Blog Post
All parties in the development and use of the Metaverse have huge revenue possibilities. Revenues from virtual reality (VR) gaming worlds might reach $400 billion USD by 2025, according to industry projections, while the Metaverse could create $1 trillion in value.
As a result, people are eager to get a head start and develop ways to profit in the Metaverse. Play-to-earn games, virtual property, data monetization, and investments were revealed to be the most popular monetization methods in a November 2021 Statista study, with 60 percent, 39 percent, 37 percent, and 36 percent, respectively.
Top 10 Ideas for Making Money in the Metaverse
Revenue-generating options range from simple economic activity with low entry barriers to more complicated economic activities such as real estate investments. Users can make money in the Metaverse by:
Participate in earn-while-you-play games.
Users can earn money while playing online games such as VR poker, e-sport betting, and others. Admix, a firm that just secured $25 million USD to push in-game monetization in the Metaverse, is one example of a company dedicated to this category. Play-to-earn gaming will have its own floors or divisions on platforms like Bloktopia.
Create 3D user accessories.
Those with a basic understanding of 3D design can make VR gear. Wearables, gadgets, headgear, clothes, and even weapons would be desirable for Metaverse users to “dress” their avatars with. Using the design toolkits provided by most metaverse platforms, one can create and sell these items on the marketplace.
Create and monetize virtual reality games
End-to-end games in VR could be designed and published similarly to 3D accessories. This does not necessitate considerable technical knowledge. People can make money from this source by combining basic narrative talents with VR design tools like Horizon Worlds. A virtual reality version of Google’s popular dinosaur game, for example, may be similarly effective in terms of user uptake and monetization.
Get a job as a freelancer in the Metaverse.
The Metaverse will have its own economy, complete with its own set of service employment skill requirements. A VR tourism site such as a museum or art gallery, for example, would require tour guides to assist tourists in navigating the space properly. Security guards may be required for VR clubs, and trophy hunters may be hired by gamers, among other things.
Organize Metaverse events using ticket sales.
In the Metaverse, this is already a very common way to make money. Massive crowds can be attracted to live performances by genuine musicians, and organizers might charge users in the form of bought tickets.
Warner Music has already collaborated on a virtual performance venue with metaverse platform The Sandbox. Death Row Records, which Snoop Dog recently acquired, is set to become an NFT label, and the artist has already purchased a vast plot of Metaverse land that will provide new cash streams.
Obtain sponsors for activities that are free.
Even if a paid event fails to draw attendees, there are sponsorship opportunities in the Metaverse. A small business, for example, may host a trade fair with free admission for visitors in exchange for event sponsors paying the organization to reach new audiences.
Purchase and sell land.
Purchasing virtual real estate is another popular way to make money in the Metaverse, with organizations such as PwC, JP Morgan, and others taking steps in this area. Any user can buy a land parcel for a set price and then resell it for a greater price to profit. Investors with a high risk appetite might potentially look for such opportunities on upcoming Metaverse platforms.
Developers can rent out metaverse land.
Users can rent tracts to developers to build buildings, gaming arenas, concert halls, offices, and other places rather than selling VR land for a profit. This is good for people looking for a consistent source of income, but keep in mind that high-demand houses in the best metaverse locales will be costly.
Create your own metaverse real estate.
Another option is to buy land and develop it yourself using virtual reality design and development expertise. Real estate and construction design, in contrast to gaming, needs more effort and might be costly depending on the resources used. Different metaverse platforms will have different limits, but all will be profitable.
3D NFTs are traded.
Finally, 3D non-fungible tokens (NFT) — the VR equivalent of NFT trading in the old digital world – can always be traded. A variety of 3D artwork could be available for purchase as NFTs in the metaverse.
Making Money in the Metaverse: How to Get Started
To take advantage of the ten chances listed above, users must first complete the following steps:
- Create a cryptocurrency wallet — Most metaverse solutions come with their own crypto token and wallet, or users can link their own.
- Choose your Metaverse platform – Mature platforms are more expensive to join, but they offer more potential for money generating. Design and development ease are also important considerations.
- Invest in virtual reality real estate – Even if a person isn’t a regular real estate investor, real estate is one of the most frequent methods to generate money in the metaverse, as there are plots for any budget.
- Learn VR development skills – Users with advanced talents can create complicated games or prefabricated structures for rent or sale.
- Develop VR assets from start or supervise their creation — Depending on your skill level and budget, you can create VR assets from scratch or collaborate with a vendor.
- Put monetizable assets on the marketplace – Each metaverse platform has its own asset marketplace where users can list their works and properties for sale. The selling proceeds are credited to the crypto wallet.
There are numerous benefits to entering the metaverse for businesses, and several B2C firms are already taking note. Because of the platform’s democratic structure, any user with the correct investment, skills, and timely efforts can profit from the spatial communications platform.