Metaverse is the future of the internet where thousands of people are investing their money in. To get started you should know the basics of how to enter the metaverse and make a profit.
There are tons of opportunities open for users to avail to earn. Many metaverse worlds have opened new possibilities to make money through computer-generated 3D environments that generate revenues for owners. Brands, businesses, and individuals are actively joining the space to explore how they can earn money from the metaverse.
As the popularity of these virtual worlds expands, the prices of lands and items are also increasing due to demand. So, if you buy something now, it’s going to doubt the price, giving you a return on investment (ROI).
A world that was once visualized in sci-fi novels or movies is now a reality and you can be part of this revolutionary change to earn profit. In this article, you will learn about different strategies to earn profit in the metaverse.
Why is Metaverse so popular?
Metaverse is an umbrella term used for programmatically-generated environments connected via the internet. It’s a combination of many worlds that individuals can move around seamlessly and enjoy virtual and augmented reality based experiences.
The word Metaverse derives from two terms: “Meta” Latin for “beyond” and “Verse” from Universe, so the full meaning would be Beyond the Universe. This word was first used in a 1992 sci-fi novel Snow Crash but later massively adopted to refer to the 3D virtual world.
Although this concept was still a buzzword among the blockchain community, when Facebook announced it would be building a Metaverse, the general public got interested in what this was all about.
During this time, the value of digital art and collectibles rose, and people started buying PFP avatars such CryptoPunks and Bored Ape Yacht Club while new digital worlds were emerging slowly. People began to realize the worth of real estate in a virtual space. Something which was once considered invaluable became in demand.
How to Get Started in Metaverse
Metaverse is quite easy to navigate through if you have enough information about a certain platform. Since this world is new, many people feel intimidated by the functions and often believe that it’s’ not worth their time or money, well if you know enough about the worth of metaverse, you wouldn’t waste a minute investing your money in this.
Getting started in the metaverse, it’s similar to how you interact in real-life. It has its own digital economy, virtual currency, real estate land, avatars, clothes, virtual events, employment opportunities, etc.
Pick a metaverse world
The first thing to do is to do research and find what metaverse platform suits your preference. Every environment has different infrastructure and features that might not be available to others.
For example, The Sandbox is more game-based and usually requires completing missions and quests so gamers prefer it, while Decentraland is known for general art, events, and content. Of course, this doesn’t mean both are solely focused on one aspect, each platform has a specialty that attracts users.
Create an Account
Sign up for whatever metaverse you choose. Usually, these platforms require you to have a crypto wallet or you can also use your email address. If you pick The Sandbox, then you need to confirm your identity to proceed, which means you have to upload a couple of documents before you get started inside the metaverse.
Creating a verified account ensures that all your assets are under your ownership and you can buy, sell, or trade them whenever you want to.
15 ways to profit from the metaverse
If you think the metaverse is only for decoration and rich people’s hype, you’re wrong. It’s open for anyone from any field, belonging to any background to make money and profit just like in the real world. Want to open a small business? Build your own gallery? Or become a landowner? Metaverse should be your destination!
We had compiled a list of things you could do to make a profit and establish your career. These are highly practical as they’ve been adopted by many people.
1. Invest in Real Estate Land
Buying and selling real estate land is a great way to earn a profit. According to the PS Market Research report, the value of this market is expected to generate $1,525.7 Billion in 2030 as businesses and brands shift here. So, investing your money now is most likely to reward you with double the value in the next five years. You can expect a good amount even if you sell it after a short time.
People have already invested in buying and selling thousands of dollars to claim virtual real estate in different worlds. Despite the bear market in 2022, the land value hasn’t dropped and has been sold at good prices.
Some of the popular platforms to buy and sell land include The Sandbox, Decentraland, Axie Infinity, Otherside, Earth 2, and many more.
2. Rent out your land
If you’re a landowner and aren’t much interested in doing anything on it, you can simply rent it out to companies and brands. Many small businesses are looking for temporary land and you can easily earn money from it.
People who have land in prime locations are most likely to get paid better than those with less popular spots. You can list metaverse land for rent on the secondary marketplaces so that interested parties can place an offer.
3. Hold virtual events
If you have a background in event management or always dreamt of holding a massive event, well why not do it virtually and earn profit from it? You can hold concerts with musicians and bands to attract an audience.
Recently, The Sandbox partnered with Warner Music Group to launch a “Concert Theme Park” in the metaverse by purchasing many virtual plots on the platform. Decentraland held a Metaverse Music Festival attended by various artists including Ozzy and Sharon Osbourne.
4. Get sponsors for virtual events
Many event managers need marketers to bring them sponsors in exchange for a commission. If you have good marketing skills and are confident that you can bring sponsors on board for virtual events, you can help companies achieve this. This is how you can make money in the metaverse with no money; just utilize your real-world skills.
5. Buy and Trade metaverse tokens
If you don’t want to enter the metaverse itself but have experience with trading crypto tokens, you can buy the metaverse-based coins as an investment for profit. It’s an open-source asset built on blockchain whose value moves up and down based on the platform’s performance in the market; it’s similar to buying stocks of a company.
If you want to make real money in virtual worlds, you can trade these tokens for fiat currency or even exchange them for another coin on the trading platforms. Some popular metaverse tokens are SAND, MANA, ApeCoin, ATLAS, HIGH, FLOKI, and many more.
7. Open a virtual shop
Small shops in the traditional market can be a challenge but in the metaverse, it is new and attractive. You can create or buy virtual clothes and display them by setting up your own shop to sell to customers.
Every shop has its own specialty such as clothing, shoes, accessories, or other digital assets that might hold value to the users. Ultimately, you can earn money in virtual tokens and convert them into fiat currency for spending.
8. Play-to-earn games
Play-to-earn games like Axie Infinity, Gods Unchained, and Splinterlands have brought a lot of revenue to users. If you’re a gamer, then joining these platforms should be your destination because in Web3 you aren’t just playing games but also earning real-world money with it.
Games are built just like the metaverse because it has their own digital economy and ecosystem where NFTs and other in-game assets operate. To make money, users can buy, sell, rent, and trade collectibles on the marketplace. The best advantage of investing your money in blockchain games is that your asset never loses its value and the more you upgrade it, the more expensive it will sell.
9. Create virtual items
If you love creating virtual items but don’t have expertise in them, you can still design your own virtual clothes, shoes, accessories, etc. without the need for coding. There are many creator tools with simplified features that you can use.
The Sandbox has VoxEdit and Decentraland has Builder tools to create custom 3D avatars and wearables as NFTs. Simply create an item, post it on the marketplace, and earn virtual tokens once it is sold. In a way, you can build your own brand while earning thousands of dollars every year.
10. Develop and monetize games
Now you can develop and monetize your own games within the metaverse platform. Build a game with its own quests, missions, and even your favorite personally-designed characters. If it is attractive enough, players will pay virtual tokens to play the game. You can even sell this game to other studios for profit.
11. Open an Art Gallery
Digital art has become quite popular ever since NFTs came into existence. People are now interested in seeing different virtual artworks. Galleries in the metaverse might sound unbelievable but it is actually a proper place.
Recently, TIME revealed its art gallery in The Sandbox where it displayed different works of collaborating artists. People could see it in virtual form and even purchase it from the marketplace.
So, if you’re interested in art, you can open a digital gallery.
12. Sell NFTs
Non-fungible tokens give owners ownership over their buys on the blockchain and artists get paid fully without any third-party involvement. You can become a collector, buy NFTs, and sell them when the demand for them goes up.
If you want a better NFT experience, mint your own collectibles online. It might take time to finally sell them but if you put effort into promoting them online, then you can earn profit.
13. Open an E-commerce firm
You can open your own eCommerce firm. Sell your services and products to people in the metaverse without any third-party commission. As the owner, you get to pick what to sell, who to sell, and how much to sell.
14. Promote your own business
Set up your own business virtually and then expand it physically. Similar to how people open shops on Instagram or Facebook, you can open one in the metaverse with much more global reach. It doesn’t necessarily have to be just digital items, you can also market your physical products and get customers to buy them from the metaverse using virtual currency.
15. Sell Data
You can also collect data from the users with their consent in the metaverse and sell them to the companies, developers, creators, and builders who are looking for data to produce products. Advertising firms would also need this kind of information to come up with better promotional strategies.
Although this can be quite challenging due to upcoming regulations and rules set by platforms, you can easily earn profit from this.
15 ways to Make real money in virtual worlds
1. Become a Manager
Metaverse has job positions open for product and community managers who have experienced backgrounds in the industry. It doesn’t matter if you’re not familiar with the virtual world because navigating through the platform is quite simple.
Managers get paid well in cryptocurrency or fiat money. This job will require the investment of your money and expertise into projects who desperately need a manager to help them succeed. You can earn a good amount of money from this.
2. Freelancer NFT artist
Are you a digital artist? How about you try becoming a freelancing NFT artist in the metaverse? Currently, many traditional brands and Web3 projects are in need of talented artists who can design high-quality artwork for them.
If you have experience in 3D designing, then that’s even better because you can then build structures or avatars for companies in the metaverse. The pay might also be better than what you usually earn in the traditional market.
NFTs have become quite in demand, which is advantageous for artists because they can finally make use of their degree or expertise and earn a living from it. Some famous NFT artists include Beeple, Murat Pak, FEWOCiOUS, XCOPY, and many more.
3. Join as a Virtual developer or builder
Metaverse requires software developers and builders more than ever. You can also design your own virtual world as you visualize starting your own business. Web3 is open to infinite possibilities and builders are actively exploring new on how they can utilize blockchain technology to create something innovative and new.
4. Pursue as a Content Creator
Like social media, the metaverse also opens a new gateway of interaction and connection. You can create your own product or service and sell it to users in the virtual world. Many creators post videos and blogs related to the metaverse, and you can be one of them.
Metaverse is for all, which means no matter what profession you belong to, there will always be a place for you in the digital world.
5. Become an Event Organizer
Brands and businesses need metaverse event organizers to help them come up with good interactive and attractive features when holding an event. Every metaverse event you see today is the work of a professional team of event organizers.
You can either become an independent event organizer or join a team.
6. Become a real estate agent
If you don’t have money to buy real estate but have experience in real life, then you can put those skills to work in the digital space by helping other individuals choose between plots and lands. Although this requires a lot of research and experience in the metaverse lands, you can act as a middle party to help users buy their preferred plots on any platform.
7. Try out as 3D Architect or Designer
3D Architect is now a proper job in the metaverse. Many companies and brands are looking for individuals who can build 3D structures with well-organized rooms and settings, similar to the real world. Become a 3D architect and help users build their homes or offices in the digital world to earn money.
8. Become a digital marketer
Are you a digital marketer? How about you help brands promote their projects through digital marketing and branding in the metaverse? Many small startups need professional help with promoting their services or products to the users within the platform.
9. Educate about Metaverse
Have enough experience in the metaverse? Many individuals are looking for guides to know about the virtual world and how it works. You can teach them by taking classes, and introducing them to the tools, NFTs, DeFi, and overall how the ecosystem works in return for a fee.
10. Build your own story
A world built and visualized by the storytellers was once a fantasy but is now a reality. Writers can narrate their stories using avatars as characters, virtual buildings as scenes, and items as details. It’s a unique idea that is yet to be explored.
11. Test products for companies
Since metaverse is a new industry, some builders or developers need honest reviews from a small number of people before they release it officially on the platform, you can be one of those people and earn from it.
It doesn’t require much effort; you can even consider it a way to make passive income in the metaverse. People who identify a defect in a product will get paid more than those who don’t, so you need to be quite detailed as a tester.
12. Become a Financial Advisor
Having a financial advising background is the strongest resume in the metaverse because you can help individuals in buying things while managing their finances. Many young people still don’t know about calculating their finances right, and you can assist them with a fee charge.
13. Virtual labor
Similar to the traditional market, you can provide labor in the metaverse to earn virtual currency. Whether you are a photographer, writer, advisor, translator, transcriber, or any other professional, you will find clients inside the metaverse.
14. Travel Tourist Guide
You might not believe this but metaverse also has its travel tour guides. People who want to visit some countries or places virtually need a guide to help them understand the history or background of the spots or there might be people who know nothing about a platform, so a tourist guide can introduce different landscapes within the metaverse.
15. Metaverse Safety Manager
With people shifting into the virtual world, there’s bound to be chaos, disputes among people, and also cybercrimes. You can work as a metaverse safety manager who can regulate and maintain the privacy of users to keep the environment safe for all ages.
After reading this article, we hope you know different ways to make money in the metaverse and earn profit. The virtual space is growing day by day, opening various possibilities for individuals to establish their careers.
To conclude, Metaverse is open to anyone who has a dream, a goal, and the passion to pursue it. Once you start, you will see how much potential this virtual realm has to help you accomplish something you never thought would be possible.