The metaverse revolution is here - and so the rush for virtual gold begins.
This new digital frontier is attracting plenty of attention, from big tech names to average users looking to be the first to seize the infinite opportunities that come with the metaverse.
From taking on a virtual job to creating new forms of art and entertainment, there are several ways of generating and exchanging value for real-world benefits as a result of your experience in the metaverse. And it’s probably much simpler than you imagine, too.
So here’s a list with 11 ways in which you can make money in the metaverse.
The NFT craze is all gas and no breaks at the moment. In 2021, they’ve mostly exploded in the art world, with headline-grabbing news like Beeple’s $69 million NFT auction or the Bored Ape Yacht Club and CryptoPunk’s incredible price run.
But in the metaverse, you’ll be able to turn any of your creations into an NFT (or non-fungible tokens) and sell them in an open marketplace. The metaverse will rely on avatars, mansions, apparel, collectible cards, equipment among other digital items - entirely designed and created by users - to grow and support open economies.
There are plenty of tutorials online on how to create an NFT, which is essentially a digital proof of ownership and authenticity of a given item, virtual or not.
But for those who’re not particularly interested in this particular strategy, there are other options to consider like simply opening an NFT art gallery and selling someone else's work in return for a cut of the profits, or becoming an art broker, advising metaverse clients on how to best navigate this newly-minted NFT world.
Virtual real estate has seen a massive boom lately, with the rush for digital land seeing plots in metaverses like Decentraland, Axie Infinity and The Sandbox selling for millions. Clearly, there a number of opportunities ready for the taking:
Real estate flipping: Purchasing plots of virtual land or digital properties and re-selling them for a higher price, pocketing the difference.
Real estate brokerage: With so much real estate business to be made, the need for virtual real estate companies has only become greater. You could make generous commissions from connecting buyers and sellers, or simply giving out advice as a real estate broker.
Renting: Just like in real-life, you could buy a plot of land, build a house or another type of property, and then rent it out. You could also use your property for advertising, especially if your properties are located in high traffic areas.
Real estate management: Another great way of monetizing your expertise in the metaverse real estate is to become a manager of other user’s properties, including overseeing how virtual venues like concert halls and pieces of land are being best used.
Real estate designing: Conceptualizing and bringing to life plots of land and metaverse buildings can be a very lucrative business. Whether it’s a private property, a shopping mall or a stadium, the need for specialized 3D designers will soon become one of the most in-demand jobs in virtual worlds.
Many companies are rushing to the metaverse to set their virtual presence, but also to use it as a major advertising platform. Much like in the real-world, brands can open stores in virtual malls and advertise products and services across a number of virtual platforms, including leasing and selling virtual reality ads. As more users join the metaverse, it’s only expectable that it will become a massive marketing and advertising platform.
One of the first uses of the metaverse has been fashion. High-profile fashion houses like Louis Vuitton and Gucci are already experimenting with virtual clothing in the form of NFT collections. Gaming has also been another successful avenue for brand collaborations with initiatives like Burberry x Blankos Block Party and Valentino x Animal Crossing. But just about anyone can create a digital clothing line and generate revenue in the metaverse. Even if you’re not a fashion designer, you might enjoy coming up with different creations for your own avatars and help your friends customize theirs.
With the pandemic forcing schools to shut down and millions of students around the world having to sit online classes, the potential of virtual schooling has become evident. As it continues evolving, the metaverse will become an increasing immersive space that will allow classes to become even more personalized and highly interactive. As such, tutoring and educational initiatives are sure to take off.
The metaverse is the perfect breeding ground for entrepreneurs. Users can open stores and kick start their businesses more easily than in the real-world. Be that in fashion, sports collectibles, real estate or entertainment, there are an infinite number of businesses that can help you earn money in digital worlds.
Currently, gaming is the leading activity in metaverse-like environments like Roblox and Fornite. Either by playing blockchain-based games or investing in metaverse activities, users are able to collect and trade in-game assets in return for tokens that could have real-world value, as in the case of play to earn games (check out our earlier intro to P2E). You could also make money by building games others to play and enjoy in the metaverse.
TRAVEL AND TOURISM
With the world facing lockdown after lockdown because of the COVID-19 pandemic, many have turned to virtual reality tours for some much-needed escape (don’t know where to start? we’ve put together a list of the best VR traveling experiences you might want to try now). The metaverse will be a continuation of just that and the idea is that historical sites and events of the physical world could eventually be recreated in virtual worlds. This will give rise to a number of jobs in the metaverse tourism sector, like tours guides and travel agents.
EVENT PROMOTION AND HOSTING
Entertainment will play a vital role in metaverses like Sensorium Galaxy, which will be hosting concerts by superstars like David Guetta and Armin van Buuren. Parties, concerts and sporting events are sure to attract thousands (if not millions) of fans, and so promoters and hosts will as much needed as they are in the real world to make sure that virtual worlds have mind-blowing events.
TESTING METAVERSE PRODUCTS
As more products will start appearing in the metaverse, it will lead to the need of users who can test them and provide feedback. With such a vast array of industries and businesses that are set to step into the virtual universe, the possibilities to experiment with digital assets are limitless.
In order to build a metaverse and to keep it running, virtual workers will be in high-demand. No matter the sphere, you’ll be able to offer up your services, either for corporations like Meta or Microsoft, or as a freelancer. 3D artists, virtual reality architects, community managers, developers, coders, graphic and fashion designers, recruiters and metaverse content creators are just some of the jobs you’re likely to see most in need.