How to Make Money in the Metaverse

Everything you need to know about how to make money in the metaverse.

• What is the Metaverse?
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• What are the Different Metaverse Platforms?
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• How Do You Get Started Making Money in the Metaverse?
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• What Are the Different Ways to Earn Money?
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• Is It Safe to Invest In the Metaverse?
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• Expert Interview
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• Expert Q&A

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Do you want to make money on the metaverse? With technology such as blockchains, VR, AR, and metaverse platforms on the rise, many people are investing in this new digital space. If you want to get in on this new technology, this How.com.vn article teaches you how to get started as well as the different ways you can make money in the metaverse.

Things You Should Know

• There are lots of different ways to make money using the metaverse if you are creative and resourceful.
• There are many different metaverse platforms with different opportunities.
• Investing in the metaverse is a high-risk investment. Don't invest more than you can afford to lose.

Steps

Section 1 of 5:

What is the Metaverse?

1. 
   The Metaverse is a persistent online digital world. There is no agreed-upon definition of what a metaverse is. There are many definitions, and many are speculative about technology that is still being developed. Generally speaking, a metaverse is an online digital world populated with other users. Each user has a unique digital representation called an "avatar." Users use their avatars to interact with the metaverse and with other users. There is usually a virtual economy associated with the metaverse, usually powered by a cryptocurrency or some other form of digital currency. Some speculate that one day, people will use the metaverse to play games, socialize with other people, and work. People are already using the metaverse for gaming, socializing, and making money.

   • The term "metaverse" is often referred to as a singular entity called "The Metaverse" (similar to "The Internet"). However, as of right now, there isn't just one metaverse. There are a variety of metaverse platforms to choose from.
   • The metaverse is often associated with virtual reality (VR) and augmented reality (AR). However, you do not need an expensive VR headset to access the Metaverse. In fact, most metaverse platforms can be accessed using your PC.
   • You may have first heard of the metaverse when Facebook's CEO Mark Zuckerberg announced that they were changing the name of their parent company to "Meta" and then began investing billions into the metaverse. It's important to remember that the company "Meta" is not the same thing as the metaverse. They are two different things. In fact, when Mark Zuckerberg made the announcement, he specifically said they were making tools for the metaverse, not making the metaverse itself.
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Section 2 of 5:

What are the Different Metaverse Platforms?

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   Decentraland. Decentraland has one of the biggest market values of any other metaverse platform. It has been host to numerous celebrities and influencers. It is completely decentralized, and owned and operated by its users. Decentraland has its own cryptocurrency called MANA. This can be used to purchase land, wearable outfits, and other items.
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   The Sandbox. The Sandbox is the second largest metaverse platform. It is decentralized and owned and operated by the users, similar to how Decentraland is operated. The Sandbox economy is powered by the Ethereum blockchain.
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   Meta Horizon. Meta Horizon is a series of apps built for the Oculus (Meta) Quest virtual reality platform by Meta. These include Horizon Worlds and Horizon Workrooms. Horizon Worlds is the flagship app for the Oculus Quest. It allows users to create their own games, apps, and experience them and share them with other users. Horizon Worlds has begun allowing users to monetize their creations.
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   Voxels. Voxels (formerly known as Cryptovoxels) is another metaverse powered by the Ethereum blockchain. Users can purchase their own plots of land and build on them. Structures are built using 3D cubes called "voxels," similar to Minecraft. In addition to Ethereum, Voxels also has its own currency called CPVA. Plots of land can be purchased and sold on the OpenSea.org NFT market.
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   Bloktopia. Bloktopia is a skyscraper-themed metaverse platform. It offers users plenty of opportunities to "learn, earn, play, and create." This metaverse platform is supposed to act as a central hub where you can meet and learn from other users. It also offers plenty of ways to earn revenue through virtual real estate, advertising, and passive income through your creations.
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   Somnium Space. Somnium Space is another metaverse platform powered by the Ethereum blockchain. It allows you to purchase land, build things, and sell your creations as NFTs. You need to have a MetaMask wallet to sign up for Somnium Space.
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   Metahero. Metahero is a new metaverse platform that uses unique scanning technology to bring objects from the real world into the metaverse. This allows you to play as yourself and bring items from the real world into the metaverse, and sell them as NFTs.
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   Roblox. Roblox is the most popular online game-creation platform, mostly aimed and kids. While it may not be a large, persistent online universe, it does allow users to create their own games and places using Roblox Studio. Users can monetize their creations and earn Robux, which can be converted into real money.
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   Second Life. Second Life is probably the oldest metaverse platform. It allows you to create avatars that you can use to interact with other users as well as buy land, build things, and sell your creations. Rather than cryptocurrency, Second Life uses microtransactions and has its own digital currency called Linden which you use to buy and sell things. The Linden you earn in the game can be sold for real money.
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Section 3 of 5:

How Do You Get Started Making Money in the Metaverse?

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   Decide on a metaverse platform. Before you begin, you'll want to look at the different metaverse platforms and see which one is right for you. Explore the different options. See what fits your skills and interests. If you are more into gaming, you may want to look into play-to-earn type gaming platforms. If you are more creative and want to build things, look for platforms that have strong creation tools that allow you to make and sell things. If you are more into socialization, look for platforms that are more focused on user interactions.
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   Get a crypto wallet. With a few exceptions, most metaverse platforms use cryptocurrency to power their digital economies. This means you will most likely need a cryptocurrency wallet in order to make money on the metaverse. You can use a cryptocurrency wallet, such as Coinbase or Metamask. Many metaverse platforms require you to have a specific wallet or service in order to sign up for an account. Check the platform of your choice to see what is needed to get started.
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   Sign up for an account. Once you have decided on a platform and have the necessary cryptocurrency wallet, go ahead and sign up for an account with your platform of choice.
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   Create your avatar. With most metaverse platforms, you will design your avatar after signing up for an account. Your digital avatar is how you will present yourself to other users in the metaverse. Take the time to design a good avatar. Make it unique and eye-catching. Make something that reflects your personality.
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   Learn the ropes. Before you begin, take the time to learn your way around the metaverse platform. Take some time to explore. Talk to other users. See what creation tools are available and take the time to learn how to use them. Watch video tutorials. Learn the ins and outs of the platform.
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   Buy a plot of land. Most likely, you will need to purchase land in order to make money on the metaverse. Whether you plan on flipping the land, opening a store, or advertising, you will need a place of your own to do that. You can purchase land on an NFT market website like OpenSea.org, or from the metaverse marketplace.
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   Get to work. Whether you're building a house, improving the land, designing clothing and accessories, or running a business, you'll need to do some planning and put in some effort in order to get started and stay in business. Better get busy.
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Section 4 of 5:

What Are the Different Ways to Earn Money?

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   Purchase and sell virtual real estate. One of the main ways people earn money in the metaverse is by buying land. There are a number of ways you can make money off of the land that you purchase. Some of the following are just a few examples:

   • Flip your property. You can improve or develop the land you have purchased and sell it for a higher price. Alternatively, if the price of land is on the rise, you can just hang on to your property and wait for the value to increase and sell it for a profit.
   • Rent your property. Just like in real life, you can rent out your property to other users and have a steady stream of income.
   • Become a real estate broker. With so much land exchanging hands in the metaverse, a number of people have been able to make money by setting up real estate agencies in the metaverse. They can market and manage real estate deals within the metaverse.
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   Advertise in the metaverse. Many companies have tried to gain a presence within the metaverse. You can make money by designing ads for companies, or by selling ad space on the property that you own or are renting. For the best advertising opportunities, make sure you own space in an area that has high user traffic.
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   Open a business in the metaverse. Many metaverse platforms allow you to make things and sell them to other users. You can design and sell clothing and accessories for other users' avatars. You can design furniture and decorations for users' virtual homes. You can open an NFT art gallery, a virtual club, a karaoke bar, and more.
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   Put on virtual events. Another way to make money on the metaverse is to host or organize virtual events for other users. These could be virtual concerts, a party with a DJ, a comedy show, an e-sports competition, a convention, or a gathering of people. You can make money by charging a cover fee or getting companies to sponsor your event.
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   Become a metaverse developer. If you have programming or 3D art skills, you may be able to find work developing for the metaverse. You could use building tools to create your own games and monetize them. You may be able to work developing clothing and accessories to be sold in the metaverse. You could also work as a land developer, architect, or interior designer.
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   Work in the metaverse. In addition to developing the metaverse, you may be able to find odd jobs you can do in the metaverse to make money. You may be able to earn money promoting businesses, managing a store, testing products and games, educating new users, being a tour guide, or being a DJ at virtual events.
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   Make, sell, and trade NFTs. NFT stands for non-fungible token. In short, an NFT is a permanent record of payment stored on a blockchain. It keeps a file that has been, or is being sold, as well as how much is paid for it, and which wallet paid for it. If you have art skills, you may be able to make money by creating digital art and selling it as NFTs. You can also purchase NFTs and sell them at a greater value. If you own enough NFTs, you can open an NFT art gallery in the metaverse. Not only can NFTs be sold within the metaverse, but they can also be sold to customers in real life too.
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   Play play-to-earn games. The metaverse has lots of play-to-earn games. These may be digital casinos that allow you to win prizes, as well as apps that pay you to play games, watch ads, and complete offers. Additionally, there are blockchain-based games that allow you to trade items you have earned and developed in-game on a digital marketplace. The following are a few such games:

   • Axie Infinity — Axie Inifinity is an online monster-battling game. Players collect, raise, breed, and battle creatures called "axies." Axies can then be sold on the marketplace. Axie Infinity does require you to purchase axies to get started.
   • Pegaxy — Pegaxy is a horse-racing game with a digital, crypto-based economy. Players can purchase, raise, and breed horse-like creatures called "pega." The actual horse racing is completely autonomous with no human control. The player's role is to choose the pega to race and verify track elements. Pega can be bought and sold on the digital marketplace.
   • Blankos Block Party — In Blankos Block Party, you purchase toy-like characters called Blankos. Then you can level them up and sell them for a profit on the marketplace. You can also host parties for other players to receive rewards.
   • Gods Unchained — Gods Unchained is a tactical card battle game whereby each card and item you earn in-game is minted as an NFT using the Ethereum blockchain. You can purchase and sell your cards and items using the marketplace.
   • Thetan Arena — Thetan Arena is an online battle game where you assemble a team of thetans to compete against other players. You get three free thetans, but you need to purchase Thetan Coins in order to unlock advanced characters. The more advanced characters can evolve and participate in special events. These special characters can be sold or rented on the marketplace.
   • Star Atlas — Star Atlas is a massive, space exploration game whereby players can earn items on their quest. Items earned in-game are NTFs that are owned by the player. These items can be sold on the marketplace.
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   Trade metaverse tokens. Most metaverse platforms have their own token that is used as an in-game currency. If you don't want to actively participate in the metaverse, you can just purchase metaverse platform tokens. This is a bit like buying stock. If the metaverse platform is successful and grows as a platform, the value of the tokens will go up and you can exchange them for money.
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    Make and monetize videos about the metaverse. As you gain more knowledge and experience of the metaverse, you can share your knowledge with others. You can make a YouTube or Twitch channel in which you create tutorial videos and monetize your channel.
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    Sell user data. This may be one of the more unsavory options, but it is a reality of the modern internet. User data is valuable to a lot of companies. It gives insight into consumer habits and allows companies to target their advertising. If you run a metaverse business that collects user data, you can sell that data for a profit. Just make sure you mention that you are doing this in your Terms of Service.
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Section 5 of 5:

Is It Safe to Invest In the Metaverse?

1. 
   Investing in the metaverse is a high-risk investment. The world of cryptocurrencies can be very volatile, with the value of each coin rising and falling each day. Nobody can predict the future of how this stuff will play out, and it is possible that a particular cryptocurrency or metaverse platform will collapse entirely. If you plan on investing in cryptocurrency or the metaverse, it is recommended that you do not invest more than you can afford to lose.

   • Watch out for scams. Since cryptocurrencies and metaverse platforms are largely unregulated, there is an abundance of scams associated with them. Be extra careful when making purchases on the metaverse or when using cryptocurrency platforms.

Expert Q&A

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• Question

  Is buying land in the metaverse a good investment?

  

  Andrew Lokenauth
  Finance Executive

  Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University.

  

  Andrew Lokenauth

  Finance Executive

  Expert Answer

  This is a very risky strategy because crypto currencies are very volatile and the metaverse is also very volatile. You need to do research on what kind of digital property you're buying before you buy anything. If you're an artist, you can create items for the metaverse and sell them as NFTs, as that is a cheaper and more cost-effective way to make money in the metaverse.

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