The metaverse is no new concept, but it has only recently become a hot topic. Financial institutions, DeFi protocols, businesses, and even retail investors are pouring billions into this market. Therefore, it’s important for retail to understand how to make money in the metaverse.
How To Make Money In The Metaverse?
As the metaverse continues to grow, businesses are slowly exploring generating revenue through digital products and services. Here are a few ways you can invest and make passive income in the metaverse.
Virtual Real Estate
You might assume that ‘real’ estate can’t exist in the virtual world, but it can. Meta-real estate are parcels of land within virtual worlds that derive value from their visibility and associated culture. It’s crucial to purchase land in the metaverse after first gauging a plot’s potential.
If the area has high visibility, or if there are keen builders or famous people around the plot, it’s a lot more valuable than virtual land in the middle of virtual nowhere.
Similar to land in the real world, a piece of virtual land next to Snoop Dogg’s plot, or a popular metaverse retail outlet could derive value just from association. Even if you don’t want to sell the land directly, you can enter the metaverse and make profit by renting it out to advertisers or other businesses.
The internet is already filled with ads, but history will paint online advertising as tame compared to what the metaverse has in store. Advertisements will practically surround us in the metaverse, and renting out advertising billboards, rooftops, and other ad spaces could yield passive income for sustained periods if you’re lucky.
Humans are social creatures, and we love socializing. Whether it’s a music festival or a business conference, events are a part of what makes us human, and this craving to congregate and communicate will extend to the metaverse.
While it’s possible to conduct events on the internet today through video conferencing, this is far from an ideal situation. The metaverse promises to be infinitely more immersive, making it even easier to crack open a cold one with the boys from the comfort of your living room.
A well-designed virtual space could bring in significant revenue, depending on how much time and effort is spent on marketing and maintaining it. However, when executed properly, this can be one of the most profitable ways to earn some metaverse passive income.
Metaverse business ventures will almost certainly be a thing. Building casinos, retail outlets, and metaverse arcades can make existing virtual real estate much more attractive. Before renting out your virtual properties, consider building something nearby like a park or virtual mall. It’s on you to decide what to construct and how to make money in the metaverse.
Become A Meta-Retailer
A recent survey conducted by Zipline (a global leader in drone deliveries) reported that 85% of Gen-Z, 75% of millennials, and 69% of Gen-X respondents were interested in hybrid shopping experiences. This included the use of mixed reality in retail and online stores.
Those earning passive income from e-commerce websites now have a new, more immersive avenue to sell their products. You could sell products or become a trader, buying on wholesale marketplaces and selling through your metaverse outlet. To further enterprise, you could even host a virtual store and create shopping experiences for other people to display and sell their products.
Virtual Gaming Services
Metaverse gaming is catching up fast, and competitive gaming is set to get incredibly immersive. For example, Decentral Games’ ICE Poker virtual casino reported a $7.5 million revenue for Q1 2022.
As you can imagine, people are constantly looking for new ways to have fun in the metaverse. From random token-operated horoscope generators and Texas Hold ‘Em, to Play-to-Earn games and Esports, there are many ways to be the supplier catering to this demand.
Metaverse Passive Income
From virtual commercial ventures to metaverse real estate, the opportunities to earn passive income in the metaverse are limitless. According to a Bloomberg analysis report, the metaverse is pegged to become an $800 billion market by 2024, with global tech giants investing big money into making it a reality.
However, to learn how to make money in the metaverse using any of the above methods, you need to be creative and intelligent with an in-depth knowledge of the space, and there are no guarantees of success. Given the new and evolving nature of the ecosystem, realistic goals are the key to making money over a sustained period.