Ways To Make Money In The Metaverse
By this time all of us must be knowledgeable about what is the metaverse. It is a virtual world that we can be a part of either through our mobile phones/ laptops or by wearing a virtual reality (VR) headset. There are various activities to choose from in the metaverse like we can attend a concert, or have an office meeting. Anything that we do in the real world can be replicated in the virtual world.
If this whole concept of the metaverse is exciting to you then you would be amazed to know that people are investing heavily in this space. That more than $ 400 million has been dropped on the selected metaverse, the non-fungible token (or NFT).
This new digital frontier is attracting a lot of attention, from big tech names to intermediate users who want to be the first to seize the endless opportunities that come with metaverse. Let us have a look at a few ways in which you can make money in the metaverse.
Creating or Investing in NFTs
NFTs have been a hot topic for most of this year, especially since major companies started investing in them. One can either create NFTs or simply invest in them, both will reap benefits for them in the future. Most investors are initially attracted to NFTs as a way to make money with digital art.
As an artist, you can your portfolio to the next level. You can make major money out of your own NFTs if you are skilled at sketches and can make something unique. Instead, an exclusive NFT of your design can make you millions of dollars.
Creating a niche for yourself that stands out is crucial here, like in many other business opportunities! Currently, NFTs are one of the hottest items to resell, across most websites.
Playing with the Metaverse Stock Market
By this time we all are aware of the metaverse and its growth potential. Although, the metaverse will take time to reach its full potential. In such a scenario, the companies that are already thriving in this area offer the best investment opportunity as their growth will be boosted by the metaverse.
When working with digital stocks, you will not only pay attention to the metaverse itself but also the hosting company, NFTs, and many other types of Cryptocurrency. The Metaverse stock market will also have developers within the virtual environment, which you can invest in as well.
Check out our blog, “The Best Metaverse Stocks To Consider Buying Now” to know about some of the top-performing stocks in the metaverse space.
Just as the name suggests, play-to-earn is a simple concept where we can earn $200 to $1,000 per month just by playing a few games in the metaverse. These games are usually powered by blockchain, which offers rewards and incentives to users based on their platform performance or in-game-related achievements.
There is a variety of play-to-earn games which are diversified, and in some metaverses, it even refers to services like in-game waitressing or performing. Sandbox and Decentraland were some of the most liked crypto games in 2020.
Consider what type of work you won’t get bored of by playing such games, and how much money you want to make. This will not just make people aware of the powerful technology but will also contribute to boosting the video game economy by making people own digital assets, and rewarding them with those assets as well.
Although, no matter how much time you devote towards it, It’s difficult to make a full living off of this type of role, so it’s better to continue with this option as a side hustle.
Advertising in the metaverse is a very powerful tool and an amazing way to transform your boring 2D ads into innovative 3D ones that are way more expressive and innovative.
Advertising companies are increasingly creating a variety of games and entertainment as a way to get into the metaverse. Players can also enter the virtual world, buy in-game content using real money, and so on.
Not only this, think of real-world advertising such as billboards, signage, and posters on buses, except in the metaverse. In truth, it’s not hard to imagine as many companies like NBA2K and Grand Theft Auto have uprooted their games in such a manner.
Investing in the virtual property
Real estate has always been one of the most important parts of people’s investment portfolios. Virtual property is a unique land that holds an investment value in the virtual world of the metaverse.
Investing in virtual lands in the early days can be the smartest move one can make before the metaverse becomes mainstream. The price of virtual plots on Decentraland and the sandbox have hiked so much that the buyer of $10,000 land can make $500 million from reselling the same land. It has even attracted the attention of celebrities like Snoop Dogg and businesses like PricewaterhouseCoopers.
Each metaverse real estate is depicted as a parcel of land which is unique and protected by a non-fungible token (NFT). This makes them distinctive and marketable digital assets whose ownership is recorded in the blockchain. The owners can sell their land in a secondary market through a third-party exchange or the metaverse ecosystem.
Run E-Commerce Business on Metaverse
Metaverse has been a long-lost friend of e-commerce as numerous brands are diving into this new digital frontier. Metaverse helps brands to create more seamless, engaging experiences that remove friction from the shopping journey and boost customer loyalty.
It is a technology that facilitates you to shop in the metaverse. Here, you will be able to purchase completely virtual assets as well as physical goods. Since these will be all 3D environments, it will provide you with an immersive experience witnessing the brands from the first person’s perspective.
It has altered e-commerce from stagnant product catalogs into real-time experiences that allow customers to actually ‘walk’ around a store, enjoying 3D-rendered store displays powered by AR and VR technology.
So it’s either you sell a product, or you create one using NFTS, or you must be knowing, a network where you can advertise and promote businesses. In short, the metaverse will be the future place for giants to boost businesses. This is how you can make money on metaverse.
Although there’s a large learning curve and there’s no limit on how much money you can make through it! Getting to know your options — from different metaverses to different work lines — can allow you to make big money!