What is a metaverse?
It is a virtual space parallel to our real life, in which almost anything is possible. Thanks to Metaworld, we have technologies such as:
- Web 3.0 and digital assets.
- Augmented reality (AR) and virtual reality (VR)
- Artificial Intelligence (AI)
- 3D reconstruction
- Internet of Things (IoT)
How to make money in the metaverse
Investing in tokens
The easiest way to make money in the meta-universe is to invest in meta-universe economy projects based on cryptocurrencies and digital assets. When Facebook was renamed Meta in 2021, the value of many of the meta universe’s major cryptocurrencies, such as SAND and MANA, rose exponentially.
Blockchain-based games based on the “play to win” (P2E) model, such as Axie Infinity, Aavegotchi, and Pegaxy, reward players with in-game assets and cryptocurrencies in exchange for time and skills. Assets can be sold to other players on internal or external Sundays.
Virtual real estate is booming as companies, big brands and investors look to take over parts of the meta-universe. In early 2021, users could get a small plot of land in popular meta-universes such as The Sandbox and Decentraland for less than $1,000. By the end of the year, these plots were sold in secondary markets with ten times the price increase.
Landscape areas in the meta-universe are Nft stored in a blockchain. Each section is unique, unduplicated, and owned by someone who has private keys to the wallet address containing the NFT.
How to make money from virtual real estate in the metaverse
- Resales. Buying parcels of virtual land or digital property in meta universes and then selling them at a higher price is the easiest way to make a profit.
- Rentals. If you own a sandbox, you can rent it out to game creators or developers to run your business and earn a passive monthly income.
- Trading. Virtual malls, hotels, casinos, showrooms, concert venues, etc. Create and develop your commercial facilities. Thus, you can rent or sell small facilities such as stores, offices, or advertising space.
- Advertising. Thanks to the meta-universe, brands and advertisers are given a whole new way to reach their audiences. Imagine large signs and billboards in virtual buildings and the profits you can make from their placement.
- Brokerage services. You can enter a virtual real estate company or become an independent metaverse land broker. Either way, you get a commission for successful transactions, connecting buyers and sellers.
- Property Management. Become a property manager for other users’ properties. For example, you can help landowners manage and develop their plots for a percentage of their profits.
- Property design. According to Fortune Daily, digital architecture firm Voxel Architects earns up to $300,000 on a real estate design project in the virtual world. It looks like your kid’s hobby in Meinkraft can be monetized…
In the meta-universe, you can cross borders and time without leaving your room. For example, visit the Grand Canyon, the Great Wall of China, Stonehenge, the pyramids of Giza, or experience real historical events recreated in virtual worlds such as the eruption of Vesuvius or the American Civil War.
Virtual guides and travel agents may be in demand as this sector gains momentum.
There are many small meta-universes in development right now that eventually plan to merge into one overarching Metaworld.
More and more high fashion brands are experimenting with virtual clothing and accessories, releasing them as NFTs and promising owners various preferences in the future, such as exclusive access to online and offline events.
Who has already made money in the metaverse?
- Gucci. Opened pop-ups on Roblox and Zepeto. The brand has also acquired land in The Sandbox.
- Ralph Lauren. Like Gucci, American fashion house Ralph Lauren has also set up pop-ups on Roblox and Zepeto.
- Balenciaga. In September 2021, became a partner of the online game Fortnite and offered players four branded items from its collection to use as skins.
- Burberry. Partnered with Mythical Games to launch NFT at Blankos Block Party.
- Ambush. Released 2022 NFT versions of their iconic Pow! ring.
For example, the Lil Nax X concert at Roblox in 2020 attracted 33 million attendees. Such mega-events would not be possible in the real world due to space limitations, security concerns, and other physical challenges.
In September 2021, Snoop Dog held a private party at The Sandbox for 1,000 NFT owners – attendees were able to experience the rapper’s lifestyle, gain access to exclusive NFTs, and have the chance to have Snoop Dog perform an exclusive concert on their LAND.
Like hosting parties or concerts? Think about how to monetize your skills in the Metaverse.
Top Metaworld projects available now
There’s a growing list of tech companies and game studios that are taking on the ambitious task of creating their version of the meta-universe. Here are some of the most notable meta-universe projects by mid-2022:
- The Sandbox
- Star Atlas
- Gala Games
- Somnium Space
- Axie Infinity
Source: Egor Borovik