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The Metaverse might be a fairly new idea, but it’s maturing so fast that big companies are now rushing to claim a stake before it’s too late. There is money to be made but like any potentially big opportunity, the early adopters get the bigger cheque. The risk of regretting inaction is worth the effort now.
This article will teach you the various ways you can use to start making money in the Metaverse.
What is the Metaverse?
The Metaverse is what is envisioned to be the next phase of the internet where interactions will be virtually real, in 3D. It is a new digital world concept that combines virtual, augmented, extended, and mixed reality. The goal is to make it easy for anyone to use different aspects of reality.
It will be a seamless and immersive environment where you can interact with objects and other people. You will, for example, be able to collaborate, play games, learn, and even feel the atmosphere of a foreign country from the comfort of your own home.
Think of it as a 3D virtual world where you can create, buy, and sell stuff, just like you can in the current 2D online world as we know it today. It’s a place where you can be whoever you want to be, and do whatever you want to do – of course apart from illegal stuff. And as it grows in popularity, more and more people will join. Then at peak, it will become the new normal.
How to Make Money in the Metaverse
A JP Morgan report on opportunities in the Metaverse indicates that the yearly spending on virtual products has passed the $50 billion mark (nearly twice the spending on music), about $60 billion messages are exchanged daily on Roblox (an online entertainment platform for under 18 audiences), and NFT enabled Metaverse now enjoys over $40 billion in market cap.
These stats are quite revealing, a clear sign that money is coming to the Metaverse fast. So if you have been wondering whether you can make money in the Metaverse, the answer is yes.
Here are the top 5 ways to help you start making money in the Metaverse.
1. Organize events in the metaverse
One way to make money in the metaverse is to organize events. These events can be for business, pleasure, or education. The sky’s the limit! If you can think of it, you can probably do it in the metaverse.
Once you have your event planned, you’ll need to market and sell it. There are a number of ways to do this. One of the most effective is to sell tickets to participants. This not only guarantees that you’ll have an audience, but it also helps to cover the costs of hosting your event and make a profit along the way. Plus, it’s a great way to make connections with other people!
You can also consider setting up free events and getting sponsors for them. Yes, Metaverse events too can attract event sponsors just like in real world business.
2. Sell land in the metaverse
Virtual land is becoming a hit in the Metaverse. And just like land is big business in the real world, virtual land is also going big. As leading metaverse Speaker Mario Nawfal observes, the “Metaverse is a digital representation of the world we live in today”. So the same way you can buy and sell land or any property in the real world today, so can you in the Metaverse -and it’s lucrative.
It comes as no surprise then that global brands such as Samsung, JP Morgan and PWC are making a go at this opportunity. But hey, don’t be intimidated by the big guys. Anyone, you included, can purchase a parcel of virtual land, develop and sell it for a profit or even lease it out. This presents a great opportunity to create your real estate empire and make money in the Metaverse. In 2021 alone, virtual real estate sales reached US$500 million.
What is the price of land in the Metaverse?
The price of a piece of land in the Metaverse rose from just about $100 in January 2021 to around $15,000 in December 2021. By February 2022, the price was nearing $18,000.
Evidently the price of metaverse real estate is changing fast, so you’ll need to be savvy about when and how much you sell your property for. Finally, in order to sell land, you’ll need to own it first. So, if you’re looking to give it a try, get in now, buy some land, develop or speculate on it, then sell it for a decent profit.
3. Buy Metaverse stocks
If you don’t have time to be so actively involved, you can simply buy stocks in companies that are already operating in this field, and as the value of those companies rises, so will the value of your investment.
It’s a relatively safe way to make money, and it’s a great way to get started in this new world. So if you’re looking for a way to make some extra cash, why not try investing in metaverse stocks? Start by finding a good brokerage company, create an account with them then start choosing the stocks you would like to buy.
The greatest advantage of this concept is that it is now in the early days.This is normally the time when wise investors put in their money. By the time the idea peaks and the masses are coming in, you will be smiling out with your ROI.
Which is the best Metaverse stock to buy now?
The best stocks to buy now are those of established companies already doing well elsewhere but are investing heavily in this space. Some of the best bets include Facebook which actually changed its name to Meta, Unity Software (a giant in 3D software), Nvidia ( also big in 3D technology), Roblox (one of the closest representation of a Metaverse), and Microsoft.
These are not the only ones though. Take time to conduct a thorough research and arrive at companies that align well with your interests because this is important. You can also become an early investor in Metaverse startups, then cash in when these startups raise more funds in further series or once they go IPO. The idea is to invest in stocks or startups that show great potential to ride on this new opportunity and earn you decent returns in the next 5 to 10 years.
4. Sell 3D accessories
If you have good 3D skills, you can use them to create beautiful 3D accessories and sell them for use in the Metaverse. It could be anything from wearables to gadgets, anything that a user would need to do stuff, like dressing their avatars.
The thinking is that when people come to the Metaverse, they need to look the part. Take the example of when one prepares to go to work in the real world. You will most likely pick your favorite business clothes from your wardrobe. Likewise in the Metaverse, people will have their own wardrobes, clothes and accessories. All these will need to be in 3D, a huge opportunity to sell these items. Luxury brands are already making good money by selling digital clothes and accessories.
5. Participate in Play-to-Earn Games
This is one of the easiest and most popular ways to make money in the metaverse. Play-to-earn games let you earn rewards and prizes by playing, and sometimes you can even win real-world money. So if you’re looking for a fun way to make some extra cash, look no further than play-to-earn games!
Some of the best play-to-earn games you can give a try include;
- Sandbox: One of the most popular games where players can play and get rewards. Players receive ownership in the form of NFTs.
- Axie Infinity: A Pokémon franchise game that is based on NFT and supports the Ethereum cryptocurrency.
- Illuvium: A nice game created on the Ethereum blockchain. Players are encouraged to hunt for and own some hard to find “beings” known as Illuvials.
Besides earning money, virtual games are very good for brain development or rejuvenation. You get to interact virtually with other players from around the world, allowing you to play at your pace and jog your mind.
The metaverse is a fascinating place with endless possibilities for making money. This is just the beginning. Many more ways to make money will certainly emerge along the way.
So whatever your interests or skills may be, there’s sure to be a way to make money in the metaverse that suits you perfectly.