June 17, 2024

How to Make Money in the Metaverse

Anyone can invest in the Metaverse due to its democratic, decentralized nature

The Metaverse has enormous monetization potential for all stakeholders in its development and usage. According to industry estimates, revenues from virtual reality (VR) gaming worlds could reach $400 billion USD by 2025, and the Metaverse could cumulatively generate $1 trillion in value.

This has made users eager to gain a headstart advantage and find ways to make money in the Metaverse. A November 2021 Statista survey found some of the popular monetization channels included play-to-earn games, virtual property, data monetization, and investments at 60 percent, 39 percent, 37 percent, and 36 percent, respectively.

How to Make Money in the Metaverse: Top 10 Ideas

Revenue generation opportunities range from very simple with low barriers to entry, to complex economic activities like property investments. To make money in the Metaverse, users can:

Participate in play-to-earn games

Games like VR poker, e-sport betting, and others allow users to earn money as they play online games. There are entire companies dedicated to this category such as Admix, a startup that just raised $25 million USD to drive in-game monetization in the Metaverse. Platforms like Bloktopia will have entire floors or divisions dedicated to play-to-earn gaming.

Design 3D accessories for users

Those with some knowledge of 3D design can create accessories for VR gameplay. Metaverse users would want to “dress” their avatars with accessories like wearables, gadgets, headgear, outfits, or even weapons. One can design and sell these accessories on the marketplace, taking advantage of the design toolkits that most metaverse platforms provide.

Create and monetize VR games

Like 3D accessories, one could design and publish end-to-end games in VR. This does not necessarily require advanced technical skills. People can combine basic storytelling skills with VR design platforms like Horizon Worlds to make money from this source. For example, a VR version of Google’s iconic dinosaur game could work equally well for user adoption and monetization.

Get a freelance gig in the Metaverse

The Metaverse will have its own economy complete with a unique set of skill requirements for service jobs. For example, a VR tourist destination like a museum or art gallery would require tour guides to help visitors navigate this space effectively. VR clubs may also require security personnel, gamers may hire trophy hunters, and so on.

Conduct Metaverse events with paid tickets

This is already an extremely popular way to make money in the Metaverse. Live concerts by real artists can attract massive crowds, and organizers can charge users in the form of paid tickets.

Warner Music has already partnered with metaverse platform The Sandbox to create a virtual concert hall. Snoop Dog’s recently acquired Death Row Records is poised to become an NFT label, and the artist has already purchased a large block of land on the Metaverse offering additional revenue generation streams.

Get sponsors for free events

Even if one cannot attract users to a paid event, there are sponsorship opportunities to unlock in the Metaverse. For instance, a small business could organize a trade show with free participation for attendees, where event sponsors would pay the organization to reach new audiences.

Buy and sell land parcels

Buying virtual real estate is another popular way to make money in the Metaverse, and companies like PwC, JP Morgan, and several others, have made moves in this direction. Any user can purchase a land parcel for a fixed price and later sell it at a higher price to return a profit. Investors with high risk appetites can also explore emerging Metaverse platforms for such opportunities.

Rent out metaverse real estate to developers

Rather than sell VR land for a profit, users can rent parcels out to developers to create buildings, gaming arenas, concert halls, offices, and other venues. This is ideal for those who want a steady stream of revenue, but keep in mind that in-demand properties at the best metaverse locations will be expensive.

Develop metaverse real estate yourself

Another alternative is to purchase land and develop it yourself with VR design and development skills. Unlike gaming, real estate and building design requires more work and may be expensive depending on the resources used. Different metaverse platforms will also have their own limitations, but profitability is equally high.

Trade 3D NFTs

Finally, one can always trade 3D non-fungible tokens (NFT) – the VR counterpart of NFT trading in the traditional digital world. The metaverse could house a variety of 3D artwork as NFTs for purchase as an investment class.

Steps to Get Started with Making Money in the Metaverse

To gain from the above 10 opportunities, users first need to follow these steps:

  • Set up a cryptocurrency wallet – Most metaverse offerings have their own crypto token and wallet, or users can connect their existing crypto wallets to the platform.
  • Choose your Metaverse platform – Mature platforms are more expensive to enter but offer greater revenue generation opportunities. Ease of design and development are also determining factors.
  • Invest in VR real estate – Even if a person is not an active property investor, real estate is one of the most common ways to make money in the metaverse as there are parcels available at every budget.
  • Learn VR development skills – Advanced skills allow users to build complex games or develop prefabricated buildings for rent or sale.
  • Develop VR assets or oversee their development – Depending on the skill level and capital expenditures, one can develop VR assets from scratch or work with a vendor.
  • List monetizable assets on the marketplace – Every metaverse platform has its own asset marketplace, where users can list their creations and properties. Proceeds from a sale are credited back to the crypto wallet.

There are plenty of opportunities for businesses joining the metaverse, and several B2C brands are already taking notice. Due to the democratic nature of the platform, any user can make money from the spatial communications platform, with the right investment, skills, and timely efforts.

Article credit : XR Today

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