10 ways to make money from metaverse

The metaverse revolution is here – and so the rush for virtual gold begins. This new digital frontier is attracting plenty of attention, from big tech names to average users looking to be the first to seize the infinite opportunities that come with the metaverse.

1. NFT Art

Right now, the NFT art industry is exploding! A quick Google search for “NFT art” will turn up a news story about a piece of NFT art selling for a new record price. I recently learned that someone purchased a Bored Ape NFT for around $50 a few years ago and recently sold it for $1.8 million! The plan is to purchase NFT Art and display it in a metaverse art gallery. Obviously, your goal is to purchase art at a low price and then sell it for a high price.

2.  Voxel

Voxels are a really intriguing concept. They’re the “materials” that are used to make other things in the metaverse. Consider them a 3D pixel that may be joined with other voxels to create structures, clothing, automobiles, and other metaverse goods.

If you’ve ever played Minecraft, you’re already familiar with voxels. There are shops that sell voxels to other people. In the metaverse, this is a very lucrative business concept.The next two ways to make money in the metaverse are wild to me.

3. Real estate

Virtual real estate has seen a massive boom lately, with the rush for digital land seeing plots in metaverses like Decentraland, Axie Infinity and The Sandbox selling for millions. Clearly, there a number of opportunities ready for the taking:

Real estate flipping: Purchasing plots of virtual land or digital properties and re-selling them for a higher price, pocketing the difference.

Real estate brokering: With so much real estate business to be made, the need for virtual real estate companies has only become greater. You could make generous commissions from connecting buyers and sellers, or simply giving out advice as a real estate broker.

Renting: Just like in real-life, you could buy a plot of land, build a house or another type of property, and then rent it out. You could also use your property for advertising, especially if your properties are located in high traffic areas.

Real estate management: Another great way of monetizing your expertise in the metaverse real estate is to become a manager of other user’s properties, including overseeing how virtual venues like concert halls and pieces of land are being best used.

Real estate designing: Conceptualizing and bringing to live plots of land and metaverse buildings can be a very lucrative business. Whether it’s a private property, a shopping mall or a stadium, the need for specialized 3D designers will soon become one of the most in-demand jobs in virtual worlds.

4. Advertisement

Many companies are rushing to the metaverse to set their virtual presence, but also to use it as a major advertising platform. Much like in the real-world, brands can open stores in virtual malls and advertise products and services across a number of virtual platforms, including leasing and selling virtual reality ads. As more users join the metaverse, it’s only expectable that it will become a massive marketing and advertising platform.

5. Parcel rental

You can construct advertisement platforms in the metaverse just like you do in the real world. People are erecting advertisements on their buildings and other structures. In addition, real-world businesses such as Nike are creating their own little part of the metaverse to aid in the promotion of their products.

6. Gaming

Currently, gaming is the leading activity in metaverse-like environments like Roblox and Fornite. Either by playing blockchain-based games or investing in metaverse activities, users are able to collect and trade in-game assets in return for tokens that could have real-world value, as in the case of play to earn games (check out our earlier intro to P2E). You could also make money by building games others to play and enjoy in the metaverse.

7. Karaoke

Karaoke appears to be a popular pastime in the metaverse. Without a doubt, karaoke with friends is a fun but stupid activity. Unfortunately, getting everyone together at the same time is difficult. Everyone can gather together in the metaverse with karaoke, no matter where they are.

So, how are you going to make money with karaoke in the metaverse? You can either open your own karaoke club or develop music NFTs to sell to other karaoke establishments. You might even establish other types of businesses like virtual quiz nights or speed dating.

8. Fashion

One of the first uses of the metaverse has been fashion. High-profile fashion houses like Louis Vuitton and Gucci are already experimenting with virtual clothing in the form of NFT collections. But just about anyone can create a digital clothing line and generate revenue in the metaverse. Even if you’re not a fashion designer, you might enjoy coming up with different creations for your own avatars and help your friends customize theirs.

9. Collectibles

Collectibles exist in the metaverse, just as they do in the real world, such as trading cards (which are now available in the metaverse) and beanie babies. Clothing, a sword, a car, and even a yacht are all examples of collectibles. These collectibles are all NFTs, which means they are one-of-a-kind and cannot be duplicated. People are making voxel items that fit into their environment and selling them on the open market.

10. Data Science

I can only imagine the data these metaverses are collecting on people because I work in data and analytics. Websites can observe every click you make on a webpage, just like they can on today’s internet. I’m sure they’re collecting the same information, such as where you go the most and so on.

It’s simple to say that data science is used in advertising. It’s also utilized in market research. Store owners and landowners want to learn more about the people that come to their small corner of the internet. People will also want to conduct market research on others in order to determine the right cost of items or land.

Data Science teams can purchase data from metaverse platforms and present it to their clients in easy-to-understand reports. This enables the customer to make data-driven business decisions in the metaverse, allowing them to make more money.

Final Remarks:

The metaverse is similar to today’s internet, but instead of flat web pages, it exists in a three-dimensional digital universe. For today’s internet, metaverse architecture firms are similar to web developers. A real estate firm is nothing more than a domain name registrar like GoDaddy. And, like Bluehost for your website, a virtual world like Decentraland is really simply a web hosting provider for your land plots and structures. However, with the Covid being around for over 2 years, people are more likely to spend their time over computer and explore digital assets.