11 Ways to Make Money in the Metaverse ￼
As we had seen earlier, the technology is revolving around the metaverse and everyone is in a rush to see they are not left behind. Now that we know about metaverse and what it entails, the big question remains, how can users make money through it? We are going to look at eleven ways and let you decide which is the best way for you.
1. NFT Art
Currently, NFT art is what is new and trending! And if you look it up, you will see that recently there was an article about a piece of NFT art that had hit a new record price.
A couple of years ago, someone bought a Bored Ape NFT for $50 and later sold it at 1.8 million dollars. Amazing, right?
So, you can buy NFT art and put it on the metaverse and later sell the art at a higher price. Remember the idea is to earn some extra cash.
I am sure you are wondering what Voxels are. In simple terms, voxels are this cool material that is used to build items on the metaverse.
For instance, they can be used to construct buildings, clothes, cars, and other items. If you are a gaming guru, then you are familiar with the game Minecraft. This game brings a clear picture of what voxels are.
You can decide to buy these voxels and sell them to the players. This is a lucrative business in the metaverse world.
Since the constant evolution of the metaverse, there are many activities that you can do now as opposed to when it was first introduced. one being construction. Yes, I mean construction!
One of the amazing features that have been introduced in the metaverse is construction. There are some construction companies on it. How does it work?
If you want a building to be constructed, you have to pass by the right channels. Look for a company that will take it from the ground up.
Meaning, you have to have an architect. Some of these companies are making as high as $300,000 per project. A company like Voxel Architects makes this amount for one project.
4. Real Estate
For some reason, Real Estate companies have been increasing daily. Companies like Sandbox and Decentraland have been making profits from real estate.
If you can start a real estate company that will list plots of land for sale, you can get some good cash out of it!
The idea of metaverse was to bring every imaginative concept into reality. And just like the real world, you can advertise your items on metaverse.
You can erect a post on the street or rather build advertising signage on your building.
A company like Nike is trying to catch up with this new technology by developing a platform on the metaverse where they can do their advertisement from.
6. Parcel Rentals
I am sure you have come across a sign or a post that says “there’s a piece of land that you can rent and for more information call the number below”. Just like the real world, you can rent your building or office space to other metaverse users.
If you are not sure of what you will do with the land you have bought, renting that piece of land might be a pretty good idea.
Gaming is an industry that has been booming for some years now. It is an industry that is growing constantly. New games are being developed that are more advanced and interesting than the previous games. And with this growth comes great offers.
Platforms are being developed like MMORPGs which have their currencies and land. Also, you can build your games from platforms like Sandbox and Decentraland.
If you develop interesting games and casinos, you stand a chance of making good money once more virtual reality is introduced.
Imagine a virtual universe where games like bowling alleys, laser tag arenas, and even ax throwing are introduced. How cool will that universe be?
This might sound silly, but Karaoke is the next real big thing in the metaverse. Although it might be difficult to get together with your friends at the same time, once you do, you will be in for some treats.
The question is, how can you make money with karaoke? Well, start with a karaoke bar or rather create your own NFT music and sell it to other karaoke bars.
Also, hosting speed dating and trivia nights can be your ticket to earning money.
9. Virtual Clothing
You do not have to worry anymore about where you can get your avatar clothes from. These virtual worlds got you covered.
Currently, some designers have built their business around making avatar clothes.
Surprisingly, there is a company that has bought $2million inland within Decentaland’s fashion industry just to sell virtual clothing.
Although you cannot transfer your virtual clothing from one metaverse to another, you can resale the clothes at a higher price.
Adding collectibles to your list is not a bad idea. Just like in the real world you can collect your valuables and trade them. Collectables like clothes, cars, and jewelry, can fill your pockets.
These collectibles are NFTs meaning they have unique features that cannot be duplicated.
From Voxels, you can make collectibles and later sell them on metaverse markets.
11. Data Science
If you are a data and analytics person, I am sure you are wondering how much data metaverses are gathering.
Just like the searches we do in the real world and the internet records the data, metaverses also collect data from the searches and the places we visit frequently.
From the data that is collected, store owners can get a glimpse of how frequent their stores have been visited, a real estate agent can see how many people have clicked on his advertisement, and an NFT music seller can see how much of his music has been sold.
In conclusion, metaverse has created great opportunities for people to make money. There are several ways for you to do so you only have to think outside the box. And since metaverse technology keeps on advancing, there will be a lot you can do in the next six years or so.