The metaverse is a growing virtual world with increasing possibilities. A lot of traditional companies are moving into this space and making the most of this innovation. Apart from being a visual reality innovation, the metaverse world is loaded with several money-making opportunities.
According to a report by Bloomberg, it is envisaged that the metaverse market could be worth US$800 billion by 2024. This shows that the metaverse is laden with huge funds and money can be made from it while enjoying its opportunities it provides. This article seeks to examine how you can make money from the metaverse. Let’s go!
1. Participate in engage-to-earn activities app
The metaverse is filled with different engage-to-earn tasks that incentivize users for engaging themselves on the app. These are the Gamefi and Socialfi projects.
Gamefi project is a play-to-earn model that rewards users with cryptocurrencies for playing and achieving a particular set goal in a video game. Some of these apps are Gems, Souls of Meta and Iguverse.
Socialfi is a broader concept. Socialfi apps reward users with cryptocurrencies for participating and achieving a certain set goal. Some of the models that reward users include move-to-earn, watch-to-earn, write-to-earn, and socialize-to-earn. Some Socialfi apps are StepN, ScriptTV, and Genopets.
By using these apps and participating in the in-app activities, users can get to earn from the metaverse.
2. Host metaverse events with paid tickets.
Another lucrative opportunity in the metaverse is the hosting of paid events. Live concerts by artists attract massive crowds in the real world. Since one of the focuses of the metaverse is visual reality, these live concerts can be moved to the metaverse and the organizers of this show will charge the audience to pay before gaining access to the show. This takes place as a form of ticket sales.
In leveraging this opportunity, Warner Music has partnered with a metaverse platform, The Sandbox to create a virtual concert hall. This hall will be used for hosting upcoming digital live concerts.
Also, Snoop Dog’s Death Row Records is poised to become an NFT label, and he has purchased a large block of land on the Metaverse offering additional revenue generation streams.
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3. Buying and selling Meta Land
The buying and selling of land parcels in the metaverse is another money-making opportunity in the metaverse. Just like how the buying and selling of land in the physical world works, users can buy land parcels in the metaverse at a particular price and later sell the land when the price of the land appreciates.
Apart from selling these VR land parcels for profit, owners of meta land can rent it out to developers to develop their buildings, gaming arenas, concert halls, offices and other venues. This provides a steady stream of income to the owners.
Notable companies like PwC and JP Morgan have led the way in this area as they have bought parcels of Meta Land.
To buy a parcel of land in the metaverse, choose the metaverse platform from which the land is to be purchased. After this is done, connect a compatible wallet to the platform’s marketplace.
Choose from the available parcels of virtual lands on the marketplace that you can be bidded for and bid. To complete this process, the corresponding amount of the land will be deducted from the connected wallet.
To resell the purchased parcel of land, it will be listed for sale on the same or other supported marketplaces at a higher price or lower price if you want to make a loss. Once it is purchased by an interested buyer, the sales proceeds will be credited to your account.
Popular metaverse land platforms are Sandbox and Decentraland.
4. Creating and selling NFTs.
The NFT market is very lucrative as the entrance of traditional and web2 companies and their results will show. NFTs act as the framework that facilitates the smooth running of the entire metaverse.
To make money off NFTs, users can create NFTs and showcase them. The creation of this NFT can be for developers to use in an app for personal sales. On the end chain of the creation and purchase of these NFTs, the creator earns.
The creation and selling of NFTs take place on various NFT marketplaces. Some of these are OpenSea, Rarible, Binance NFT, Superare and Foundation. To create an NFT, connect with a compatible wallet to the marketplace.
The minted NFT is stored in this wallet and transaction fees are paid from this wallet. It is important to note that the wallet to be connected must be compatible with the blockchain in which the NFT is to be minted,
To sell an NFT on these marketplaces, list the created NFT for sale. Once it’s listed, it is placed on the marketplace and interested bidders can buy the NFT and the proceeds from this transaction will be sent to the connected wallet.
To know more on how to create and sell NFTs using the largest NFT marketplace, OpenSea as a k-study, read this.
Closing thoughts
This is not an exhaustive list as the metaverse is filled with numerous opportunities. There are several other ways to make money in the Metaverse. It’s a growing innovation which will create new avenues for wealth creation.
Think of what people would need in a virtual space? People who don’t want to buy NFTs could rent them. This is an avenue to make money. The four points mentioned above provide a way to effectively tap into the growing ocean of wealth of opportunities in the Metaverse.
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