Ambitious entrepreneurs are always looking for new and innovative ways to make money. Back in the day, you might set up your store with a website builder and rely on the sales that rolled in. But now, there’s many new and diverse ways to generate income. In fact, in many cases, the newer the money-making method the greater the opportunity, the lower the barrier to entry, and the lesser the competition.
This is why the metaverse is such an intriguing area for those looking to generate profits.
In this article, we explore what the metaverse is and how to make money in the metaverse right now, focusing on 15 of the best ways to cash in this year.
If you read news from the tech space, if you are into gaming, or if you just generally find yourself looking into the latest trends, you’ve probably heard of the metaverse.
There is plenty of excitement around it. In fact, many of the top tech companies including Microsoft, Apple, and Meta are all investing heavily in the area.
But even with so much buzz around the metaverse, you may be alongside the majority of the population that still find themselves asking:
“What is it?”
So, before we dive into how to make money in the metaverse, let’s give a brief outline of exactly what it is…
In reality, there is no hard and fast way to define the metaverse because it can mean different things in different circumstances and to different people. This is because the term “metaverse” isn’t a specific technology, but more a way of interacting with technology and with each other.
However, when tech companies refer to the metaverse they are typically referring to an immersive, 3D, virtual reality. Although many platforms and games use this technology, what makes the metaverse different is the fact that it still exists when you aren’t using it.
One of the most interesting aspects of the metaverse is the potential to use the platforms to make money, making it an appealing prospect for small businesses to make more money.
Just like in reality, making money on the metaverse is all about supply and demand. For example, you can make money on metaverse platforms by buying and selling desirable items, selling your time to help others, or developing experiences.
Typically, as metaverses are usually built using blockchain technology, getting paid for work on the platforms will be via cryptocurrencies such as Bitcoin payments, Ethereum, or even special cryptos created specifically for that platform.
So, in order to work and be paid, you will find life easier if you open a crypto wallet for safe coin storage.
There are many different ways to make money in the metaverse, and we’ll run you through 15 of the best methods. While you read them, bear in mind that the best option for you will depend on the digital skills you already have or would most enjoy learning. Let’s take a look!
1. Buy & Sell Real Estate
Some metaverses such as SANDBOX and Decentraland allow users to buy virtual real estate with NFTs. So, just like in real life, there is money to be made by buying land and selling it for more at a later date.
Of course, knowledge of the best places to buy land will help you increase future profits and limit the potential of selling at a loss in the future.
TIP: If you believe that metaverses are going to grow in popularity in the coming years, you may want to buy and hold land in the long term in the hope that its growing popularity will result in bigger profits over time.
2. Play to Earn Games
Many games offer some sort of digital currency. For example, in an open-world game, you may be able to complete tasks in order to collect digital currency which can be spent on upgrades.
Some games on the metaverse take the same approach, except you get paid in cryptocurrency which can be spent on the game or even potentially used to spend in other locations across the metaverse.
So, the more you play, the more you earn.
3. Create Virtual Clothing
Most metaverses offer players the opportunity to change and customize the way their avatars look. Although not all metaverses allow the creation, buying, and selling of virtual clothing, some (such as Decentraland) provide marketplaces where clothing NFTs can be sold and purchased.
So, why not get creative and become a virtual clothing designer?
4. Organize Events (+ Sell Tickets)
Love comedy, music, or art?
Then organizing events on the metaverse might be the best way for you to make money.
Apart from the fact that everything is virtual, metaverse events work much in the same way as in-person events. Find your performer (musician, comic, artist, etc), secure a venue, decide on the date and time, and then get out there and sell tickets.
5. Organize Events (+ Get Sponsored)
Many big brands including Nike, Samsung, and Hyundai are already making efforts to get themselves seen on various metaverses.
So, as well as making money from ticket sales, if you have organized a popular event on a metaverse you can always make extra cash by finding corporate sponsors who want to be associated with that event.
6. Become a Metaverse Freelancer
There are many freelancer opportunities in the metaverse, many of which require the same skills that high paying freelancer jobs require in the real world.
For example, there are businesses that want to get known on the metaverse and will benefit from freelancer marketers. There are also businesses that want to build branded products and experiences on the metaverse that will need to work with freelance developers and designers.
7. Sell Other People’s Real Estate
We have already mentioned how you can make money on the metaverse by buying and selling real estate.
However, you don’t necessarily need to sell your own real estate in order to profit from it. Just like real estate agents in real life, if you are able to bring knowledge, expertise, and a network of buyers and sellers together – you could sell real estate for others and take a healthy commission.
8. Become a Metaverse Landlord
Buying and selling isn’t the only way you can make money from virtual real estate in the metaverse. Instead, you may decide to buy real estate and rent it out to people.
This is ideal for those who want to test out real estate on the metaverse without the need to invest fully in the property.
9. Design, Create & Sell NFTs
Non-Fungible Tokens (NFTs) are cryptographic and are verified via a unique identification code on the blockchain. This approach to graphics can be applied in countless ways in the metaverse such as clothing, buildings, interiors, and art.
Simply designing, creating, and selling NFTs is a great way to make money on the metaverse. This is especially true if you can jump into trends and leverage the buzz around them to make more money.
10. Open an NFT Art Gallery
You don’t have to be an NFT artist in order to make money from NFTs. Instead, why not open an NFT art gallery on the metaverse?
Of course, if you do make NFTs you can use your gallery to exhibit and sell your own designs. But you can also find other NFT creators who want to sell their NFTs and offer to do it on their behalf in exchange for a commission.
11. Tutor Others
The metaverse is a new and exciting concept – one which many people want to be a part of. However, most people aren’t really sure where to get started on the metaverse.
This offers those with knowledge and experience in the metaverse an opportunity to teach others in exchange for a fee. This could be anything from helping people get started to supporting businesses that want to develop a presence and drive sales.
12. Product Testing
Even well-established metaverses are in the early stages of their development. This means that there are lots of products and functions which need to be tested and reported on.
Becoming a product tester on the metaverse will help developers get to grips with how well their new products work when being used by real users.
13. Sell Data & Information
Data and information are valuable in all realities. That is why selling them on the metaverse can be lucrative.
For example, businesses often use data in order to get a better insight into the buying habits of their customers or to create better products and services. So, if you have any data on these areas then you may be able to sell it to businesses to help them grow.
14. Develop Games
If you have development skills, then building games in the metaverse can be very lucrative. This is especially true if you can create games that engage users and encourage them to purchase upgrades.
15. Become a Tour Guide
Metaverses quite literally offer users entirely new worlds to explore. So, tourists to these new areas will need guides to show them what is what.
This is a great way to make money for metaverse users who love spending their time exploring. Allowing them to show newbies around and give them inside knowledge on everything they need to know.
Now you know how to make money in the metaverse, and there are plenty of opportunities to do so. From becoming a virtual tour guide to creating awesome “wearables,” people are willing to pay for many products and services – just like in the real world.
Which method of making money is right for you will depend on your skills and what you find most interesting. Use the list we have provided to start your metaverse money-making journey.