Making money in virtual reality is a hot topic right now. Thanks to the rise of augmented reality, more and more people are looking to get into the virtual world and start making some real cash.
But where do you start?
In this article, I’ll discuss some practical tips on how to make money in the metaverse. So whether you are a seasoned veteran or a complete newbie, read on for all the info you need to get started!
What Is the Metaverse?
The metaverse is a term used to describe a virtual world. It can be accessed through virtual reality devices, like Meta’s Quest 2, and it allows users to interact and communicate with each other. The metaverse is similar to the internet, but it is a 3D digital land that allows users to create their own identities and explore different environments.
The metaverse can be used for a variety of purposes, such as social networking, gaming, and education. It can also be used for business purposes, such as conferences and meetings.
How Does The Metaverse Work?
So how does the metaverse work?
To create a virtual reality experience, you need three things:
- A display device – something to show you the artificial world. This is usually a virtual reality headset that covers your eyes and provides an immersive 3D experience. There are a ton of different VR headsets available with more coming onto the market all the time. However, a few popular choices include:
- Tracking sensors – so that the computer knows where you are and how you’re moving. These are often built into the display device, but they can also be external sensors that you wear or hold.
- Content – the virtual platform itself, which is created using software. This could be a game, a 360-degree video, or an interactive experience designed specifically for virtual reality. An example of content created for VR is what Matterport is doing with its 3D scanning technology.
When you log into a Metaverse platform, you usually create an avatar, which is a virtual representation of yourself. You can then explore the different environments that are available and interact with other users. You can also create your own environment or world within the Metaverse.
When you put on a VR headset, you’re not just looking at another screen. You’re entering into a computer-generated world that feels completely real. And when you move your head or body, the VR world moves around you just as if you were really there.
The possibilities for the Metaverse are endless, and it is constantly evolving. It is an exciting place to explore, and it can be used for a variety of purposes. If you haven’t already, consider doing some more research about the metaverse or even experimenting with a metaverse platform. A lot of big brands are planning to have a presence in the metaverse soon, so it might be worth getting ahead of the curve and becoming familiar with these new virtual worlds.
How Can You Make Money in the Metaverse?
So, with all that being said, it begs the question “how can I make money with the metaverse?”. Well, the metaverse is still in its infancy and if you believe in the potential, then there are a few things you can do to start making money.
Below, I’ve listed 11 ideas you should consider.
1. Invest in or Trade Virtual Land
The first way to make money in the Metaverse is to invest in or trade metaverse real estate.
Virtual properties are the foundation for everything in the Metaverse, and as the Metaverse continues to grow, the demand for virtual land will only increase. With everything from virtual malls to virtual theme parks to even virtual real estate companies, you’ll be able to find it all in abundance once time goes on.
There are a number of ways to make money from metaverse property, including renting it out, developing it, or selling it outright. By investing in virtual land, you can tap into this growing market and reap the rewards.
Take Sandbox for example. You can purchase a portion of the metaverse within the Sandbox platform to build digital experiences and populate it with assets. Each LAND is a NFT and therefore you will be the sole owner of the land once it’s purchased.
These pieces of land have also drastically increased in value since their inception. According to MetaverseInsider, in 2021 the biggest purchase of land was made next to Snoop Dogg’s land parcel for $450,000.
2. Get a Job at a Metaverse Company
Many companies are now looking for employees who can work in the metaverse. These companies need people who are creative and have experience with 3D design and animation, programming, and marketing.
If you have these skills, you can get a job at a metaverse company and start making money working either behind the scenes or on the front lines.
Just go to any metaverse platform’s career page and you’ll likely see a growing list of open positions.
Take Sandbox’s career page for instance. They currently have dozens of open positions for everything from a concept artist to a site reliability engineer.
3. Play to Earn Games
One of the most popular ways to make money in the metaverse is by playing games. There are a number of metaverse games that allow players to earn in-game currency that can be used to purchase items or services within the game.
In addition, some games also offer real-world prizes for high scores. As a result, playing games can be a great way to make money in the metaverse. There are a number of different games that offer play-to-earn features.
Three popular play to earn games in the metaverse include:
Axie Infinity is among one of the most popular play to earn games where you can earn metaverse tokens known as AXS tokens which can then be traded for real money.
The Sandbox is another popular option to earn money and can be done by creating artwork to sell to others on the Sandbox marketplace. You’ll receive the Sandbox token, SAND, which can then be traded for another cryptocurrency or for fiat.
Illuvium is a blockchain-based open-world RPG. The game’s main goal is to explore the enormous virtual landscape and help your crew flourish. Users can earn ILV (Illuvium’s token) by competing in tournaments or completing PVE quests. ILV can then be traded for fiat just like any other cryptocurrency.
4. Trade NFTs
Non-fungible tokens, or NFTs, are digital assets that are unique and therefore not interchangeable. They are created using blockchain technology and can represent a wide range of things, from virtual real estate to in-game items.
NFTs have exploded in popularity in recent months, as they offer a way to own and trade digital assets in a secure and decentralized manner. And although the search trends have recently come down, there is still a ton of exciting things happening in the NFT space. Therefore, it’s only a matter of time until the popularity of NFTs skyrockets again.
Many people are now looking to cash in on the NFT craze by trading them in the metaverse. There are a number of platforms that allow users to buy and sell NFTs, and the prices of these assets can fluctuate quite drastically.
However, some savvy investors have been able to make a lot of cash by investing their money into buying and selling NFTs. So if you’re looking to get involved in this exciting new world, be sure to do your research and trade carefully!
5. Create NFTs
Apart from just trading NFTs, you can also create your own. The first step is to find a network that supports NFT creation. Currently, there are several popular networks that offer this service, including Ethereum, TRON, and WAX.
Once you’ve decided on the network you want to create an NFT, you’ll need to decide which marketplace you want to use to sell your NFTs. A few popular ones include:
Once you’ve found a network and marketplace that works for you, the next step is to create your digital asset. This can be anything from an image or video to a piece of music or even just a text document. The important thing is that it is unique.
What’s more, if your NFT has actual utility behind it you’ll be able to market it better and sell it for a higher price.
Take Gary Vee’s VeeFriends NFT collection as an example. Gary released 10,255 VeeFriends tokens which all provide three-year access to VeeCon – an exclusive experience for NFT holders to interact with Gary and his special guests.
Creating an NFT with actual utility offers more of an incentive for people to buy it rather than just selling a piece of art. At the time of writing this article, the floor price for a VeeFriend was 5.85 ETH.
Once you’ve created your NFT asset, you’ll need to upload it to the blockchain. Again, this is a simple process that can be done through one of the aforementioned platforms. Finally, once your asset is stored on the blockchain, you can start selling or trading it as an NFT.
6. Trade or Invest in Metaverse-Related Stocks or Crypto
There are already a number of companies working on creating metaverse-related products and services, and many are traded publicly on stock exchanges.
For instance, Facebook recently changed its parent company name from Facebook to Meta in order to solidify its efforts toward building technologies to be used in the metaverse.
Another company that has great potential in the metaverse space is a company like Matterport. Matterport offers technology to produce 3D virtual tours of homes, primarily used in the selling of real estate. However, this company’s technology can also be used in the metaverse as more and more companies want to digitize the physical world.
On the other hand, if you’re more into the crypto scene, you can look at crypto projects that are in the metaverse space like Decentraland, The Sandbox, and Enjin.
For those looking to get in on the ground floor of this burgeoning industry, investing in metaverse-related stocks or crypto is a wise move. With the right investment, you could see substantial profits in the form of passive income as the metaverse grows in popularity.
7. Create Your Own Metaverse Game
If you’re into programming or game development one of the best ways to make money in the metaverse is to create your own metaverse game. This can be a standalone game or an addition to an existing game world. There are many ways to monetize a metaverse game, such as charging for access, selling in-game items, or offering premium content.
There are a few things to keep in mind when developing a metaverse game. First, the game must be engaging and offer something unique. Second, it must be easy to use and accessible to a wide audience. Finally, it must be able to generate revenue in some way. With these factors in mind, you can create a successful metaverse game that can make you some serious cash.
If you’re a beginner in metaverse game creation and want to get your feet wet, check out this guide for how to build a metaverse game in 25 minutes which covers the basics of what you need to do to get started.
If you have a great idea for a game, the metaverse is the perfect place to bring it to life and start making money.
8. Join a Freelance Platform
Graphic designers, game developers, blockchain specialists, and everyone in between who is interested in working in the metaverse can find plenty of opportunities to do so.
For graphic designers, opportunities include everything from 3D models and textures to character designs and illustrations. As a result, many metaverse creators are looking for freelance graphic designers to help them with their projects.
Even just a quick search on Upwork for “metaverse” returns a few pages of results of freelancers with experience in game development, graphic design, Web3, and more.
Additionally, these freelancers aren’t cheap by any means. They’re able to offer their services at a high premium because there really isn’t that much talent to select from. As you can see by the screenshot above, some freelancers are charging $200/hr to work on metaverse-related projects.
Freelancers who want to work in the metaverse can create a portfolio of their work and promote it on social media platforms like Twitter and Facebook. They can also join online communities dedicated to metaverse creation.
By networking with other creators, they can gain exposure to their work and find potential clients. In addition, many creator platforms have built-in job boards where designers can find work postings. By utilizing these resources, people with the talent to create content for the metaverse can easily find work to do so.
9. Conduct Metaverse Events
Another way to make money in the metaverse is by hosting events and charging for tickets. Whether it’s a concert, a dance party, or anything else, there’s sure to be someone out there who’s willing to pay to attend your event. And if you can get a few people to buy tickets, you’re well on your way to making some serious metaverse cash.
Of course, putting on a successful event takes some planning and effort. But if you can pull it off, it can be a great way to make money in the metaverse.
Take the SXSW film festival for example. They launched a completely virtual event back in 2021 that featured everything from axe throwing, go-karts, arcades, and even virtual beer pong!
This was a great workaround for the festival as it was during the Covid-19 pandemic. However, as metaverse events become more and more popular I think there is an opportunity for event planners to cash in.
10. Be a Tour Guide
With so many virtual worlds to explore, there’s always demand for knowledgeable guides who can help people navigate these new environments. And with the right approach, you can turn your love of exploring into a lucrative metaverse-based business.
The key to being a successful tour guide in the metaverse is to offer something that people can’t get by simply exploring on their own. This could be insider tips and tricks for getting around, or it could be curated tours that show off the best of what a virtual world has to offer. Whatever you choose to offer, make sure it’s something that people will be willing to pay for.
11. Work As a Metaverse DJ
My ninth suggestion for making money in the metaverse was to hold events. Well, what do most events have to help make them a success? Music!
If you love music, and you’re good at mixing tracks, why not make money doing what you love in the metaverse? DJs provide the soundtrack for parties, clubs, and other events. And because the metaverse is a virtual world, there are no limits to what you can do.
You can create any kind of environment you want, and people will come to dance and have fun. If you’re looking for a way to make money in the metaverse, becoming a DJ is a great option.
How To Make Money In The Metaverse FAQ
Is the metaverse a good investment?
There is no easy answer when it comes to whether or not the metaverse is a good investment. While it is still in its early stages, there are plenty of opportunities for those who are willing to put in the work. With that said, there is certainly potential for significant returns down the road. It all depends on how the metaverse evolves and how people adopt it into their everyday lives.
How do I invest in metaverse?
There are a few ways to invest in the metaverse as mentioned in this article. However, a few of the easiest and potentially most lucrative ways to invest is to buy shares of established companies that are involved in VR or AR. You can also invest in VR and AR startups, or you can buy cryptocurrencies that are used in VR and AR applications.
How much is the metaverse worth?
The metaverse is still in its infancy, so it’s difficult to put a value on it. With that said, some experts believe the market for virtual reality will be worth $13 trillion by 2030.
As I mentioned before, the metaverse is still in its infancy and isn’t readily accessible to everyone yet. However, that’s what makes it potentially very lucrative to educate yourself before the masses do.
By following the advice in this article, you can start making money in the metaverse today. Whether you want to create and sell virtual goods, provide services, or become a real estate mogul, there are plenty of ways to make money in virtual worlds.
Just remember to be creative, do your due diligence and think outside the box, and you’ll be on your way to financial success.