Metaverse platforms such as Decentraland, The Sandbox and Axie Infinity have become popular for allowing players to create and interact in virtual worlds, often through virtual reality. Along with providing entertainment, metaverse platforms provide creators, business owners, investors and other professionals with ways to profit from making unique digital assets and providing digital services. You'll also find ways to make a passive income through methods such as investing in relevant stocks and cryptocurrencies.
Consider also: What Is Cryptocurrency?
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Money in the Metaverse
Interacting and making money in the metaverse especially became popular during the pandemic. Gamers found the platforms helpful as an alternative to social media for networking and entertainment. At the same time, business-minded individuals saw the opportunities to use their skills and talents to make a profit from home.
Rather than using a fiat currency like the U.S. dollar, metaverse platforms have platform-specific cryptocurrencies called metaverse tokens. For example, Decentraland uses MANA tokens, while The Sandbox uses SAND tokens. Such digital currencies allow for fast and secure transactions. While they're intended for use within the game, they can be cashed out for real money that you can use anywhere.
You might set up your digital wallet and then buy the needed tokens through a cryptocurrency exchange like Binance. You'll sometimes also have the option to buy them through the metaverse platform. In addition, you can earn these tokens by selling items and services in the game. You can later exchange your tokens to get U.S. dollars or money in another currency of your choice.
Consider also: What Is the Value of Your Cryptocurrency
Along with providing entertainment, metaverse platforms provide creators, business owners, investors and other professionals with ways to profit from making unique digital assets and providing digital services.
Profiting Through Digital Assets
Non-fungible tokens (NFTs) are digital assets on the blockchain that you can own and sell to make money as a creator. Each unique token represents the ownership of an item like one you find in the real world. This could include real estate, clothing for avatars, digital artwork, games, accessories and other collectibles.
By creating and selling these digital items on a metaverse platform, you can profit when people purchase them. For example, you might sell NFT art in a digital art gallery or open a clothing shop to sell avatar clothes. You can also use these in-game assets to produce additional income such as having virtual events, renting digital property to other players. Other options include charging money to design NFTs for other players or manage their virtual assets.
On the other hand, investors might opt to profit from selling their NFTs for a higher price. This could look like buying and flipping NFT virtual land like how you might flip a property in real life.
Consider also: Will Your Work in 2022 Include NFTs?
Using Specific Skills in Metaverse
If you have a specific skill useful to businesses or players, you could find ways to profit from it in the metaverse. Some of your many options include:
- Working as a virtual real estate agent that helps sell a piece of land or virtual property.
- Offering virtual advertising space to profit from startups and other companies that need to build brand awareness.
- Serving as a data scientist or consultant who helps businesses and entrepreneurs make decisions about participating in the metaverse.
- Being a game developer who creates a virtual casino where players can gamble with the game's crypto and win prizes.
- Serving as a tour guide for gamers visiting locations using virtual reality headsets.
- Teaching and tutoring students through virtual experiences.
Other Ways to Make Money
If you're wondering how to make money without actively participating in metaverse games, consider investing in metaverse stocks. You can buy stocks of companies that create metaverse platforms such as Roblox or Meta, or you can invest in those that have a stake in the technologies used such as Matterport or Unity. There's also the option to invest in a metaverse platform's specific cryptocurrency and anticipate it will appreciate in value.
Consider also: How Do I Make Money Daily in the Stock Market With Little Capital?
- Nasdaq: 5 Metaverse Stocks To Watch Right Now
- CoinDesk: NFTs in the Metaverse: How to Earn Money With Unique Assets
- CBS News: Making Money in the Metaverse: Early Adopters Seek Real-life Fortunes in Virtual World
- Association for Talent Development: What Is the Metaverse: Where We Are and Where We’re Headed
- Metaverse Property: Services
- CoinMarketCap: Top Metaverse Tokens by Market Capitalization
- Binance: Metaverse Tokens: What, Why and How To Buy Them