The metaverse represents an emerging digital world with new platforms for work, play, collaboration and commerce. As virtual worlds evolve, they are unlocking innovative ways to make money for those who dive in early.
Overview of Metaverse Money-Making
The metaverse refers to persistent 3D virtual environments where users can interact through digital avatars. With the aid of virtual and augmented reality hardware, these spaces allow more immersive experiences compared to standard 2D websites and apps.
The metaverse economy is still nascent, but accelerating rapidly. Tech giants like Microsoft and Meta are investing billions into metaverse development, and an array of startups are attracting huge funding as well.
This growth is creating new jobs and income streams centered around virtual worlds:
- Designers – Creating avatars, digital clothing/accessories, virtual architecture/landscapes
- Developers – Programming 3D environments, games, NFT/token integration
- Creators – Producing NFT artwork, collectibles; Recording virtual concerts
- Traders – Buying/selling cryptocurrencies, NFTs and other digital assets
- Event Organizers – Hosting virtual concerts, conferences, or VR meetings
According to recent estimates, the metaverse economy could be worth over $800 billion by 2024. We’re still in the early days, presenting major opportunities for entrepreneurs, creators and investors.
Below we explore the top ways to make money in the metaverse today:
1. Invest in Virtual Real Estate
Similar to physical real estate, virtual land in metaverse worlds is limited. As these environments grow more popular, the value of scarce digital land is rising exponentially.
For example, in the blockchain-based virtual world Decentraland, land purchases via the MANA cryptocurrency have average selling prices up nearly 500% over the past year.
Just as people pay premiums for land in desirable physical locations, certain areas in popular virtual worlds command extremely high prices due to traffic and proximity to key attractions.
Ways to profit from digital land:
- Buy vacant land in promising metaverse worlds early before further price rises
- Develop the land into virtual stores, casinos, offices to lease out
- Sell land later once the market value increases substantially
Top metaverse platforms for real estate include Decentraland, The Sandbox, Cryptovoxels and Somnium Space among others.
2. Invest in Digital Assets
Beyond land, the metaverse contains an array of digital assets with real financial value, often tracked via blockchain technology. The largest class is non-fungible tokens (NFTs).
NFTs refer to unique, non-interchangeable tokens representing ownership of digital content like art, music, videos, avatars, virtual fashion and more.
The long tail of user-generated metaverse content provides infinite room for new NFT projects. And major brands are also moving into NFTs aligned with virtual worlds. Nike recently acquired the studio RTFKT which designs virtual sneakers.
NFT values are highly speculative today, but can multiply rapidly in price similar to crypto assets based on demand, prestige and other factors.
Ways to profit from metaverse NFT investing:
- Flip valuable NFTs on open marketplaces like OpenSea for profit
- Earn royalties when your NFT creation gets resold
- Farm rare NFT items in play-to-earn metaverse games
- Stake certain NFTs to earn lucrative token yields
Further digital assets with income potential include metaverse platform tokens like MANA, SAND and crypto tokens tied to individual games/apps.
3. Create Play-to-Earn Video Games
Play-to-earn games represent a fast-growing metaverse niche where players can progress and earn tradable rewards simultaneously.
These blockchain-powered games often incorporate NFTs and fungible tokens. Players earn rare NFT items and native crypto tokens from gameplay quests, which can be sold for profit on open markets. High-demand NFTs sourced from games can sell for thousands of dollars.
For developers, creating the next hit play-to-earn metaverse game can generate massive recurring revenue.
Top titles like Axie Infinity and The Sandbox accrue billions of dollars in NFT trading volume, with revenue flowing back to the game makers.
Tips for capitalizing on play-to-earn game development:
- Make games fun first, money second
- Focus on accessibility for more organic growth
- Iterate based on user feedback
- Promote game assets on Discord groups and Twitter
The play-to-earn model turns conventional gaming economics upside-down – rather than players spending money in games, the games pay users.
4. Sell Digital Services
Services make up a large share of real-world economic activity. Similarly, the growth of metaverse platforms is driving demand for digital services catering to individuals and companies building a virtual presence.
Creative skills like design, marketing and event planning are all in high demand. Developers and programmers with expertise in areas like VR, blockchain and 3D engines are even more scarce.
Some top examples of metaverse services with income potential:
Virtual Architecture
- Design customizable virtual offices, homes, venues for client use
Digital Marketing
- Promote clients’ virtual products, spaces or avatar brands
Metaverse Development
- Build custom virtual worlds or NFT integrations for clients
Virtual Event Planning
- Organize product launches, conferences, VR meetings and more
The expertise required for these services remains relatively rare. But content creators and coders ready to skill up early could stake valuable positioning before others catch on.
5. Sell Digital Fashion and Wearables
User avatars serve as our physical proxies in metaverse worlds. This drives demand for stylish digital clothing, accessories and gear used to customize avatar appearance.
Global fashion brands like Gucci and Ralph Lauren are already offering virtual wearables matching their physical collections. But most avatar fashion is created by independent artists and designers.
As virtual socializing in metaverse spaces increases, the total addressable market for digital cosmetics grows exponentially.
Pathways to profit from avatar fashion:
- Design virtual apparel and accessories for selling as NFTs
- Create physical/digital combo packages – clothing with paired NFT
- Allow other designers to license and resell template fashion items
- Partner with fashion brands on co-branded digital collections
The value of scarce designer wearables handing from sought-after avatar brands can appreciate significantly over time.
6. Sell Other Virtual Items and Peripherals
Beyond apparel and accessories, metaverse users purchase a range of virtual goods for their avatars and environments including:
- Collectibles like virtual pets, toys, cards
- Virtual furniture, artwork and decorations
- Wearable devices like smartwatches, jewelry
- Avatar enhancements like skins, hairstyles, faces
3D artists and designers can create these digital items for sale as NFTs across metaverse marketplaces, earning royalties on secondary sales.
There is also a peripherals hardware angle. Controllers, headphones, haptic suits and omnidirectional treadmills all enhance immersion. As more users get into VR and AR, demand for performance accessories will rise, especially with metaverse-specific capabilities.
Savvy developers and product designers can build the next hit metaverse gadget or lucrative virtual goods brand.
7. Provide Consulting and Research Services
For businesses and institutions still struggling to understand the metaverse, third-party guidance is essential.
Consultancies can educate companies on available opportunities and chart strategic roadmaps tied to VR, AR and virtual worlds. Market research firms also provide valuable data digging into shifting consumer behaviors and preferences around new technologies.
These professional services surrounding the metaverse industry command hearty fees given the novelty and complexity of topics involved.
Typical consulting and research engagements center on:
- Corporate metaverse strategy blueprinting
- NFT/blockchain implementation planning
- User adoption forecasting
- Early tech scouting and focus groups
- Roadmapping for consumer tech, VR/AR and 3D immersion
Subject matter experts who distill complex, fast-moving topics into strategic business insights are prized by lost executives. Building a personal reputation or firm around metaverse advisory services could snowball as corporates race to keep pace with changes.
8. Create Educational Content
Hundreds of millions remain confused by terms like NFTs, blockchain and the metaverse itself. Informational content creators are capitalizing on this thirst for knowledge.
Educational material around these topics comes in all formats – blog posts, videos, online courses, tweets, podcasts and so on.
Monetization options include:
- Paid subscriptions for premium content access
- Freemium tiers
- Sponsorships from relevant brands
- Affiliate revenue sharing for referrals
As concepts underpinning the metaverse diffuse into mainstream recognition over time, opportunities to evangelize will diminish. But we remain firmly in educational gold rush territory for now and the foreseeable future.
Positioning oneself as an expert guide to decentralization technologies pays dividends while mass comprehension lags.
Final Thoughts
The metaverse movement feels reminiscent of the early web or mobile app boom days. We stand at the cusp of seismic technological shifts with the promise to reshape how both work and play.
This transition will create tremendous value for those who plunge in to buildvirtual world infrastructure, create engaging experiences and evangelize the possibilties.
Now is the time for artists, entrepreneurs and technologists to realize their wildest visions without limit. The only thing holding you back is creativity and execution.
So which of these metaverse money-making methods resonates most? Have some ideas of your own? Drop them in the comments below!
