The metaverse has suddenly become one of the hottest terms in the technology innovation field, so it’s no surprise that many users strive to profit from it. Today, we’ll find out how to make money on the metaverse in different ways and do it with the least risk.
Modern digital metaverses take advantage of blockchain, decentralization, and non-fungible tokens (NFTs), enabling their users to make money efficiently. Here is how this field works!
What Is Blockchain Metaverse: Key Things to Know
The concept is a kind of hybrid that combines the digital world, augmented reality, blockchain, and media components. The main goal is to organize the ‘life’ of users in the digital space to play and stay in touch with friends or colleagues through various in-game activities.
In addition, metaverses have an important component, and this is the opportunity to make a profit within the digital world. NFT greatly simplifies the process of buying goods and services, helping to expand economic opportunities. More importantly, with the help of NFTs, a user is not limited to one single world but can move their in-game items and other data between different metaverses. Now let’s look at the main ways to make money in this sector!
#1 Making Money on Metaverse Tokens
You can make money on metaverse tokens almost the same way as other cryptocurrencies. But you need to be careful, as these assets have high volatility. Both because of its relative novelty and the hype and excitement that reign around the projects. You can buy metaverse tokens or obtain them for specific actions and achievements during the game. This concept is called Play to Earn (P2E). It has become so popular that people earn their living playing Play to Earn games in some developing countries, like the Philippines.
Popular Metaverse Tokens
The most popular metaverse tokens at the time of writing are:
- Axie Infinity (AXS)
- The Sandbox (SAND)
- Decentraland (MANA)
- Enjin Coin (ENJ)
- Illuvium (ILV)
- Render Token (RNDR)
- UFO Gaming (UFO)
- MOBOX (MBOX)
- Vulcan Forged (PYR)
- Yield Guild Games (YGG)
All these tokens have growth potential and therefore provide earning opportunities. Each token is also handy within its own project, giving access to many features and purchases.
How to Purchase Metaverse Tokens?
Most popular metaverse tokens are already listed on major cryptocurrency exchanges like Binance, OKEX, Huobi, Gate.io. If a token is new and is not yet available on these platforms, make sure to check decentralized exchanges (DEX): Uniswap, PancakeSwap, Sushiswap. Such platforms do not support working with traditional money, but you can make an exchange using other cryptocurrencies or stablecoins.
How to Choose a Promising Metaverse Token?
High-quality projects with metaverses that deserve attention usually differ in the following characteristics:
- Long run time. It is very risky to invest in a project that has just recently appeared, whatever its promises, otherwise the same situation as with Squid Game may occur.
- Support of serious projects. Listing or IEO on Binance and other trusted exchanges, as well as investments from large venture capital funds, would be the big selling point.
- Functionality. A token must be useful to be used on its native platforms, and not only as a speculative asset, not backed up by any opportunities.
In addition, you should pay attention to developers’ activity and how the platform is developing. This fact can tell a lot about its future prospects.
#2 Making Money on NFTs
Using the metaverse functionality, a player can receive monetary rewards and NFT tokens, which play an important role in the platform’s operation. These tokens have real financial value and are traded on embedded or secondary marketplaces. Thus, you can convert them into metaverse tokens or any other cryptocurrency and then into fiat money.
Several projects, for example, The Sandbox, allow users to create NFTs using a built-in constructor. These creations can also be sold and purchased, which provides excellent potential for creatives and developers.
NFTs can be a digital representation of any real or digital good. Many brands have noticed that they can join the metaverse (like Decentraland) and get additional advertising, offering players various benefits for digital assets.
#3 Making money on Digital Land
A very interesting aspect: many metaverse platforms are so-called digital land plots. Those wishing to receive passive income can purchase such a land plot and then rent it out to active players. An example is the game Mines of Dalarnia, where you can rent a mine for mining activity.
There have already been several super large digital land transactions in the metaverse — up to $2.3 million.
Of course, the principle of metaverse land pricing is fundamentally different from the real one. In real life, the cost of a land plot is largely determined by the area where it is located. In the metaverse, players can instantly teleport around the digital world, so area and neighborhood don’t play an important role. However, many users consider land plots close to any of the metaverse attractions the most valuable ones.
It is becoming clear that the metaverse is more than just fictional virtual reality. For both ordinary users and large investors, metaverses become an excellent opportunity to generate income. Still, it is crucial to choose the right moment to enter. The fact that many digital worlds use NFT technology further expands the range of possibilities for users.
Since now, they can monetize their creativity or gaming experience (by creating or receiving NFTs during the game). The Ethereum blockchain is at the heart of many metaverses, but other faster and cheaper blockchains can also play this role.
Do you make money on metaverses? What other ways do you know? Feel free to share your experience in the comments below!