By 2021, there will be 3 billion gamers in the world, and the sector will have a turnover of hundreds of billions of dollars. The industry is so big that video games are considered an addiction in some countries and so big that governments even restrict young people’s access to video games. In short, video games are a thriving industry.
Although the industry is currently experiencing a bull market. Blockchain games have a lot of growth ahead of them, and there are several ways to make money in the metaverse. Several factors are driving this growth, but much of it concerns the development of NFT, blockchain technology, and, perhaps most importantly, the “play to earn” gaming model.
How to Make Money in the Metaverse?
While the possibilities are endless in the Metaverse, the following areas have already shown concrete results with even greater growth potential.
Games to Make Money
No industry has a more direct way to enter the Metaverse than the gaming industry. Virtual worlds in the Metaverse have existed for years in the form of online games. Fortnite, one of the most-played video games of the last decade, made headlines when the game hosted a virtual concert.
Users can make money in the Metaverse in two ways:
- Creating content through Let’s Play
- Developing games and selling them
For everyone else, however, game assets and NFT are the main way to make money from metaverse games.
NFT games, such as NFT DUEL and God Unchained, offer players the opportunity to earn money simply by playing these blockchain-based video games. Each game has its method of earning money.
The most popular games in the Metaverse genre are:
- NFT Duel
- Axi Infinity
- Gods Unchained
- My Neighbor Alice
- The Sandbox
Travel and Tourism
Virtual reality travel in ancient Greece and Egypt became popular when the world was quarantined amid a pandemic. They allowed users to cross borders from the comfort of their homes and travel back in time.
With the growing popularity of the Metaverse concept and the improvement of global travel media, travelers should be able to check out accommodation options before planning a vacation trip. This creates significant business opportunities for travel companies and the hospitality industry, which can use Metaverse platforms and reveal their products to attract new users worldwide.
Online Concerts and Virtual Parties
Online events are one of the most popular methods to make money in the Metaverse. XANA, for example, allows users to organize events in their virtual world. The Weeknd’s concert on TikTok was the first proof that virtual concerts can be successful if managed effectively.
With other famous musicians like Travis Scott and Ariana Grande performing in Fortnite virtual worlds, the concept of online concerts and parties is only getting stronger. So it’s a great symbol for aspiring musicians, event organizers, and even businesses to experience a virtual space that can help them make money and attract new audiences beyond traditional boundaries.
Shopping in the Metaverse is not just a buying and selling transaction. It’s a virtual experience. People can be paid to test and give feedback on digital and physically delivered products. As more and more companies and brands join the Metaverse, the need to test and evaluate products will undoubtedly grow.
Shopping also extends to online games, where in-game items such as skins can be sold as NFT at crazy prices. This is what game development giant Ubisoft has done.
Virtual Real Estate Trading
Real estate in the Metaverse? It sounds like an idea out of a sci-fi movie, but the reality is often more profitable than fiction.
Virtual property is a reality in metaverses such as The Sandbox, Decentraland, and others. Trading these properties online is increasingly popular, selling in the millions.
Also, in the Metaverse, property owners and real estate agents can use traditional business strategies to generate revenue from digital properties.
Sale of Real Estate:
virtual real estate can be bought and resold at a higher price, just like other digital assets.
Digital real estate can be rented to artists, game developers, and others who want to enter the Metaverse real estate scene but can’t yet afford to buy digital real estate or simply don’t want to own virtual real estate. They can use this real estate to run their business or promote their content by paying rent.
Commissions can also be charged for digital parcels. Metaverse experts can act as a link between buyers and sellers by offering their advice as intermediaries. A better selling price means better commissions.
Management and Hosting
Experts can also manage digital properties and market the territory by organizing virtual events such as concerts and conferences. These professionals can be hired by companies operating in the Metaverse or by organizing events such as concerts, parties, and fashion shows. Warner Brothers’ recent plan to launch a virtual concert hall demonstrates the growing appeal of the Metaverse.
3D designers can use the upload feature to upload 3D assets as digital objects that can be traded as NFTs and used on various Metaverse platforms.
Metaverse Token Trading
Metaverse tokens are virtual currencies used for transactions like any other currency. However, they are more convenient because transactions are instantaneous, thanks to the blockchain.
Users can buy, sell, earn, or exchange these tokens. In addition, owners have access to various services within the corresponding Metaverse.
Metaverse tokens are unique in their functionality, as they have value both in the Metaverse and the physical world. These cryptocurrencies, such as MANA, can be exchanged for traditional currencies, while digital properties, such as NFT, validate ownership of art and other assets in the real world.
Digital Art Trading
The most polarizing topic on social media today is undoubtedly the unplayable tokens that have taken the world by storm. NFTs are the most lucrative source of money for digital artists and owners in the Metaverse. Even some of the world’s most famous personalities have purchased these works of art. Owners are selling their NFTs at a high markup, and it looks like the top prices continue to rise.
Since the advent of the first printing press, advertising has been the backbone of the media industry’s revenue. But today, online advertising is taking a step further into the Metaverse, where brands use digital ad spaces, including real estate, billboards, and social forums, to promote their marketing campaigns. Brands can take advantage of the Metaverse, whether trying on newly released outfits or placing products in existing or new VR games.