Are you looking for ways to make money in the metaverse? Since Facebook rebranded itself to Meta in October of 2021, everyone is buzzing about the metaverse, its potential, and the budding economy that’s growing from it. People are curious about the idea of a digital world, or metaverse, so much so that more than half (56%) of all social media influencers are already working in this virtual landscape, according to an IZEA report.
Can people really make money in the metaverse? Yes. While the concept might be in its infant stages, there are plenty of people who are capitalizing on the fresh-faced metaverse economy. To help you explore options, here’s a look at what the metaverse is and five ways you can start making money in it.
What is the metaverse?
The truth is, the term “metaverse” is tough to explain. There are countless articles online that claim to explain it, but most of them are abstract or extremely long definitions of what it “could be.” It’s like talking about the internet in the 1970s. We all knew the internet was coming, but we didn’t know what it would look like, describes WIRED.
The most succinct way to define the metaverse is to say it’s a digital world where users “live,” by using a combination of technologies like virtual or augmented reality, says USA Today.
Some people believe it’s “the next internet” and will be a place where people work, play and interact with friends. Users might go virtual shopping together, attend a conference or take a trip — all through the metaverse.
How can you make money in the metaverse?
If you’d like to make some extra cash in this virtual realm, here are some actionable ideas:
Influencers are buying property in the metaverse. Like a traditional land purchase, you buy it now with the long-term plan of selling it when it’s worth more money. How do you buy it? There are several platforms that facilitate the sale of metaverse property, like Decentraland and Upland.
You don’t pay in traditional currency. Instead, you pay in cryptocurrency like MANA or SAND, depending on the platform you use. How does digital currency compare to traditional currency? One MANA is about $2.70. Currently, the cheapest property in the Decentraland is 3890 mana, which translates to $10,500.
Obviously, to buy metaverse real estate you need to make a fairly large investment, but it’s not the only way to be profitable in this digital space.
Buy advertising space
You can buy in-world advertising space. For instance, you can buy a billboard and promote your real-world products or you could buy the billboard and rent it out. Influencers can promote their YouTube channel, a virtual brand could promote clothing for avatars, or a brick-and-mortar restaurant could promote its delivery options.
The billboard might live in a virtual town square or alongside a highway.
Buy metaverse tokens
You can buy currency used in the metaverse. As mentioned, MANA and SAND are two options, but there are many different currencies.
To get started, you need a crypto wallet. Think of it like a bridge between traditional currency and digital currency. MetaMask is the most popular crypto wallet, but Coinbase and Binance are also options. Next, you’ll go to a crypto exchange and use your wallet to buy coins directly. Buying tokens is similar to investing in stocks in the sense that you can buy, sell and trade them.
Create and sell NFTs or digital items
For the metaverse to function as a digital world, creators need to produce all of its elements like avatars, homes, clothing, and cars. So, if you have a creative eye, you could design an entire line of clothing and accessories for avatars, for example. You could also sell music or art. These items could be sold as NFTs, or non-fungible tokens, which many brands, influencers, musicians and artists are doing. Several high-end clothing brands like Gucci are already creating stores in the metaverse to promote their digital line, so this concept will likely grow in years to come.
Create Shake listings
You can create Shake listings to work with brands in the metaverse by developing sponsored virtual worlds, wearing or creating branded virtual objects, and promoting or co-creating custom NFTs on behalf of brands. You can set your own pricing and communicate directly with brands.
The metaverse might be a new concept, but it is growing quickly. It will continue to evolve over the next decade, but if you’re interested in making money, it might be worth it to experiment now while it’s still taking shape. Consider trying one of the money-money ideas listed above to get your start in the metaverse and read IZEA’s Influencing the Metaverse research to get more insights.
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