How to Make Money in the Metaverse
Since Facebook announced that it was changing its name to Metaverse, the term has been hot on people’s minds.
People have been looking at how to make money in the Metaverse for far longer than the last couple of months, though.
Whether you’ve been aware of what a metaverse is since the first ones were around, or you’re looking at ways to make money in the Metaverse without any previous knowledge, these are the top things to know.
What is the Metaverse?
Many who are newer to the idea of Metaverse may be inclined to believe that this concept is something brand new, but it’s been popular since the release of Second Life in 2003.
This site combined multiple parts of social media into a virtual world where people could play as avatars, spend real and digital money on items and services, and connect with people in ways that were impossible before.
Modern ideas around earning money in the Metaverse revolve around Facebook rebranding to try and step into this digital market.
Simply put, the metaverse is a virtual realm that parallels our real lives, in which almost anything is possible. Talk about living a double life.
The metaverse is made possible by 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)
Facebook is not only trying to change its name and identity as one that’s focused on a digital marketplace where corporations and individuals can make money and connect, but it’s also trying to reinvent how the world views online communities.
In any metaverse, goods and services can be sold, people can pay or create incredibly unique looks and interactive items, and connections can be made.
This means stores where you can buy digital goods, digital restaurants and clubs, movie theaters where you can share a film with countless people, and a live stock market that controls real money.
It’s an incredibly unique way to connect with people digitally to the degree you feel like you’re physically in the world.
Although there’s a sixteen-year history behind creating this type of community, the new Metaverse is undoubtedly going to feel like a wild west of innovation and change.
13 Ways to Make Money Through the Metaverse
Any metaverse is no laughing game! These are real economies that allow you to take financial risks in the hopes of possibly gaining a major income.
When it opens, these are thirteen viable ways to make money through the Metaverse, and how much you can make by taking part.
1. Playing the Metaverse Stock Market
Average earnings per month: $10 or more per stock (Kiplinger)
Metaverse stocks are a hot topic already, even though the Facebook Metaverse platform doesn’t exist quite yet.
When dealing with digital stocks, you’ll be paying attention to not only the Metaverse itself but also the company that hosts it, NFTs, and multiple forms of Cryptocurrency.
Metaverse stock market will also have creators within the virtual reality on it and their companies or products, which you can also invest in.
Tactics for Success
Although paying attention to trends is vital, be aware that previous bias may allow you to make a poor choice. When presented with investing in the Farmville company, many aren’t interested, until they realize Zynga has had a strong tie in the Metaverse since 2013.
If you’re new to stocks altogether, be aware that it’s a gamble. Whether you’re playing the stock market on Wall Street or in the Metaverse, you’re gambling money on a hunch that you could gain returns.
Average earnings per month: $200 to $1,000.
Play to earn is a simple format that’s taken off within recent years. You’re paid a small amount for playing games while watching ads or mining Cryptocurrencies in these.
Every kind of play-to-earn game is different, and in some Metaverses, it even refers to jobs like in-game waitressing or performing.
Consider what you want out of the game, what type of work you won’t get bored of, and how much you want to make. It’s difficult to make a full living off of this type of role, so it’s better as a side hustle.
3. Stream Content From Experiencing Metaverse
Average earnings per month: $3,000 to $5,000 (InfluencerMarketingHub)
Although many will want to enjoy the Metaverse first hand, more would rather watch streamers live out whatever type of life they want in these virtual spaces.
Recently Twitch streamers had their incomes leaked, and many people were surprised at the huge amounts they were making from streaming gaming content.
If you decide to go this route, it’s vital that you have a good microphone set-up, that you create a niche for yourself, and that you possibly include a face cam so that people can enjoy watching your reactions live.
Whether you want to earn money on Bigo Live or Twitch, the Metaverse will create endless content opportunities for creators.
4. Investing in NFTs
Average earnings per month: varies on investment
NFTs have been a hot topic for most of this year, especially since major companies like McDonald’s and Arizona Tea have gotten in on it.
Most investors are initially attracted to NFTs as a way to make money with digital art.
You don’t have to pay thousands of dollars for a piece of art, but you do need to have a digital wallet and a way for the money to reach your account.
The value fluctuates wildly based on the Crypto-market, so this is a gamble to be aware of. That said, it’s already beginning to disrupt what it means to sell art on eBay and other platforms.
Trends on the Rise
NFTs have seen a 704% increase from the second to the third quarter of 2021, with the market now sitting at $10.67 billion. This means that those who invest in the right ones can see a massive boost in value and possibly income, depending on their choices.
5. Creating NFTs
Average earnings per month: $1,000 to $40,000 (CNBC)
NFTs are fantastic as an investment, but as an artist, you can take it to the next level. If you’re skilled at drawing and understand how to make something eye-catching and unique, you could make major money creating NFT art.
There’s an investment necessary to post art for sale, but many networks will waive that fee if they feel like you offer many potential sales.
Creating a niche for yourself that stands out is vital here, like in many other business opportunities!
Currently NFTs are one of the hottest items to resell, across most of the major websites to sell stuff.
6. Create Custom 3D Usable Items
Average earnings per month: $5,354
If the game allows you to create custom 3D items or customize ones already in-game that can be used within the Metaverse, this can be a powerful tool. You can work with individuals or companies to bring their visions to life.
Although making making money with a 3d printer is not a new idea, it’s certainly a new application for it.
This is a project-to-project type of job, which means that you’ll likely have to treat this as a 9 to 5 job.
It’s important that if you do this, you advertise yourself both in and outside of the Metaverse to gain as many clients as possible.
7. Passive Income Through Making 3D Clothing or Item Rigs
Average earnings per month: $500+ depending on demand (InspirationTuts)
Do you love making items through 3D modeling or rigging? If so, the Metaverse was made for you!
Although there may be some restrictions depending on the Metaverse, you can create unique designs and sell them through your digital shop. It’s a cutting edge business idea you can start today with no money.
This will allow users to purchase your items, and use them in-game, meaning that you can sell as many of one rig as you want and gain unlimited income.
Tactics for Success
- You don’t have to invest in a 350 dollar program like Autodesk to learn how to create 3D items, free programs like Tinkercad will allow you to teach yourself 3D modeling until you’re more confident and ready to step up to a professional program.
- Although you can be inspired by real-world fashion and outfits, be aware of toeing the line too close to copyright infringement. Many companies from Disney to Versace will sue or send DMCA takedowns of anything they find infringing on their designs, so be careful.
Average earnings per month: varies based on goods and investment
Advertising within the Metaverse can be a powerful tool for any business, and will likely transform what it means to work in marketing.
This could mean renting out a digital advertisement in a city area or paying for unique items to be created specifically for your company that will bear its name and generate interest in its own way.
Unfortunately, the younger generations are far more opposed to advertisements. Many say it puts them off of a brand, so you must think about how you can genuinely connect with your possible audience.
9. Create Custom 3D Printed Items
Average earnings per month: $1,000 to $5,000 (3drific)
Although the Metaverse is completely digital, it’s a fantastic chance for anyone who loves bringing things into the real world. Not only that, it can also be a great side job for software engineers.
For example, if you have a 3D printer or don’t mind investing a couple hundred or thousand dollars in getting one, you can create 3D printed items based on things within the Metaverse.
This allows you to blur the lines between digital and real-world interactions and have a piece of their virtual reality within their 3D one.
Trends on the Rise
3D Printing has an aggressive annual growth rate, and is expected to grow by 23% up to $55.8 billion by 2027. Because millennials and Gen Z individuals have leaned heavily into hobbyist collecting in recent years, creating businesses selling physical versions of things usually only found in the Metaverse can earn you some major money.
10. Investing in Metaverse Industry
Average earnings per month: depends on investment size
The metaverse industry is more than just the game itself. It’s the virtual reality headset, the company that owns the Metaverse, investing in the technology that’s made to create it, and even the advertising that gets it to new users.
There are thousands of investments you can make that will directly line up with the success or failure of the Metaverse and can allow you to rise or fall with it.
11. Create Tutorials For Newbies
Average earnings per 1,000 views: $3 to $5 (HootSuite)
If there’s one thing Youtube has always offered, it’s tutorials.
Offering tutorials for newbies means that you’ll have information for anyone who doesn’t understand the Metaverse and give instructions on how to navigate it, and possibly even provide tips on how to make money through it.
But, of course, you need to have a good personality and voice and give people correct information that they can rely on. That said, creators are one of the most future proof jobs out there today, so it’s a great opportunity to consider.
12. Become a Brand Ambassador
Average earnings per month: $4,380
A brand ambassador is something that everyone has heard of, and is a popular way to make money on Twitter and other social media. But in the Metaverse, this can be taken further.
For example, a digital brand ambassador would talk with locals, get out affiliate links, and offer real connections with people that bots can’t.
You can still enjoy a great life in the Metaverse and do whatever else you like when you’re not representing a brand, but you’ll have to work a set number of hours to spread the word about them.
Some brands require accounts that belong to them to be used, while others would prefer you use your account so you can build more natural connections.
13. Virtual Property Rental
Average earnings per month: depends on the size of the plot and location
Like any real-life city, the closer a property is to the main location in a town, the more it’s going to cost.
Some virtual properties have sold for hundreds of thousands of dollars, which is incredible considering more than some physical properties have sold for.
So the main thing you have to do to succeed with virtual property rental is to get in as early as possible to get the best piece of digital real estate possible.
What is Metaverse Economy?
Most modern economies are based on the idea of supply and demand. With digital goods, this can be difficult because scarcity has to be manufactured for it to exist at all.
The metaverse economy is based on the trade and purchase of digital goods, ranging from NFTs to outfits and even digital pets.
Judging by the massive corporate support of NFTs, there’s a big chance that the economy will be kicked off to a large start as these companies invest in advertising, selling digital goods, and buying real estate within the Metaverse to host a shop or entertainment location.
The economy will fluctuate heavily at first, which is expected with any new currency or economy, yet there’s already tremendous interest in it even though it hasn’t been released yet.
It’s not everyday a new economy is minted, perhaps it becomes a future area of study for getting an economics degree.
Although there’s a large learning curve when you first explore the Metaverse, there’s no limit on how much money you can make through it!
Getting to know your options- from different metaverses to different lines of work- can allow you to make a large amount of money!