We now live in a world where you can sell a tweet for almost $3 million. Of course, it needs to be the first tweet ever, but the whole concept of spending that much money on digital items may still feel weird. Some even go as far as saying that it’s too early to take the metaverse seriously, let alone pay for anything that can also be print-screen.
However, one must remember that colossal technological advances don’t happen overnight–they’re usually foreseen decades ago. And it pays off to be an early adopter.
Just like Vannevar Bush foresaw the creation of the personal computer back in 1945, long before it came into existence, crypto enthusiasts are now spreading the word about countless possibilities of making money in the metaverse while its primary definition is still not exactly crystal clear.
And while some argue about the future of the metaverse, others are already making money from it. Which side would you rather be on?
Here are the top 8 ways to make money in the metaverse:
- Play P2E (play-to-earn) games
- Buy virtual land
- Offer services
- Create and sell NFTs
- Get into the metaverse tourism
- Create virtual clothes
- Buy metaverse stocks
- Buy native cryptocurrency
What is the metaverse?
If you already know what metaverse is, skip this part and scroll to the tips on making money. But if you still have questions about this new technology, like ‘What’s Facebook got to do with it?’, keep reading.
A metaverse is a 3D virtual universe that marks the next stage in the development of the internet—Web 3.0. It refers to online spaces that allow people to interact with digital content in a more immersive way rather than simply viewing it.
For example, instead of browsing an online store for clothes, using VR, you could visit virtual malls and try on the clothes in the virtual space before making a purchase.
On a metaverse, you can do many different things—go to virtual parties, do errands, or buy land to live next to Snoop Dogg in his Snoopverse.
Snoop Dogg recently released a new music video, filmed in the Metaverse.
Image source: YouTube
The term itself became a buzzword in the tech world after Facebook CEO Mark Zuckerberg announced in October 2021 that his company would change its name to ‘Meta’ and transition from a social media company to a metaverse company.
However, instead of making things about the metaverse clearer, this announcement was followed by gazillions of memes and caused even more confusion.
Image source: ahseeit.com
For example, will there be one metaverse or multiple? The answer is still unclear.
Ideally, there should be one single metaverse, the Metaverse, an open, persistent, and decentralized collection of multiple virtual worlds that enables seamless movement of assets available for everyone. Think of it as the internet on 3D steroids that you can access right from your computer or using a virtual reality headset.
However, the chances are that we will end up having multiple metaverses (at least this is what we see happening now) accessible through different apps because competing companies won’t be that happy to share the same virtual worlds.
It’s not just Facebook that’s big on the metaverse revolution. Multiple multimillion-dollar businesses like Adidas are getting into the metaverse game. And the reason is money. There are a lot of opportunities within this new emerging technology. Let’s explore them!
8 ways to make money in the metaverse
To earn money in the metaverse, you can take two different approaches: you can either invest in digital goods or offer a product or service. Here are some of the best options that fall under both categories.
1. Play P2E games
Why not turn your gaming hours into an investment?
Play-to-earn games such as Wizardia allow you to either 1) actively play to earn rewards or 2) invest in the game and earn passive income. Multiple blockchain-based games will also allow you to build your own games inside their metaverses.
Here’s what to check before buying into an NFT game:
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Transparency. See if game developers display their team behind the project, how experienced they’re in game development, and who are their investors and advisors. If the project is legit, they won’t have anything to hide
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Big social media presence. If the game doesn’t have an active community on social media, this is a red flag. Either it’s a scam project, or it doesn’t have traction yet, in which case it’s not worth your time either.
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Mentions of the game outside its owned channels. Games that are trustworthy and have a significant earning potential will have crypto enthusiasts buzzing about them!
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Ease of cashing out your coins. There’s not much use in acquiring in-game coins that are difficult to cash out. Check our article on 7 best play to earn NFT games in 2022 to learn which P2E games have the most potential!
2. Buy virtual land
Buying metaverse real estate is an excellent investment! You can sell it later for a much higher price or turn it into something cool like a nightclub. You could charge people for entering and have artists perform there. Some of the biggest current metaverse platforms where you can buy land include Decentraland and The Sandbox.
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Decentraland
Decentraland is the first-ever virtual world owned by its users. As the name suggests, it’s entirely decentralized, which means that its control is given to the people who create and use this virtual space.
Image source: market.decentraland.org
However, buying metaverse real estate on Decentraland ain’t cheap. According to Meta Metric Solutions, a company that tracks digital real estate prices, back in January of 2022, the cheapest plot of land in Decentraland cost 3.46 Ether which equals $13,211.
If you don’t have the funds for such investments, you can make money on Decentraland in other ways. You can enter contests, play games and earn NFT rewards, or offer a service. For example, if you’re a digital artist, you can create wearables, such as hats or skins, and sell them to other Decentraland users.
To buy or sell digital items on Decentraland, go to their marketplace here.
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The Sandbox
The Sandbox is a gaming platform where users can earn money by playing games and buying virtual real estate.
Image source: sandbox.game
The game is built on the Ethereum blockchain, and its world consists of LANDS. There’s a finite amount of LANDs available—166,464 in total.
Like on Decentraland, digital land on The Sandbox is a bit pricey. At the beginning of 2021, the cheapest plot of land on this metaverse platform cost 3.7 Ether which equals $14,099. However, it’s a great investment that you can use to create games, buildings, and other digital assets. As more people invest in the game, your LAND's value also increases.
To buy LAND at the lowest price, look for the official sales held on the Map of The Sandbox website. They announce the dates of these sales several weeks in advance, giving you enough time to prepare.
You can also buy digital properties on third-party NFT exchange platforms like OpenSea, but they will most likely be more expensive.
Invest in virtual real estate with professional help
Check metaverse.properties—it’s the world’s first virtual real estate company. They help investors acquire digital property across the multiple metaverses and provide virtual real estate services. For example, they can buy and sell digital real estate, help you develop your virtual land, find rentals, and provide consultations for all major metaverses.
3. Offer services
Someone’s got to build the metaverse and maintain it, right? People who have the skills to create digital assets will be (and already are) in great demand! If you were thinking of choosing a new career path, some of the best choices are anything related to 3D art, virtual reality, and graphic design. Of course, developers will always be in need, too.
There will also be a need for virtual workers inside the metaverse. For example, virtual real estate companies will hire virtual brokers to rent or sell virtual properties. Someone will need to organize virtual events and maintain the concert halls. The possibilities to earn money will be endless!
4. Create and sell NFTs
You could be generating some serious money from NFT art! And you don’t necessarily need to be good at drawing—you just need basic design skills. Have a look at what the famous Crypto Punks look like and how much money people were willing to pay for them:
Image source: nftnow.com
It’s all about how you market your NFTs. People pay millions for Crypto Punks not because they’re artistic masterpieces but because they want the status that comes with them.
It may be naive to expect to be just as successful with your NFT collections. However, the metaverse universe is still like the Wild, Wild West—your earning potential is limited only by your imagination!
You can sell anything from avatars to music, memes, or other forms of digital art. Start with exploring what sells on OpenSea—one of the biggest online marketplaces for NFTs.
5. Get into the metaverse tourism
Metaverse will impact the way we travel, too. We will be able to visit the greatest monuments on our planet without setting a foot out of the door. We could also potentially travel ‘back in time’ and witness the reenacted historical events like the American Civil War. The point is—all of this can and will be monetized.
Image source: upworlds.org
For example, you could make money from metaverse tourism by purchasing virtual plots of land and turning them into digital replicas of real-world monuments such as the Grand Canyon. Working as virtual tour guides and travel agents should also be a big thing.
6. Create virtual clothing
Just like pretty much anyone could start a fashion dropshipping store a few years back, the same is true for launching a digital clothing line today.
If you have a creative side you’ve always wanted to nurture, pay attention because fashion is big in the metaverse—even Zuckerberg will be selling clothes!
You heard me. Recently, Meta announced that they are launching a virtual clothing store where users will be able to buy virtual outfits from major fashion brands like Prada or Balenciaga, priced between $2.99 and $8.99.
Fashion brands are minting their virtual clothes as NFTs, and so can you. There are at least a couple of platforms you can use to get started. Here are a few:
It’s a platform where you can co-create digital fashion items with designers and brands. Once you’re done with your fashion piece, you can mint and trade it in The Fabricant Studio NFT marketplace and split royalties between your co-creators.
Image source: thefabricant.com
According to their estimations, by 2025, 100 million people will be wearing virtual fashion items minted in their studio.
Digitalax is another platform that enables you to create virtual clothing. They are developing tools that will help democratize the Web 3.0 fashion supply chain. They offer fashion NFT marketplaces, a global designer network, and so much more.
7. Buy metaverse stocks
Another way to make money from the Metaverse is to invest in it—and now the timing is perfect! According to Bloomberg Intelligence, the market opportunity for the Metaverse could be $800 billion by 2024. Look for the companies involved in creating the Metaverse’s infrastructure. They’re the ones with a massive potential for explosive growth because of the demand for their services.
Facebook is an obvious choice—they even rebranded themselves as Meta. But also check other tech companies such as Roblox or Matterport.
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Matterport
This tech company has both hardware and software at its core, and the technology they’re offering will be extremely relevant for the Metaverse. They allow you to create a 3D rendering of your room or any other space you want. As the Metaverse evolves and we start going to places digitally, their product will become increasingly important.
Image source: matterport.com
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Coursera
Educational initiatives will be a big thing within the metaverse, too. Recently, Facebook signed a partnership with Coursera, an online learning platform. Facebook will be hosting their online classes there, starting with a course on Spark AR Curriculum to have more metaverse builders.
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AutoDesk
AutoDesk has a vast potential to be one of the key companies helping to create the Metaverse infrastructure. It’s a software for designing buildings that can be used to design almost anything else, e.g., digital furniture for your metaverse house.
8. Buy native cryptocurrency
You can also make money in the virtual universe by buying native cryptocurrency. Now, while the metaverse is still in its early stages, you can acquire metaverse tokens at reasonable prices.
Here are some of the best crypto coins to invest in 2022:
- The Sandbox (SAND)
- Decentraland (MANA)
- Ethereum (ETH)
- Illuvium (ILV)
- Enjin Coin
Wrapping up
With the help of VR and augmented reality, we’ll be spending a lot of time in the metaverse, which means that there will definitely be a metaverse economy and a huge potential to earn money.
If you’re unsure where to begin, check out the crypto gaming industry—loads of people are very bullish about blockchain-based games and are already making good money. The best part is that, even if you’re not a big fan of gaming in general, you can still make a profit by becoming an investor. Games like Wizardia let early investors generate passive income for life by owning their NFTs. Check it out here!
FAQ
Is metaverse a good investment?
Metaverse will mark the next phase in the evolution of the internet, making it one of the best investments you could choose. Of course, it may take some time before the new virtual world is accessible to the broader public, but, as the saying goes, the early bird gets the worm. Get your worm!
How much is the metaverse worth?
Grayscale Investments estimates that metaverse is a trillion-dollar revenue opportunity.
How do I invest in the metaverse?
Metaverse offers multiple ways to make money off it. For example, you can invest in NFTs, cryptocurrencies, or company stocks. The crypto gaming industry is already booming, and it’s one of the best shots to make money in the metaverse at the moment.
Julija Paškevičienė
Julija is a freelance content marketer. Specialized in content writing, social media, and finding the best dog memes, she helps businesses get their message across and create content that sells.
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