While the primary definition of cryptocurrency is still not entirely clear, experts are now talking about how to earn Passive Income in the Metaverse.
And while some debate the metaverse’s future, others are already profiting from it.
What is the Metaverse?
A metaverse is a 3D virtual world that represents Web 3.0, the next phase in the evolution of the internet. It refers to virtual environments where users can engage more fully with digital content than just viewing it.
Instead of browsing an online clothing store, you could use VR to tour virtual malls and try on clothing there before purchasing.
A metaverse allows you to do things like attend virtual events, complete daily tasks, and buy real estate.
Following Facebook CEO Mark Zuckerberg’s announcement that his corporation would change its brand name to “Meta” and transform from a social media giant to a metaverse company in October 2021, the concept itself had become a new buzzword in the tech industry.
This announcement, however, did not clarify anything about the metaverse; on the contrary, it only served to fuel the already existing confusion.
However, given that competing businesses won’t be too willing to share the same virtual worlds, it’s likely that we will end up with numerous metaverses (at least that’s what we can currently see happening) that can be accessed through various apps.
Not only Facebook is enthusiastic about the metaverse revolution. Adidas and other multimillion-dollar companies are entering the metaverse game. And the motive is financial. This brand-new, developing technology offers a lot of opportunities. Let’s analyze them!
Here are the best ways to make money in the Metaverse:
Buy virtual land
Get into the metaverse tourism
Play P2E (play-to-earn) games
Offer services
Create virtual clothes
Buy native cryptocurrency
Buy metaverse stocks
Create and sell NFTs
Buy virtual land
Real estate purchases in the metaverse make great investments! You can either convert it into something cool, like a nightclub, or sell it afterward at a much higher rate. You could sell tickets and host artists’ performances.
Decentraland and The Sandbox are two of the largest platforms in the metaverse right now where you can purchase land.
The very first virtual world controlled by its users is Decentraland. It is completely decentralized, as the name implies, which means that those who develop and use this virtual space have control over it.
However, Decentraland real estate isn’t cheap to purchase. The least expensive piece of land in Decentraland cost 3.46 ether, or $13,211, in January 2022, according to Meta Metric Solutions, a firm that monitors the price of digital real estate.
You can still earn money on Decentraland even if you lack the money for these kinds of investments. You can perform a service, participate in contests, and win NFT rewards while doing so.
If you’re a digital artist, for instance, you could make wearables like hats or skins and sell them to many other Decentraland users.
To buy or sell digital items on Decentraland, go to their marketplace here.
Get into the metaverse tourism
The metaverse will also affect how we travel. The most significant buildings on Earth will be accessible to us without having to leave the house.
We might also be able to go “back in time” and see historical battles like historical Civil Wars being re-enacted. The point is that everything can and will be made profitable.
By buying virtual parcels of land and transforming them into digital recreations of actual landmarks like the pyramids of Egypt, for instance, you could profit from metaverse tourism. Working as virtual tour guides and travel agents should also be a big thing.
Play P2E (play-to-earn) games
Play-to-earn games such as NFT games would allow you to either;
actively play to earn rewards or
invest in the game and earn passive income. Additionally, many blockchain-based games let you create your own games inside of their metaverses.
Offer services
The demand for those with the ability to create digital assets is already very high. Any career in 3D art, virtual reality, or graphic design is among the best options if you’re considering switching careers. Of course, there will always be a need for developers.
Virtual employees will also be required within the metaverse. To rent or sell virtual properties, for instance, virtual real estate firms will employ virtual brokers. Both virtual event planning and concert hall upkeep will require human resources. The opportunities to make money will be limitless!
Create virtual clothes
Similar to how virtually anyone could launch a fashion dropshipping business a few years ago, anyone can now start a digital clothing line.
Pay close attention because fashion is huge in the metaverse—especially if you’ve always wanted to develop your inner creativity.
Meta recently revealed that they will open a virtual clothing store where customers can purchase virtual clothing from well-known designers like Prada or Balenciaga for between $2.99 and $8.99.
Fashion companies are creating virtual clothing as NFTs, and you can do the same. You can start using a few platforms, at the very least.
Buy native cryptocurrency
By purchasing local cryptocurrencies, you can also earn money in the virtual world. You can now purchase metaverse tokens at fair prices while the metaverse is still developing.
Here are some of the best crypto coins to invest in 2022:
The Sandbox (SAND)
Decentraland (MANA)
Ethereum (ETH)
Illuvium (ILV)
Gala
LIDO
SOL
Buy metaverse stocks
Investing in the Metaverse is yet another way to profit from it, and the time is right right now! By 2024, the potential market for the Metaverse could be worth $800 billion, according to Bloomberg Intelligence.
Search for the businesses that contributed to the building of the Metaverse’s infrastructure. They have the most potential for rapid growth due to the high demand for their solutions.
Facebook is a no-brainer; they even changed their name to Meta. Check out Matterport and Roblox, as well as other tech firms.
Create and sell NFTs
NFT art has the potential to bring in a sizable income for you! Additionally, only the most fundamental design abilities are required, not necessarily drawing talent.
It all depends on how you promote your NFTs. People spend millions of dollars on Crypto Punks, not because they are works of art, but rather because they just want the prestige that comes with them.
Expecting your NFT collections to be equally successful may be unrealistic. The only thing limiting your income potential in the metaverse world is your idea, though!
You can sell anything, including memes, music, and digital artwork like avatars. Start by studying the products that are sold on OpenSea, one of the largest online markets for NFTs.ploring what sells on OpenSea—one of the biggest online marketplaces for NFTs.
Wrap up
We’ll spend a tremendous amount of time in the metaverse with the aid of VR and augmented reality, which implies that there will undoubtedly be a metaverse economic growth and a significant opportunity to make money.
If you’re not sure where to start, take a look at the cryptocurrency gaming market. Lots of people are very optimistic about blockchain-based games and they’re already earning good money in this space. The coolest part is that you can even now profit by investing even if you aren’t a big fan of playing games in general.