If you are reading this, you have probably already heard of this “metaverse”. You might already have a solid idea of what it is, and you’re wondering: “How do I make money in the metaverse!”
People live in regret and with loads of FOMO (fear of missing out), [yes I just wanted to plug that acronym]. Also, the extreme uptrends in anything blockchain related i.e. cryptocurrencies, NFT’s etc.. are the signs that something is coming or has already come onto us. We are living in what I call “The Tech Revolution”.
I would like to congratulate you for being a part of this revolution this early (yes, you’re early). Nevertheless, please inform yourself before doing anything too drastic. NOW let’s get down to it.
The “Metaverse” concept has been around for quite some time and is not recent. Big businesses are taking considerable part in it, and the media has gotten flooded with discussions concerning it. Clearly something is cooking, but then again you are still wondering : “How do I make money in the metaverse!”
Next, we will look at what the metaverse is, before profiting from it.
WHAT IS THE METAVERSE !?
“The metaverse can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world.” – XrToday, 2022
“The metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually”. – Investopedia, Jean Folger, 2022
Imagine a video game had a baby with the real world – yeah, that’s the metaverse.
HOW DO I MAKE MONEY IN THE METAVERSE?
Metaverses (yes there are plenty), operate on the blockchain. The most used platforms are on the Ethereum blockchain. Each metaverse has their own token, think of it as the in game currency which holds actual real dollar value. For instance, Sandbox has to be one of the first and the most popular Metaverse platform at the moment. The Sandbox runs on the Ethereum blockchain and its token is called SAND. Secondly, you can find Decentraland as the runner-up with countless games and events such as golfing tournaments, gambling and casinos etc… Decentraland’s in game token is called MANA and is also running on the Ethereum network.
Ok that was a mouthful. I’m sorry, but this is important.
Now, you can easily invest in these in-game tokens that are much cheaper than ethereum itself.
These tokens will usually go up in value as the “game” gets more and more popular. You can use these tokens to buy in-game assets. Which leads me to my the second part of my answer to your question : “How do I make money in the metaverse!”
Land and Properties
Now this method could scare you at first but hear me out. You could be a landowner in the metaverse for as low as… 2.6 ETH (currently valued at 7000$ USD or 9000$ CAD). Yes I said as low as, but in what world can you own a plot of land for this amount: The metaverse. The lands and some of the assets in the metaverse operate as 1 of 1 NFT’s, meaning that once you own your land on the blockchain, no one can own it or replicate it.
Why is digital land a good investment?
I am no financial advisor, but let’s take Sandbox as an example. The Sandbox is made up of ONLY 166,464 plots of land, out of which about 16 thousand is owned by the company and 26 thousand are owned by partners and sponsors. So this digital land has value because of its scarcity. As the game is still going through alpha and beta phases before launch (but is still playable and enjoyable to the public) the platform is rising tremendously in popularity,
Once you are a digital landowner you can change your bio and description on LinkedIn and Instagram to brag and change your name to Mr/Ms. Lord/Lady Landowner.
Once you are done bragging, you don’t have to wait for your land to go up in value. You can get to monetizing INSTANTLY.
Monetizing your Land
You can do a lot with your land. Build businesses such as stores, restaurants, clubs and more. Also, you can create games and puzzles to solve. You can also rent out the space to other businesses or even get paid to put up ads. Now I know what you’re thinking, don’t worry, you don’t need to know how to code or develop.
If you want to get a business or game placed on your land. You have 2 options:
- Rent out your land to a game developer and charge him for the “rent”
- Hire a game developer for about 500$ on freelancing websites, to build a game for you on your land
You can use your land to promote your existing businesses, whether real or virtual.
If you decide to go ahead and build yourself or to get built an experience on your land, you can build assets for free and sell them as a part of your experience to either complement it, enhance it or give access to it.
For example, many artists are selling digital tickets to users who want to experience their digital concerts. Maybe you build a golf field, then why not create some cute outfits and different clubs, and maybe even season passes to participate in a monthly tournament. Creating these digital assets is like using Paint on Microsoft but in 3D.
ALLOW ME TO RECAP
Some of you are so driven and so excited that I thought I would just leave a sentence recapitulating the different ways to make money in the metaverse, and I would leave you the fun of doing the research, trial and error.
As discussed above, there are two main ways of making money in the metaverse : investing in its native in-game currency, and buying land then monetizing it. There are many ways of monetizing your land that are relatively cheap, these include: renting it to others, building your own experiences, advertising businesses in creative ways, and create a bunch of digital assets that complement, enhance or give access to your experiences.
I would like to congratulate you once again for being this early in this golden opportunity.
I wish you the best, and hope to see you in the digital world.
Don’t forget to do your research before you invest.