenas, and many more. This is an excellent idea for people who are active in the metaverse and looking for a steady income. However, keep in mind that the closer a real estate is to a town's main center, the higher it will cost. This works in the same manner as in any real-life location.
9. Build Virtual Real Estate
Another great idea for making money in the metaverse is to buy a land block and build real estate on it by making the most of your development skills and using the provided VR design tools. It's important to note that building real estate metaverse is not as effortless as designing VR games. It requires a considerable effort which sometimes may also be quite exorbitant. Moreover, each metaverse platform has its own limitations. Yet still, all will be highly profitable.
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10. Investing in 3D NFTs
NFT has been deemed a fantastic investment, and users in the metaverse can take this opportunity to a whole new level. For users who are exceptionally skilled at digital art and have a solid sense of creativity, metaverse could be a new medium of making money from NFTs. Investors may also take this possibility to improve their investment portfolio.
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How Much Income Can I Make from Metaverse?
The number of income users can obtain in the metaverse ranges somewhere between $100 and $15,000 per month. Obviously, this number differs from one user to another. It totally depends on how quickly and adept users adopt the current trends. Also, the more creative the users are, the higher the income that can be earned in the virtual world.
To start making a profit from the metaverse, one needs first to select a metaverse platform and set up a crypto wallet connected to the said digital world. Equipping oneself with VR development skills is also highly advised as it is beneficial in developing games or virtual buildings.
However, having the capabilities of building virtual assets only is not enough. Users need to keep track of their development and list down which monetizable assets are currently on the rise in order to make a profit as high as possible.
The opportunities on how to make money in the metaverse are worth trying out as time goes on. After all, the metaverse is a platform with a solid democratic nature where anyone has the possibility to start making a living from all the provided elements. With the required skills, proper investment capabilities, and never-ending efforts, earning big bucks from the virtual world would no longer be a mere vision.