Metaverse experiences such as Decentraland, The Sandbox and many others are evolving as venues for business, commerce, networking and marketing. While blockchain metaverses are quite new, tech-savvy entrepreneurs have started to run revenue-generating businesses in these virtual environments.
Because these virtual environments allow users to own custody of their in-game assets via their crypto wallets, a vibrant economy of goods and services is emerging in the metaverse. This allows players to engage in activities that allow them to earn cryptocurrency, build brands, and trade with others—the possibilities are almost endless.
Are you interested in making money in the metaverse? Read ahead for our guide that details several methods players use to earn cryptocurrency, start a business, and build a career in the metaverse.
How to make money in the metaverse?
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Sell NFTs
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Create digital models
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Market your talent
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Create video content or stream
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Play to earn games
1. Sell NFTs
Metaverse entrepreneurs are selling digital objects like artwork, clothing, and 3D models in virtual worlds such as Decentraland and The Sandbox. If you’re unfamiliar, NFTs are digital assets that are ‘minted’ onto the blockchain. This means, instead of being stored on your computer or a company’s server, a piece of NFT artwork actually lives on the blockchain and is stored in a person’s private wallet address.
Big-name NFT projects include two-dimensional collectable images such as Cryptopunks or Bored Ape Yacht Club. But NFTs can take many different shapes and forms, especially in the metaverse. In Decentraland for example, each piece of user-created clothing is an NFT that can be bought, sold, and transferred between private wallets.
Some users have produced entire NFT clothing lines for sale in Decentraland, and bigger brands like Dolce & Gabbana, Gucci, Balenciaga, and Ralph Lauren are reportedly releasing their own wearable collections as well.
Wearable helmet, vest, shoes, and trousers released by MetaParty
2. Create Digital Models
If you’re skilled at 3D modelling and want to build metaverse structures, you may be able to design and sell your creations to other players.
Land in the metaverse is quickly becoming a hot commodity. As of January 2022, the cheapest plots of land in Decentraland cost around £12,000. Prime spots and locations can rocket into the millions. Just like in real life, owning land in the metaverse is considered an appreciating…