The Metaverse has ushered us into a new era where the distinction between the physical and the virtual is fading rapidly. Individual users, companies and even celebrities like David Guetta, Armin Van, Paris Hilton, Marshmello, etc. are flocking to be a part of this revolution, gain visibility, and make money.
But what is the Metaverse, and with billions of dollars flowing in and out, how do everyday people like you and me make money from it?
If you’re a digital nomad or solopreneur looking for ways to make some extra bucks, this article on how to make money in the Metaverse will open your eyes to whole new money making universe!
Image Credit: Enter the crypto, CC BY-SA 4.0, via Wikimedia Commons
This question had been discussed widely in the crypto and Web3.0 community on Twitter, with some believing that the Metaverse cannot be easily explained, and instead is a utopian (or dystopian depending on your own opinion) version of the future in which our entire lives are interconnected and ran via the online universe.
Make of it what you will, but right now the best way to explain the Metaverse, is as a 3-dimensional cyberspace environment where people from different aspects of life can connect. It is a graphical application where users can shop, work, meet, and even play games.
It is a combination of virtual reality, augmented reality, and blockchain. It is like a virtual version of the world that can be accessed online.
I know; its hard to get your head around. You can’t truly understand it until you start to play around with it, and even then, even the true experts admit it’s such a huge and developing concept, that no one is a true expert.
This means that even if you can just start to get a base understanding of how it all works, you’ll be heads and shoulders in front of most people on the planet right now!
One great aspect of the metaverse platform as it stands today, is that users can engage in different activities that can help them to earn. It is an optimum combination of decentralized governance (which is good), economies, and digital identities.
In a nutshell, the Metaverse is a simulated digital environment like any other digital or physical world with various opportunities to make cash.
Here is an overview of how to make money in the Metaverse in 31 different ways. I suggest you pick a couple you like the look of and strive to research and master those strategies, rather than trying to understand the entirety of the Metaverse in one go.
The more you start to immerse yourself in a particular strategy or strategies, the more you’ll start to understand how it all works!
Image Credit: BAYC8817
Creating and selling NFTs or non-fungible token is one of the more popular ways to make money in the Metaverse. NFTs are popular and you can create NFTs for anything such as animation, song, painting, etc. You can use tools like VoxEdit to generate and sell NFTs through in-game or secondary marketplaces.
You can allow other people to mint your non-fungible tokens, that is, allow others to copy and reproduce your designs so that you can earn a small percentage of the sales every time people buy the design.
It is expected that by 2026, the digital real estate market will increase by $5.37 billion. This has led to a price increase leading to virtual land being sold for as high as $4.3 million.
Land has become a hot commodity in virtual worlds like The Sandbox, Decentraland, and Otherside. This has opened opportunities for users to make good money by buying and selling Metaverse real estate.
If you own virtual real estate in a good location in the virtual world, you can rent land to individuals and businesses willing to pay heavily to display their products, services, and digital art.
The rent value depends on the proximity of your virtual land to the virtual town center and other famous places (just as it is in the real world). You can list your digital assets for rent on the in-game marketplace or secondary marketplaces.
Games like Axie Infinity will reward you based on your performance. You can also complete challenges and win competitions in a game in the virtual space to earn money.
There are many such play-to-earn games available in the virtual universe that offer similar opportunities to earn cryptocurrency.
Image Credit: Ceek
By setting up virtual stores, Metaverse platforms allow businesses to connect with their target audience where they are. This is simply an extension of the ecommerce world. Rather than just looking at a set of images and descriptions of products, you get to virtually wander about the store and look at products as if you were actually there.
As a brand, you can set up a virtual business and allow your audience to purchase both real-life items and digital accessories from your virtual store.
If you want, you can also flip digital assets through your store, that is, you buy something at a lower price and then sell it for a higher price through your store. Much like online arbitrage, but in the Metaverse!
Participating in virtual events, concerts, shows, and movies is another great way to earn money. You can join discussions on AI, blockchain, gaming, etc., or you can socialize with family & friends and watch live gameplay.
You can perform or share your expertise, and in return, receive rewards and payments. You can even join seminars and virtual conferences as a beginner to make money online.
This is great for musicians, speakers, educators, actors, etc. Anyone who currently performs live, but would love to do so in front of a global audience.
If you’re not a performer yourself, but love to organize shows or events, consider becoming an event organizer or promoter in the Metaverse space.
Similar to real-life event management, you’ll need to organize everything such as selecting the right venue, ensuring all the necessary equipment is present, etc. You can organize various types of events such as work conferences, concerts, comedy nights, etc.
If mixing music in real life is a thing for you, you can earn by picking DJ gigs in Metaverse’s digital worlds. With a rapid increase in Metaverse clubs & parties, there is a growing need for DJs who can keep the virtual crowd entertained. If you want to learn how to DJ, platforms like Tribe XR can help you.
Built and issued by Ethereum, a Metaverse Token is an open-source digital asset that you can easily exchange for cryptocurrency.
Because they have the potential to increase in value over time, buying & trading Metaverse Tokens can be a lucrative business if you already have experience in trading cryptos. Decentralized crypto exchanges are reshaping the financial landscape by facilitating peer-to-peer transactions, eliminating intermediaries, and promoting greater transparency and security.
A Metaverse marketing agency is similar to a digital marketing agency, but here, you will be helping companies to establish a presence and launch marketing campaigns in the form of stunts, virtual games, and NFTs.
Since the Metaverse is new & growing, businesses are looking for Metaverse users to boost their virtual presence.
If you have digital branding and advertising experience, and are willing to immerse yourself in understanding how a business could benefit from the Metaverse, promoting other people’s businesses via your marketing agency might be a perfect gig for you.
Education and tutoring initiatives are on the rise in the virtual worlds of the Metaverse, and online in general following the the COVID-19 pandemic when schools were forced to close and people realized they could both self educate and work from home.
If you have tutoring or coaching experience in the real world, you can connect with learners and use your skills to earn money.
If you love art and enjoy creating and selling NFTs, you can create a Metaverse art gallery to display your masterpieces!
You can then charge a fee to allow other residents to visit your gallery. Those willing to purchase your artwork can do so, thereby opening another income stream for you.
Virtual worlds in the Metaverse are vast and endless and growing. People will likely find it difficult to navigate the ever increasing landscapes.
This gives you the opportunity to start a travel agency offering various services such as guided tours, hotel bookings (I kid you not), and so on. If starting a full on travel agency doesn’t float your boat, becoming a Metaverse tour guide might suit you better.
Perhaps you can sell your services to a travel agency!
As the Metaverse keeps growing and new products enter the marketplace, product creators are looking for people who can test their products and help them identify defects. The job is very similar to product testing in the real world. The only difference is that you’ll be testing virtual goods, and getting paid for the pleasure.
Metaverse architecture refers to the act of designing and building digital worlds and structures. People who buy land in the Metaverse take their virtual homes very seriously and are constantly looking for designers who can build virtual structures for them.
If you possess excellent designing skills or have a background in architecture, you can design, build, and maintain new virtual worlds and structures and make money.
VR games are big business in the Metaverse.
If you love to game or fancy yourself a game designer, you can use a virtual reality design platform to build a world and combine it with your storytelling skills to put together an immersive VR game for Metaverse users to buy and play.
The good news is that (apparently) you don’t need advanced technical skills.
Like other cryptocurrencies, Metaverse Cryptocurrency is highly volatile. Only consider this option if you have comprehensive crypto trading knowledge.
Crypto investment has two variants. One is to invest and make profits in the long run. The other is to trade in crypto and make short-term gains. As with all investments, always remember, there are no guarantees, it’s highly risky and never invest what you can’t afford to lose.
If you’re currently a freelancer on Upwork or Fiverr, why not transfer your skills to the Metaverse?
If you are an artist, a programmer, a writer, a photographer, a translator, etc., you have skills that are highly marketable. As the Metaverse grows virtual labor will become an increasingly popular route to make money online.
With the competitiveness of the freelance world as it stands now, the faster you learn how to market your skills on the Metaverse, the more money you’ll make!
Another way to make money in the world of virtual reality is to invest in the Metaverse Index Fund. When you invest money in the Index Fund, your money gets spread across various companies to reduce risk. It is very similar to Mutual Funds in the real-world.
If you currently sell physical clothes, I’ll bet you never thought digital clothes would be a thing!
But the increase of online avatars means they’re looking for something to wear.
You can capitalize on this by introducing a virtual clothing line and selling them through a virtual online store. You can list and sell them as non-fungible tokens (NFTs), which are essentially crypto assets that can be bought or sold on a blockchain.
Yet another way to earn is to start a karaoke bar in the world of virtual reality and augmented reality. You can even create musical NFTs and sell them to potential customers. You could also hold special events such as speed dating or trivia nights and charge users to participate.
Just like your local Karaoke bar, but in the Metaverse!
Another profitable business model for the Metaverse, is designing and selling 3D accessories. Much like digital clothes, 3D accessories are in high demand because users want to dress their avatars in headgear, gadgets, wearables, outfits, etc.
Almost every metaverse platform offers design tools you can use to design 3D accessories.
With brands like Balenciaga, Louis Vuitton, Gucci, etc. already selling digital versions of their products, it’s not unlikely that people need to decide what their avatars need to wear when entering the Metaverse.
If you have great fashion sense, you can become an online personal shopper for users and offer them avatar fashion advice in exchange for a fee.
All of the above are how to make money ‘in’ the Metaverse, but there are also plenty of ways to make money ‘from’ the Metaverse.
Not everyone will want to learn the ins and outs of how the Metaverse works, just like the early days of social media etc. For example, I made a lot of money back in 2010/2011, teaching businesses how to use facebook.
If you study it long enough and become an expert in the industry there are lots of ways you can utilize your learnings to generate an income. Here are a few routes to consider:
24. Start a Blog
The Metaverse and Web 3.0 is hugely complex.
If you can immerse yourself in the topic and write online to explain this new technology in a way people can understand, you’ll be ahead of the curve.
You can monetize your blog through display ads, affiliate offers, paid courses, paid postings, etc.
25. Become an Author
If starting a blog doesn’t interest you but you love to write, why not start to author & publish helpful books about the Metaverse, augmented reality, virtual reality, crypto, blockchain, etc., and sell them through platforms like Amazon KDP and earn royalties.
You could sell ebooks, print books, even narrated books on Audible and make it your mission to give as much value as possible, helping people navigate the new world! What a great way to learn and teach at the same time!
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26. Start an E-commerce Business
There are a lot of tech geeks who actively look for t-shirts, caps, laptop stickers, etc., displaying quotes or memes on their favorite tech subjects.
You could start selling Metaverse and Web 3.0 paraphernalia (both physical and digital) through an online shop (powered by Shopify or other software) or through platforms like Etsy, Amazon, RedBubble, Instagram, etc.
27. Become a Metaverse Coach
If you’re spending all this time learning, put your knowledge to good use by offering consultation and coaching to companies and businesses, and help them devise strategies to reach more users and interact with them in the virtual world.
28. Become a Metaverse Influencer
Metaverse is the new frontier for social media. You can use your social platforms like Twitter, TikTok, YouTube, etc. to become a Metaverse influencer and monetize your content through channels like video views, sponsorships, etc.
29. Start a Newsletter
Consider starting a newsletter all about the Metaverse and Web 3.0 and monetize it with options like ads & sponsorships, email courses, affiliate marketing, etc.
These days platforms like Substack mean you can build an email list and sell a newsletter subscription service at the same time!
30. Start a Podcast
There are already a few podcasts around on Web3.0 assets, crypto, blockchain etc. However most of them are hosted by techie’s who assume the layman already understands tech talk!
There’s a huge gap for those who want to learn about and explain the Metaverse and associated topics in an easy to understand way, and if you start now, just think where you’ll be in a couple of years.
Starting a podcast is a great way to learn as much as you can about the Metaverse, while offering amazing value to your listeners! Make it your mission to interview Metaverse & Web3.0 experts and probe them to explain everything as if they’re talking to a 4th grader. Making money podcasting sounds like the dream job to me!
You can monetize your podcasts using ads & sponsorships.
31. Sell Online Courses
Online courses have always been a great way to make money online, but even more so recently, as users have become more attuned to learning new skills from the comfort of their homes.
You can create and sell online courses about crypto, Web 3.0, and Metaverse using platforms like Teachable, Kajabi, Thinkific, etc.
Yes, you can, but it will be a virtual presence for which you will need to purchase digital real estate and hire a 3D designer to create a custom space. You can then sell both physical and digital products from your space.
Yes, you can host events within Metaverse. If you don’t own land within Metaverse, you can rent digital land from other users to host your events like conferences, virtual concerts, comedy shows, etc.
While the Metaverse is not a replacement for the physical world (yet), it is a digital extension of the world we live in now, where you can interact with people, socialize, explore new worlds, and even buy or sell digital products and services.
As new and developing technology, for those who are prepared to learn, it provides ample opportunities to make money from the comfort of your home or, as a digital nomad, from anywhere in the world.
Please be careful though. While there are plenty of earning opportunities, there are also many ways to lose money. Study, do your own due diligence, don’t invest just because your friend said so, and if it seems too good to be true, it probably is.
And, due to its complexity, while it may take some time to learn the basics, it’s going to be well worth it in the long term.
I hope this list of how to make money in the metaverse has helped and inspired you to explore further resources. Good luck!