The Metaverse is an augmented virtual reality space created to imitate real-life experiences. The booming industry combines blockchain technology, cryptocurrency, gaming, eCommerce, digital identity, decentralization, and so much more.
N.B. Check out more on the Metaverse here
Earn money from using the Metaverse
With brand new technology come never-seen-before opportunities. For instance, the Metaverse is now offering and supporting various methods for making money. Here stands the important question: how do users profit from using the Metaverse? In this article, we will help you find the right answer.
Trading metaverse tokens
Probably one of the easiest and fastest ways to get into the busy Metaverse industry is by investing in its economy backed up by crypto tokens and digital assets. Besides, it is possible to generate passive yield income by staking tokens.
N.B. What is Yield Farming? Check out GetBlock’s article
Launched in March 2022, ApeCoin is an ERC-20 token used for governance and utility on the Ape network. Yuga Labs, the mastermind firm behind popular Bored Ape Yacht Club NFTs, launched the token to support the current Web3-oriented direction of the project. What’s more, APE holders are given exclusive access to games and other Yuga Labs products.
Although ApeCoin experienced some bottleneck problems during the launch (the sale drove up extremely high gas fees on the Ethereum network), the token is fairly successful (currently ranked #32 according to Coinmarketcap.com).
The Sandbox (SAND)
Source: The Sandbox
SAND is the utility token of The Sandbox - the virtual world, initiated back in 2011 and mainly focused on the gaming industry and NFTs. The Sandbox is one of the primary projects to introduce blockchain technology to the masses, hence why the value of SAND is supported by a strong community.
Decentraland’s native token MANA received worldwide recognition shortly after the NFT boom began. Introduced in 2017, MANA is currently the largest metaverse token according to its market capitalization, thanks to the growing popularity of the Decentraland metaverse project.
You might also want to check out: AXS (Axie Infinity), FLOKI (Floki Inu), TVK (Terra Virtua Kolect)
Play-to-earn metaverse games
Enrooted with the previous point, the Metaverse gaming sector provides users with the ability to create real-life-like content and generate income by simply playing blockchain-based games. Hence, its name “Play-to-Earn”. Participants can earn money through trading in-game assets, NFTs, creating “let’s plays”, and - naturally - via game development. Essentially, each game offers its own earning mechanism for players.
Some of the popular P2E games we recommend looking into are Axie Infinity, The Sandbox, Decentraland, Gods Unchained, Splinterlands, CryptoKitties, StepN, etc.
Next up, we are going to talk about eCommerce. The act of buying and selling goods on the Internet is now more than just a simple act of performing a transaction; it is a form of virtual experience. Big brand names, such as Nike, Adidas, Samsung, Louis Vuitton, Gucci, etc, have opened their stores in the Metaverse, making the shopping experience much more exciting. Moreover, various items purchased in the Metaverse can be delivered straight to your door.
These goods are usually sold in the form of NFTs (non-fungible tokens). What’s more, NFTs help to boost the digital art industry, with some non-fungible tokens trading for real-world value.
N.B. Check out GetBlock’s guide on how to start an NFT collection
Metaverse real estate
Real estate is now integrating into the Metaverse, mainly focused on two of its most prominent projects - Decentraland and The Sandbox, which let users sell tokenized plots of virtual land. The Metaverse could be useful for investors unsure about betting their money on the real-world estate or users wishing to become real estate agents of properties represented in the Metaverse. Digital land can also be temporarily rented by individual users and metaverse businesses.
Last but not least, is the online entertainment industry. The thriving sector is bringing millions of dollars in revenue each month. Metaverse entertainment includes live concerts, parties, movies, games, casinos, etc. Users can make money by selling tickets and merchandise. It is also possible to host a wedding in the Metaverse. The couple can invite guests to their themed wedding venue decorated with the help of a wedding designer. Avatars can have their first dance together and communicate with each other.
Final take on the Metaverse profitability
The sales of non-fungible tokens via the Metaverse recorded a total of $24.9 billion in 2021, as opposed to $94.9 million in 2020. This proves that the booming sector remains highly valuable and demanding in the technological sense. More and more international companies are considering joining the Metaverse. Hence why, we are currently watching the space expand larger and gain more influence.
While companies like Meta are already generating profits from their activity in the Metaverse, there are several ways individual users can also make money. The list of methods is not limited to the one we talked about in this article, as the main power of the Metaverse is its freedom and no-limit policy.