making money in the Metaverse

How to make money in the Metaverse?

The metaverse is the next hot topic of the decade where we’ll see virtual and augmented reality taking a huge step forward. While its engineering is still in progress, the end goal is to build the next evolution of the internet experience.

Whether public perception will be positive or not, the Metaverse will have the power to change many aspects of our daily lives at home and at work. In this article, we’ll have a look at what the Metaverse is and how we can monetize it?

What is the Metaverse?

The concept of the Metaverse is very simple. It is meant to be the aftermath of Facebook where people can socialize, work, and play in a virtual world. Meta’s CEO Mark Zuckerberg believes this will be the future of the internet and of his trillion-dollar company taking it a step further into web3.

mark zuckerberg meta

 

At the time of writing this article, there is no company or entity that can be identified as the sole architect or owner of the Metaverse. It is an emergent system built by many people, using many different technologies, hoping to conquer different aspects of our lives. While Meta focuses on daily life, Microsoft wants to improve office and working environments.

There are a few platforms like Decentraland and the Sandbox that have their own versions of the metaverse. But these represent a gaming environment similar to MMORPGs like Fortnite where characters can enjoy gaming as well as purchase digital goods.

For the time being,  the metaverse is very much a concept with smaller companies are racing to create a fraction of what it’s meant to be. Thanks to companies like RobloxAxie Infinity, and Fortnite gaming are at the forefront of this race as they have the most developed infrastructures.

Decentraland character
My character scampering around Decentraland!

There’s little to no point in having a virtual world if its lacks basic economic structures like NFTs, grand experiences and social activities.

Creating value that can be easily monetized is a crucial element of any virtual world. And this is what we’re going to talk about more in-depth in this article.

Where can you enter the Metaverse?

There are multiple platforms outside of Meta (while its being built) where you can get a glimpse of the Metaverse and test it out for yourself for free. Some of the require digital wallets, some will let you scamper around with your character.

The top games for entering the Metaverse:

How many Metaverses are there?

While many people believe the misconception that the metaverse has multiple copies across the net, in reality, there is only one metaverse, despite having 160 companies involved. However, it is a collection of virtual worlds, which are interconnected to enable seamless movement, and transfer of assets.

It’s from here where we shall take the red pill and jump into the desert of the real!

Ten Ways to Monetize the Metaverse

money in the metaverse

 

I have talked about how to invest in web3, but there is a bigger picture to the whole store. Despite the Metaverse being at a stage of development and ideation, there are still many ways to make money directly and indirectly thanks to the platforms.

Let’s look at some of them and see how much money you can make with the Metaverse.

Invest in Crypto

With crypto being the main currency of the virtual world, investing in them can help you put bets on its future value. For example, after Mana,  the official crypto of Manaland has been announced, its value skyrocketed and is continuing to increase over the months. You can track the fluctuation value of every crypto on

The best way to invest in crypto is through the following platforms for top gaming and metaverse platforms.

  • Axie Infinity (AXS)
  • Enjin Coin (ENJ)
  • Gala (GALA)
  • Decentraland (MANA)
  • The Sandbox (SAND)

Invest in Land

Perhaps the most controversial and curious case about the metaverse is virtual land. The idea behind this is similar to the real estate market.

virtual land purchaseBe aware that purchasing land doesn’t come easy and you’d be in an extremely risky and volatile market. The chance of making big money is shrouded by the fact that your investment depends highly on the public perception of the virtual land you purchase, its audience, and the crypto you’re using. All these could change in value within the hour if investors smell a downward trend in the market of virtual land.

On the contrary, if land investment in the metaverse is the next big goldrush, you could look at your property becoming extremely valuable, where you’re setting the price.

On top of all this, in order to purchase land, you cannot use any fiat currency, instead, rely on Ethereum and the energy known as “gas” which is a fee given to the miners for putting transactions in the blockchain or executing them. In order to purchase land,

How much is the gas fee?

There isn’t a fixed price, however, based on my research, you’d normally have to spend anywhere between $80 to $200 and there have been reports of transactions not going through.

Get hired by Decentral Games

Decentraland is a 3D virtual world where players can purchase, trade, and create digital real estate, art, and NFTs. However, someone has to run these. And it turns out that NPCs AI is far from satisfactory to give an immersive experience for gamers.

This is where Decentral Games have decided to hire inside the metaverse. Here you can work as a host in a virtual casino and get paid a fixed rate of $200 per month.

Redirect Traffic to your Pages

The Metaverse can not only act as a source of income but a platform that leads gamers to your website, online store, social media channel, or internet service. This can be done after purchasing land, where you can display or advertise who you are and what you’re doing.

Assuming you have a dropshipping company or an online business that runs different B2C services, you can advertise your company on your land in the metaverse and let people visit your virtual property. If the Metaverse truly takes off, this can be a cost-effective way of advertising, one that could save companies thousands of dollars each month on paid ad campaigns and SEO efforts.

Create Clothes and Sell Wearables

Fashion in the metaverse

When we talk about clothes and wearables, we mean virtual-only! 

The fashion industry is going big in the Metaverse. The world of virtual fashion is being sold in a variety of ways that use augmented reality and even NFTs:

  • virtual shows,
  • dressing avatars in 3D designs
  • display advertising for big clothing brands

You have playable characters that people can customize and develop as they play through.

Be aware that you’ll have to invest 500 MANA for each piece of design that you’re creating, which you can later sell as an NFT if your fashion design can build up an audience. In order to get the hype train running, you can use social media platforms like Discord and Reddit to build awareness about the new designs you’re selling.

Play-to-Earn Games

Just like the name suggests, Play-to-earn games provide an opportunity for active and competitive games to win valuable rewards like merch, NFTs, crypto, and avatar wearables.

Decentraland is. a great platform that offers this opportunity. Leveraging the immutability of blockchain technology, game designers can create in-game items and rewards that are provably unique and transferable. Rewards can range from earning native digital currencies to collecting NFTs or be earned from staking.

Work as a Freelancer

Places like Fiverr give a great opportunity for skilled and knowledgeable people to get paid for what they know. If you’re well-versed in the world of the Metaverse, from setting up an account to crypto conversion and land purchase, you’ll surely find some well-paying customers.

crypto energyFiverr opens doors to many customers and since the Metaverse is still a new concept, competition is much lower than in any other field.

there are other elements that you can help with such as:

  • Graphic design
  • 3D modeling
  • visual design (clothing)
  • programming
  • video editing and art
  • Digital marketing

Affiliate Marketing Programs

If you don’t want to bother building your own products or services, you can always refrain from them and use your sales skills to promote and sell for someone else, raking in commissions. Affiliate marketing is extremely competitive, but it has very low risks.

In the Metaverse, assuming you have land of your own, you can redirect the avatars who come visit your property to come to your website or social media account where you’ll have your affiliate links displayed. This might be a big bounce from the Metaverse to your own platform and from there to your affiliate’s site. But with high traffic and an interesting profile, you can get people to buy from you and earn high commissions in the process.

Affiliate marketing is something that is not very common in the Metaverse and therefore a very unique business idea with little to no risks involved.

Buy and Sell NFTs

how to sell your NFT

NFT’s or Non-fungible tokens have received mixed receptions from the public and investors alike.

It has made several artists and celebrities rich in the process but also left a lot of people spending money needlessly on Etherium miners’ gas fees. When dealing with NFT’s tread carefully, since the direction this technology is going to is not 100% clear for everyone and its benefits cannot be fully used.

While NFT’s are great for buying virtual assets that people are popular and famous to the general public, they still don’t guarantee full ownership apart from a certificate in the blockchain.

However I believe that there will be progress in the market and people will try to solidify their ownership of NFT’s in the future, making them even more valuable.

Blogging

While the Metaverse is upcoming technology under research and development, who knows when it will be fully released and patched up to perfection. We could be looking at years, if not a decade before we can actually see a fully- functioning metaverse that encompasses almost every aspect of our lives.

In this case similar to this article, you can start blogging about the next generation of internet technology and make money as another blogger. While web3 is at its very infancy, web2 is thriving, where blog content can help you make some really good money from ads, affiliate programs, ebooks, services, and eCommerce.

If you want to start a blog there is a thorough guide here.

If you feel confident in starting your blog, you can click on Bluehost below.

Bluehost

Final Conclusion

There are plenty of challenges for the metaverse that will slow its progress towards a successful future, namely an online infrastructure that could sustain as many users as Facebook. Then there is a trend and whether companies and individuals will be willing to move into the virtual world.

I feel confident that the Metaverse will be a big part of our lives and will have a strong impact on businesses as well.

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