Do you know How to Make Money in the Metaverse? Facebook has now officially rebranded as “Meta” because it is the future. Metaverse is the next big thing! That is why; you need to explore how to make money in the Metaverse? Because it holds an immense amount of business opportunities. Various giants like Facebook and Nike have now officially embraced the age of Metaverse due to its potential.
On October 28, 2021, Facebook took a leap that will change the way we see our future. The Facebook Corporation officially rebranded as “Meta”. Zuckerberg announced that he sees his corporation as a “Metaverse” company. Right after this announcement, the term “Metaverse” started to make rounds on mainstream and social media. This cutting-edge technology is bound to revolutionize every aspect of human life. Metaverses will be valued at $800 billion by the year 2024.
So, what about money-making, which is a key aspect of human sustenance. Wondering how to make money in the Metaverse? Let us find out.
We will discuss all the essential facets of money-making in a Metaverse. First, we need a sound understanding of what “Metaverse” is.
What is a Metaverse?
In essence, Metaverse is a virtually shared universe. The term first came into being in science fiction. The term “Metaverse” is made up of two parts. First, there is the prefix “meta”, which means beyond. Secondly, there is the “universe”. Many other terms are also used to denote Metaverse. Some of them are Virtual Environment, three-dimensional internet, alternative economy, or the world.
It is a broad term that refers to all kinds of lifelike digital spaces. These include VR (virtual reality and AR (augmented reality).
Let us put the whole concept in a definition for Metaverse. It is defined as, “It is a virtually shared and collective space. It is created and powered by the merger of two sorts of realities. The two realities; physically determined virtual space and a physical space that is virtually enhanced”.
In this way, both digital and physical experiences come into play. As a result of their integration, “Metaverse” comes into being. This is just like a parallel universe. Metaverse will change the modes of human interaction. This includes social, work, and shopping. This means modes of making money will evolve as well. Anything that holds the potential to exist in reality can also exist in a Metaverse.
Two Key Aspects of a Metaverse
There are two critical aspects of a Metaverse.
The first one is “Decentralization”. Most of the present VR is based on blockchain technology, largely on Ethereum. That means a single centralized authority is not ruling the game. In fact, various autonomous entities are operating the economies.
The second key aspect of a Metaverse is “Monetization”. Now, Metaverse will offer more enhanced modes of making money. Primarily, the blockchain virtual realities enable the users to create digital assets and content. Users can sell, rent, and trade using cryptocurrencies. Making money is integral to the Metaverse. Metaverse will introduce enhanced modes for making money and opportunities for businesses.
Let us now delve further into learning on How to Make Money in the Metaverse?
How to Make Money in the Metaverse?
We have six modes of making money in a Metaverse. All these modes are an integral part of physical reality. However, they are reimagined in a “Metaverse”. Their scope and value will now exist in both the physical and the virtual Metaverse world.
Marketing & Advertisement
Metaverse is going to be the mega-hub for marketing and advertisers. This world can totally mimic real life. However, the interaction opportunities and platforms are infinite yet varied when it comes to Metaverse. In the same way, how people interact with ventures, products, and brands will be endless. That, in turn, will open various channels for advertising.
An example of this is In-game Advertising. Young people now interact and socialize in online gaming spaces such as shopping malls. This opens a new arena of advertising. Developers will now inculcate marketing elements in such virtual spaces. These virtual spaces have a huge potential to become huge marketing channels.
Virtual Property Acquisition & Renting
This might sound vague to you, but it is the new reality of making money in a Metaverse. Users can now sell virtual land. This will be a blank space. The buyers or owners will have full command over that land. They can build whatever they want on their land. It can be a mall, house, hotel, or even a casino.
Moreover, users can rent such virtual buildings. They can also impose any sort of admission charge. Plus, they can even rent advertising spots. In this way, it becomes a source of revenue generation.
It is noteworthy that such virtual properties are investments. Their value can vary over time.
Money Making through the NFT Gaming Model
Various blockchain games and NFTs have introduced a “Play to Earn” Gaming Model for the Metaverse. This is the true game-changer. According to this model, gamers exercise ownership and command over the In-game assets. This gives them the freedom to exchange and trade for real-life money. Various gaming economies have already implemented the “Play to Earn” Gaming Model successfully.
Investing in Cardinal Blockchain Tech Protocols
At the moment, Ethereum Blockchain tech provides the foundation for most of the Metaverses in existence. Ether (ETH) is the native digital currency for the underlying Ethereum Blockchain technology. However, the price of Ether (ETH) is soaring. In addition, it has created a kind of monopoly by Ethereum.
Things are changing now. Other blockchains are now entering the game. They are enabling their own smart contracts with the NFT functionalities. That, in turn, is attracting institutional investors.
The high price of Ethereum has allowed other protocols to compete. They are offering better and affordable scalability solutions. Plus, they have lesser network charges.
Investment in NFTs (Non-fungible Tokens)
In essence, NFTs (Non-fungible Tokens) are collectibles in nature. They are also considered abstract assets. They use blockchain technology to record the possession of assets such as videos, images, or any sort of collectible. NFTs are unique in their properties. They hold the tendency to become scarce and valuable.
Just like physical assets, their value can vary over time. Investors do expect their value to increase. Investment guides for NFTs are all over the internet. Many users are discovering their potential.
NFTs are a valuable part of a Metaverse.
Investment in the Metaverse Industry
Soon, we will completely be submerged in Metaverses. That means our business ventures will follow suit. This is the reason many investors and giant companies are investing in the Metaverse industry. Facebook is the biggest example of this. On the other hand, Monetization is a key aspect of a Metaverse. That means making money is core to a Metaverse.
Metaverse has provided a multitude of investment opportunities for businesses. This has also boosted the value of various Metaverse digital currencies. It makes investment in Metaverses more beneficial.
However, investment in the Metaverse takes a traditional approach. You can invest in the stocks of Metaverse-focused businesses. Other potential investment areas are gaming, technology, social media, and e-commerce.
In a Word
Well, now you have a sound idea on how to make money in the Metaverse. Metaverse is surely a portal that opens in a new world full of money-making opportunities. However, know that metaverses are still in their budding stages. Although many companies have taken the leap, there is still a long way to go.
Plus, another setback of Metaverses is that they are not interconnected. They are operating in their own capacities.
Still, things will escalate faster. Metaverses will soon clear the limitations to take over the world.