How to make money in the metaverse? Discover all the existing methods to take advantage of the craze of the Metaverse, NFTs and Web3 before it’s too late!
The metaverse is undoubtedly the buzzword of 2022† From tech giants and fashion brands to car dealerships and airlines, companies across all industries seem to rely on this new technology.
As a reminder, a metaverse can be described as a graphical application that allows users to play, meet, work or make purchases. This one 3D virtual world is based on virtual reality, augmented reality and Blockchain technologies.
The investors don’t hesitate to inject billions of dollars into this new market, but a question arises: how to make money in the metaverse?
Play ‘Play to Earn’ type games
In the metaversus, Games of the “Play to Earn” type or crypto gaming offer players the opportunity to win cryptocurrency rewards† You can play poker in VR, bet on eSports matches or play competitive games.
The experiences of this type are currently still relatively few in number, but are expected to increase in the coming years. There are already companies that are fully committed to this new genre of games, including the startup Admix that raised $25 million in early 2022.
Selling virtual clothes in NFT
In the metaverse of Decentraland, clothes for avatars can be bought and sold as NFTs minted on a blockchain.
It exists a real demand for these virtual clothes Called ‘wearables’, players on Decentraland and other metaverses are willing to pay a heavy price for the best-dressed avatar.
Make games in VR
Of course, a good way to make money in the metaverse is to design and publish content. For example, you can make a VR game†
It is not necessary to have advanced technical skills, thanks intuitive creation platforms like Horizon worlds. provided you have a good idea or a talent for storytellingyou can easily create an experience and earn money from it.
Organize events in the metaverse
Events in the metaverse can turn into a huge business. already today, performers attract huge crowds and colossal amounts by organizing concerts in the virtual world.
In addition, Warner Music has partnered with the metaverse The Sandbox to create a virtual concert hall. the familiar label Death Row Recordsrecently acquired by Snoop Dog, plans to become an NFT label, and the famed rapper has already acquired a large tract of land in the metaverse.
You can host your own paid events, or find sponsors for a free event. Even if visitors participate for free, you can generate income thanks to sponsors who want to reach a new audience.
An alternative is simply to work as staff for an event† For example, virtual reality tourist destinations, such as a museum or art gallery, require visitor guides. Likewise, nightclubs will require security personnel to scare away unwanted people.
NFTs or non-fungible tokens will play an important role in the metaverse, allowing certify virtual ownership† Any content can be stored on the blockchain in the form of NFTs: music, games, books, images…
NFT collections of randomly generated character images such as CryptoPunks or Bored Ape Yacht Club have become a real trend and some of these tokens are being sold for several hundred thousand dollars†
Creating your own NFT collection and selling it on OpenSea can be a great source of income in the metaverse. He there are already many NFT artists and many fail to stand out, but all it takes is a good idea and a little talent to make a difference…
Alternatively, you can simply lend your talent as a graphic designer or illustrator into a team with its own project. As a freelancer, you get paid even if the project fails and can instead receive a percentage on every sale if it succeeds.
Selling Virtual Properties
Real estate is another booming business in the metaverse. The most renowned agencies in the world are jumping into this new market because players from The Sandbox and Decentraland are willing to pay extremely high prices to buy land in these virtual worlds.
In both universes, users can buy land or real estate in the form of NFTs. In the future, many metaverses will appear and offer to invest in real estate. As an agent, you can earn a significant income by: a commission on every home you sell†
It is also possible buy properties to resell them later† For example, Yuga Labs’ Otherside metaverse plots originally sold for the equivalent of $6,000, and the most expensive are now worth several hundred thousand dollars. However, it is a very risky investment.
Instead of selling your virtual country, you can also: rent them out to developers so that they create buildings, playing arenas, concert halls, offices or other places there. This strategy allows you to generate a steady income, provided you invest a large amount initially to acquire a coveted plot of land.
Finally, if you have VR design and development skills, you can: create your own properties in the metaverse† Of course, each virtual universe has its own limits and limitations, so you need to know this in advance.
Become an architect or designer in the metaverse
Like real estate agents, architects embarking on the metaverse can take advantage of many opportunities. This one virtual world is just born and everything is yet to be built†
From many brands and companies are trying to establish their presence in the metaverse, creating significant demand for designers and architects capable of producing 3D building models.
Open a virtual art gallery
NFTs and virtual art are in the spotlight right now. However, this is not just a trend. Same the greatest experts in the art market believe that this new technology will transform and expand the industry in a huge way.
Real world art galleries aren’t doomed, but virtual reality galleries will open access to art, enrich the experience through digital technology and create new ways to appreciate the work of artists.
By opening an art gallery in the Metaverse, you can now: position yourself as a pioneer of this new phenomenon† However, it will be necessary to choose the best NFTs to attract the public…
Opening a business in the metavers: what are the risks?
If the metaverse offers opportunities to make money, doing business in this virtual world can also involve risks. ifcar in a new segment or investing in an additional channel always involves an element of uncertainty.
First of all, user engagement is unpredictable† While 2D and PC-based applications may be supported, the metaverse will rely primarily on virtual reality. So far, however, sales of VR headsets remain relatively low on a global scale. This technology has not yet been democratized and therefore does not offer universal scope at this time.
Another risk is related to: the volatility of cryptocurrencies† At the time of writing, we are in the midst of a Crypto Crash and Bitcoin’s value has plummeted. However, a large part of the transactions in the metaverse will be based on the Blockchain as it will be cryptocurrencies or NFTs. As a result, the virtual world is in danger of falling prey to strong economic instability.
As for companies created directly in the metaverse, they are at risk limited to a small part of the world’s population† However, virtual reality infrastructure can be difficult to translate to other digital formats or physical commerce. This could lead to a crisis similar to the speculative bubble in dot-com domain names in the 90s if metaverse-native companies fail to become profitable.
Finally, most followers of the metaverse believe that: this virtual world must be absolutely decentralized and belong to no one. This is an advantage in terms of transparency and freedom, but it also means that it will be very difficult to regulate the metavers and its economy. Thus, companies will find themselves in a market subject to the law of the jungle.