Wondering how to make money in the metaverse? The word Metaverse has been circulating for several months after Facebook announced the move. People have been looking for ways to make money in the Metaverse for a long time. It is important to understand metaverses and how they work.
Metaverse has enormous potential to make money online. According to current industry estimates, the revenue from virtual gaming (VR) could reach $400 billion USD by the year 2025, and the estimated value of the metaverse could reach $1 trillion USD.
Users can earn some extra cash online through metaverse technology. According to Statista Survey, the popular monetization sources include play-to-earn games (60%), virtual property (39%), data monetization (37%), and other investments (36%).
The Metaverse is the most trending technology of the future world. It has the potential to revolutionize the future world completely. And the predicted future is not far away from today. Even the most high-tech company Facebook has changed its name to Meta. Facebook CEO Mark Zuckerburg that the company is going to launch the metaverse in the next 5 years. After Facebook changed its name, the metaverse became the trend in the market. Big tech companies are investing a lot of money to create the NFT and metaverse world.
What is Metaverse technology?
Metaverse technology is a 3D virtual world that combines highly advanced technologies such as virtual reality, augmented reality, and 3D world. It gives the user a virtual environment where people can create their avatars and through these avatars, all the meetings happen in the virtual buildings.
The term “Metaverse” was first coined by the world-famous author, “Neal Stephenson” who was the author of the sci-fi novel “Snow Crash” in the year 1992.
The concept of metaverse technology is now somehow a hypothetical technology. However, some fortune 500 companies are working to develop this advanced technology.
The metaverse concept has many definitions because every organization defines it in its specific way. However, the core concept of the virtual world remains the same in all the respective definitions.
The metaverse refers to “a virtual reality construct intended to supplant the internet, merge virtual life with real life, and create endless new playgrounds for everyone—you’re going to be able to do almost anything you can imagine.”
13 Proven Methods to make money in the Metaverse
Metaverse allows many ways to make money online and earn cash. It allows profitable part-time gigs and money-making opportunities to make some extra cash. Here’s the list of 15 different ways to make some extra cash:
NFT stands for Non Fungible tokens that are all about gas and no breaks at the moment. In the year 2021, NFTs have mostly expanded the art world because there are some NFTs that sell at a very higher price. Beeple’s $69 million NFT auction or the Bored Ape Yacht Club and CryptoPunk are some best-selling NFTs in 2021. However, In the metaverse platform, you can create multiple NFTs (Non-Fungible Tokens) and sell them in open marketplaces and thus make money through them.
The metaverse platform depends mainly on avatars, mansions, apparel, collectible cards, digital equipment and created by users to grow and support open economies. If you are a beginner and don’t know how to create NFT, there are plenty of tutorials available online. However, there are other methods to make money such as simply opening an NFT art gallery and selling someone else’s work in return for a cut of the profits, by becoming an art broker. Also, you can provide consultants to clients and advise them on how to best navigate the newly minted NFT world.
Invest in the industry of the Metaverse
Investing in the metaverse industry is a great way to make money through the metaverse platforms. Most publicly traded companies operate in the metaverse. So, you can invest in these companies to make money through the metaverse. However, for a beginner investor, it is complex and time-consuming. So, you can invest in the metaverse through ETFs that provide exposure to companies that are developing infrastructure essential for metaverse development like Nvidia, Roblox, and Tencent. The topmost holding includes Nvidia Corporation, Microsoft Corporation, Meta Platforms Inc, Roblox Corporation, Tencent Holding Limited, and Unity Software Inc. The estimated expense ratio of these ETFs is about 0.59%.
Play to Earn is a good way to make money through the metaverse. There are some popular games such as VR Poker, e-Sport betting, and other games that allow users to earn money through the metaverse. Even there are some entire organizations or companies dedicated such as Admix, a metaverse-based startup company that raised $25 million USD to drive in-game monetization in the metaverse platform. Other platforms include Bloktopia has entire dedicated floors or divisions for play to earn gaming.
Many companies are rushing to the metaverse platform for setting up their digital presence. Advertising on the metaverse platform is a good way to make money because of advanced technological advancement to attract people to the virtual world. Basically, it is similar to the real world, where brands can open stores in virtual malls and advertise both products and services across a number of virtual platforms. Also, it includes leasing and selling virtual reality ads. In the future, the metaverse will become a massive marketing and advertising platform because of the increasing presence of users digitally.
Create Custom 3D Usable Items
Designing 3D accessories is another great way to make money through the metaverse platform. The knowledge of 3D design plays a significant role in the creation of valuable 3D items or accessories. With the application of the metaverse in different sectors such as wearables, gadgets, headgear, outfits, or even weapons, there is a surge of metaverse users who wants to dress their avatars. So, anyone takes advantage of the design toolkits which is provided by metaverse platforms to design and sell useful accessories to these users.
Create and monetize VR Games
Monetizing VR games is a similar way to create 3D accessories. So, you can build virtual reality-based games and publish end-to-end games in VR technology. Virtual reality game development doesn’t require any advanced technical skills. The combination of both basic storytelling skills with several VR design platforms like Horizon Worlds makes money through this source. For instance, Google’s iconic dinosaur game could work well for monetization and adoption.
Create tutorials for newbies
Metaverse is booming nowadays thereby many newbies want to learn about the metaverse platform. if you have good knowledge about the metaverse platform, you can create basic and advanced tutorials about metaverse concepts, and sell into the marketplaces.
Stream Content From Experience Metaverse
Metaverse will benefit the streamers to provide immersive experiences to their users. It will completely change the usual video collaboration methods we see. However, soon we can watch our favorite streamers in the same room independent of where they live from each other.
Virtual real estate property has seen a massive boom because metaverse investors rush for digital land and find metaverse plots like decentraland, Axie Infinity, and the Sandbox. There are several opportunities ready for making money through real estate in the metaverse:
Read estate Flipping
The purchase of virtual land at cheaper prices and reselling virtual land or digital properties for a higher price is called virtual real estate flipping.
Real estate brokering
With the increasing demand for virtual land, there is a need for virtual real estate brokers who can connect buyers and sellers, or simply give out advice as a real estate broker and earn a commission.
Similar to the real world, you can rent out digital properties for making money easily. The virtual property can also be used for advertising, especially in high-traffic areas.
Real estate management
Real estate management is another good way to make money through the metaverse platform. You can become a real estate manager and manages users’ properties, including virtual venues like concert halls and piece of land being used.
Real estate designing
Real estate designing is a very lucrative business as conceptualizing and bringing to life plots of land. The need for specialized 3D designers will soon become one of the most demanded jobs in the virtual world.
Fashion Virtual Clothing
Metaverse can be used in the fashion industry for earning money. Louis Vuitton and Gucci are experimenting with virtual clothing in the form of NFT collections. Successful gaming avenue for brand collaboration with initiatives like Burberry x Blankos Block Party and Valentino x Animal Crossing. If you are not a fashion designer, you might enjoy coming up with unique creations for your own avatars.
With the Covid 19 pandemic, the rise of virtual schooling is evident. As it continues, metaverse can be used in virtual classes that will allow immersive and personalized classes.
The metaverse will help entrepreneurs to start their businesses virtually. It allows users to open stores virtually and kick-start their business online with more ease than in the real world. The businesses can be varied from fashion, sports collectibles, real estate, or entertainment industries.
Travel and Tourism
Due to the Covid-19 pandemic, the world is facing lockdown after lockdown. Travel and tourism impact greatly this situation. So, many tourists have turned to virtual reality-based tours for much-needed escape. In the metaverse world, the historical places, sites, and events of the physical world are recreated in the virtual world. Thus, it has increased the number of jobs in the metaverse tourism sector like tour guides, and travel agents.
Event Promotion and Hosting
Event promotion and hosting are the best methods for earning money through a metaverse. Metaverse will play a vital role in metaverses like Sensorim Galaxy. Virtual concerts are hosted by superstars like David Guettam and Armin Van Buuren. Thousandths of users attract to parties, concerts, and sporting events as much in the real world.
Building a metaverse platform requires virtual workers who can earn extra money online. So, you can do freelancing, and blogging, and get paid to sell your services online. There are many freelancing platforms such as Upwork, Fiverr, and Freelancers where you can bid for online gigs and make extra money. You just need to signing-up for their platforms and bid for online projects. You can do all these activities and maximize your spare time in cash and generate extra income. However, it requires a lot of extra work. In freelancing platforms, money can be received via PayPal.