From Tech titans to fashion name brands, they are all betting on the Metaverse, but how can you profit from it?
Are you ready to make money in the Metaverse? Don’t worry, it’s not as hard as it sounds. Though the vast majority of virtual reality (VR) and augmented reality (AR) entrepreneurs are still working on selling their products and services, others have begun to explore ways of generating revenue through these new technologies.
Here are seven ways you can get started with making money in the Metaverse.
What is the Metaverse?
The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and other related spaces.
It is more commonly referred to as simply the Metaverse. The term was coined by Neal Stephenson in his book Snow Crash (1992). Here are 7 creative ways to make money in the Metaverse.
Method #1: Be an Influencer
Influencers are everywhere, and they bring a ton of value to their fans. Whether they’re creating videos, blogging, or Instagramming, influencers have one thing in common, they can entertain and inform. With their unique perspectives and knowledge comes an opportunity for brands that want to stand out from competitors.
If you’re looking for ways to make money on Steemit and don’t mind marketing yourself while you do it, becoming an influencer might be a good route for you. And even if you want something more behind-the-scenes with brands (like a social media manager), there are plenty of opportunities as well.
Method #2: Create Original Content
If you’re the creative type, one of the best ways to make money in the Metaverse is to create original content. Like Google does with their AdSense platform, there are plenty of sites that will be willing to pay for original content.
Find an under-served niche and write articles that others might want to link to or read. You can even start a YouTube channel with video reviews on Metaverse related products or ideas. Since YouTube shares ad revenue, your wallet could grow if you’re successful.
Method #3: Create Virtual Goods
Virtual goods and services are the backbones of an industry that’s looking to make money in virtual worlds. You can offer digital products like art or music, though it’s important to verify whether or not your creations can be shared with the community.
If you want to provide a service like a driver, for example — create a wearable device (like goggles) that allows people to call upon your services when they need them. There are thousands of ways to earn money in Second Life and the Metaverse, so get creative.
Just don’t forget the cardinal rule of the Metaverse: stay in character at all times. The great thing about Metaverses is that they provide everyone with equal opportunity; all you have to do is take advantage of it.
Method #4: Build a Brand
Because the Metaverse is a new frontier, building a brand there can help you become known and establish trust in the space. You can also monetize a brand that you’ve built within the Metaverse by linking your avatar to products or services on the real internet.
By putting your personal stamp on virtual goods and selling them, you can make money without taking any risks of capital expenditure or inventory management. And remember that when building a brand, there are no hard and fast rules; feel free to experiment and see what works best for you and your audience.
Method #5: Run Crypto Payments for Businesses
With its more than 15,000 merchants worldwide and its ease of use, it’s no wonder that cryptocurrencies are quickly making their way into mainstream commerce. It’s never been easier to buy your daily cup of coffee with bitcoin or even make purchases at major retailers like Amazon, Target, and Best Buy.
You can even pay your mortgage through a partnership between lender UMB Bank and the digital asset platform Uphold. If you have an internet connection and know a thing or two about programming, you can start accepting cryptocurrencies as payment for goods and services today.
Method #6: Become an Ambassador
If you’re the type to be an early adopter, you can take advantage of the curiosity of your peers by becoming an ambassador for a VR tech or experience in development. Some platforms, like EnvelopVR and CEEK, will pay you to demo their products to friends and family. Others will let you make money creating content for their platform.
But if that sounds too time consuming, consider starting with a free game — like those on InDream VR or Sansar that will give you cash in exchange for helping test bugs. This is usually a painless process: You get inside the app while they observe from outside, pointing out things like glitches or under-performing assets so they can fix them before the official launch.
Method #7: Create Games or Apps
The Metaverse is an open platform, and anyone can create their own virtual reality experiences for free. As the Metaverse continues to evolve, there will be even more opportunities to create games or apps.
Some games and apps are simply fun diversions in the Metaverse; others make money by allowing users to earn real money while playing the game. Creating your own virtual reality experience is a great way to gain expertise in the Metaverse without having to partner with established companies like Facebook or Amazon.
Start with small-scale projects, then work your way up as you become more experienced and build an audience for your content. The sky’s the limit when it comes to what you can do creatively with virtual reality technology.
Final Thoughts
Although not a lot of people may understand just how big virtual reality can become, there are going to be plenty of businesses and individuals who want to get involved. The real question is, how do you go about doing that? Well, hope you enjoyed these seven ways which could help open doors for you.
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