From designing virtual items and hosting events to DJing and playing games, the ever-evolving world of the metaverse offers plenty of opportunities to start earning a profit. In fact, making money there is easier than you think.
Built to be the space where the next digital revolution happens, the metaverse now provides many exciting money-earning options that even designers like Gucci and Louis Vuitton exploit. That’s why we’ve decided to tackle the matter of how to make money in the metaverse and explore popular methods to help you set yourself up as a virtual entrepreneur.
Can You Make Money in the Metaverse?
Yes, you can make money in the metaverse. It’s a place that’s becoming increasingly attractive as more and more investors, designers, and gamers are turning to virtual activities to make a living.
Creating and selling a Non-Fungible Token (NFT) is currently the most popular way to make money in the metaverse. NFTs are digital assets and can be anything from art, apparel, music, or collectibles that represent real-world value and ownership and are typically sold through in-game or secondary marketplaces.
NFTs work like stocks or money in the metaverse. They can be bought, traded, and sold at an agreed-upon value and are tracked on the Ethereum blockchain, allowing for secure trading. This opens up various opportunities for creators to monetize their work in ways that weren’t possible before.
Before we dive into all the ways to make money from the metaverse, it’s essential to know that this environment is conceived to work pretty much like a real-world economy. It means you’ll have to build a network of contacts, have an attractive online presence, and research key trends related to NFTs or anything else you decide to monetize.
Here are all the activities that the 3D metaverse world offers:
- Shopping
- Gaming
- Trading art and collectibles
- Attending conferences and events
- Job opportunities
How to Make Money in the Metaverse?
There are several popular ways to make money in the metaverse, and all depend on your specific skills and interests. In terms of jobs, you can find entry-level, experienced positions, and freelance gigs.
For example, if you’re passionate about architecture or graphic design, you can engineer virtual worlds or craft digital experiences. Similarly, if you have an eye for aesthetics, designing items or creating artwork may be your thing.
The possibilities to profit and even get rich in the metaverse are as diverse as the avatars currently roaming it. It’s fertile ground for innovation, welcoming visionaries to plant the seeds of new social networks, ecommerce empires, and more – limited only by imagination.
Ways to Make Money in the Metaverse
1. Buy and Sell Virtual Real Estate
Nowadays, digital real estate on immersive platforms such as Otherside, Decentraland, and The Sandbox is becoming increasingly popular. And with the right research and insights into market trends, one could easily reap significant rewards from buying and selling land in the metaverse.
According to estimates, the virtual real estate market should top $5.37 billion by 2026. In fact, as per the current prices, these assets are worth as much as $4.3 million.
2. Rent Out Your Digital Real Estate or Land
Just like in real life, you can rent out your virtual land. This way, you’ll be involved in the ongoing development of a particular world or community while making money in the metaverse.
Businesses and individuals are always looking for prime locations to display their products, artwork, and services. Like buying and selling NFTs, users can list these metaverse assets for rent on in-game and secondary marketplaces to make money. The rent value depends on the proximity to the center of the virtual town and other popular areas.
3. Play or Invest in Play-to-Earn Games
Gamers can monetize their gaming skills by competing against others for rewards or prizes. Play-to-earn games work on blockchain technology, meaning anyone who scores can earn and enjoy themselves while doing it.
You can use whatever you make in cryptocurrency to buy in-game items, or you can collect tokens to unlock rewards and make passive income in the metaverse. Another option is to exchange your earnings for other cryptocurrencies or cash.
Blockchain games are also a lucrative niche for game developers to make money from the metaverse. Developers can sell their games, build new ones or sign contracts with companies to create games on their behalf.
4. Create a Virtual Shop
Virtual stores are becoming the norm in the metaverse and a gateway for brands to target their audiences. Setting up a virtual shop is relatively easy if you’re familiar with online ecommerce platforms.
Regarding products, you can sell virtually everything – from digital art and apparel to game assets and collectibles and even create your own brand. You buy something at a lower price and then sell it for a higher price through your shop. Additionally, you can use your shop to flip digital assets like in real life.
5. Offer Freelance Services
Professionals are already in high demand in the virtual world, and as it grows, there will be even more need for virtual labor. If you’re a writer, coder, or artist, why not offer your services as a metaverse freelancer? Believe it or not, this is how many people make money in the metaverse.
You can offer services to individuals and organizations or use your skills to create unique digital products – it all depends on your preferences and expertise. Just do your research, so you choose the right way or platform to promote yourself and attract more customers.
6. Event Organizing and Management
The metaverse is wide open with opportunities, and if you’re experienced in organizing events and shows in the real world, transferring your skills to the digital world will come naturally. From hosting virtual concerts to online workshops, there are plenty of ways to earn money in the metaverse.
You can create an avatar and manage a club or organize events ranging from small gatherings to large-scale conventions. Many metaverse creators offer their services as event managers, curators, or promoters – all of which require a certain level of expertise and knowledge.
7. Become a DJ
It may sound too futuristic, but it’s true: DJs now perform in the metaverse, and some even make a living. As a DJ in the metaverse, you can use your musical talent to create unique experiences for your avatars. So if mixing music is your specialty, look at the metaverse for your next DJ gig.
8. Start a Marketing Agency
If you’re already working as a digital marketer but have never gathered the courage to start your own agency, maybe the virtual world is the place for you. It’s a great way to start making money in the metaverse by offering your services as a way to help companies reach their goals faster.
In the metaverse, your mission would be to assist businesses in establishing a strong online presence using unique stunts, virtual games, and Non-Fungible Tokens (NFTs). These strategies will allow your clients to launch campaigns that can impact their success rate.
9. Open an Art Gallery
For people with experience in the art world, opening an art gallery is the best way to make money in the metaverse. You can create an immersive space for people to explore and showcase digital artwork.
You can also offer services such as consultations, exhibits, auctions, and even classes on virtual art. Additionally, you could sell limited-edition prints of well-known artists or even your work.
10. Become a Product Tester
Testing virtual products is no different than doing it in the physical world. Since the Metaverse continues to expand and new products are presented, product creators require individuals who can trial their goods and alert them of any problems or defects. Plus, you’ll be compensated for your efforts.
11. Invest in Metaverse Cryptocurrency
Money in the metaverse is just as unpredictable and unstable as other digital currencies. That’s why it’s best to only resort to investing if you thoroughly understand how the metaverse market works.
As far as crypto investments go, just like in the physical world, you have two options: invest for long-term profits or trade for short-term gains. While both can be attractive opportunities, always remember that the market is highly volatile. So our advice here would be only to invest what you’re willing to lose.
12. Invest in the Metaverse Index Fund
Another way to enter the metaverse and make a profit is to invest in its Index Fund. Similar to Mutual Funds in the physical world, the Index Fund is a portfolio of virtual assets, such as digital art, NFTs, and other cryptocurrency investments. Investing in it offers a simple way to diversify your exposure to different virtual markets and critical Metaverse-related crypto assets.
13. Launch Your Virtual Clothing Line
As of 2023, the Metaverse has 400 million monthly active users meaning there are as many avatars waiting to buy something unique to wear. If Gucci and Louis Vuitton can build their virtual brands in the metaverse, why shouldn’t you?
If you’re an artist or designer, creating your own line of digital clothes is a great way to make money in the metaverse. You can create collections for any genre, from futuristic and avant-garde looks to traditional apparel.
14. Start a Travel Agency
Suppose you’re an experienced travel agent in the physical world. In that case, you can certainly apply your skills to the metaverse and add a touch of entrepreneurship by creating your virtual travel agency. You can help people plan their trips within the vast and endless worlds of the metaverse, book tickets, and hotels, and even organize group excursions.
15. Open a Karaoke Bar
Whoever doesn’t like karaoke doesn’t know the meaning of fun, right? And with the rise of the metaverse population, karaoke bars are becoming a thing. You can build your virtual version of a karaoke bar, complete with its special effects, props, etc., and create and sell musical NFTs.
And the best part is that you don’t need any special skills to run it, just some basic knowledge of how the metaverse works and plenty of enthusiasm for singing. You can even host competitions, tournaments, and trivia nights and charge avatars for participating.
How to Make Money from the Metaverse?
Another great thing about the metaverse is that you can only partially immerse yourself in order to make a living. So here is a list of jobs you can do and still profit from the metaverse:
- Graphic designer
- Blockchain developer
- Hardware engineer
- Metaverse senior software engineer
- Digital marketing specialist
- Metaverse consultant
- Artist
- Game designer
- Author
Final Words
Learning how to make money in the metaverse is a great way to expand your career opportunities and increase your income. You can take a step into the future by using the limitless possibilities of this leading-edge technology. So, take the time to research and find out which niche works best for you to plan your strategies and make the most of what this virtual universe has to offer.