What Are Some of the Newest Money-Making Opportunities in the Metaverse
Speculation abounds as to what the emerging technology commonly known as the metaverse will become. However, one thing seems clear: there is money to be made there. Some believe that the metaverse could provide $1 trillion in revenue annually. How can businesses and individuals begin to get a share of metaverse money?
Capitalize On The Confusion
“What is the metaverse?” is a pretty commonly googled question. There is a ton of buzz about it, but most people are still outsiders looking in. A recent poll conducted by Ipsos reveals that 38 percent of Americans claim to be somewhat familiar with the Metaverse, but less than half of those are able to provide a good description of what it is, or what goes on there.
For those who are already exploring the metaverse, serving as a virtual guide is one way to make money. People pay to watch the streams that gamers and others share on Twitch and other platforms. Even with a small number of viewers, streamers can make as much as $1,500 per month. The top streamers make more than $50,000 per month. Launching a stream that features metaverse gaming or exploring is one opportunity for making money that has potential.
Cash In On Play-To-Earn Games
Streaming metaverse gaming actually provides two sources of income, as an increasing number of metaverse games provide players with play-to-earn options. Bloktopia is a virtual reality world that will provide play-to-earn gaming, as well as a host of other metaverse experiences. Bloktopia Alpha, which was launched in February 2022, gives visitors access to BCubes, a play-to-earn game that rewards players with a cryptocurrency known as BLOK.
Design A Line Of Accessories
The monetization of accessories for customizing digital identities is not a new thing. Before there was the metaverse or NFTs, digital accessories were bought, sold, and traded on gaming platforms and other precursors to the metaverse. As those platforms have become decentralized, the opportunities for users to create and sell those accessories has grown.
Metaverse platforms like Decentraland provide users with marketplaces where they can buy and sell “wearables” for their digital avatars. On some platforms, toolkits are provided for those who want to try their hand at designing and selling accessories. Developing the next trend in wearables is one path to profiting in the metaverse.
Speculate In Real Estate
The metaverse is a virtual location where people will gather, play, and shop. Just like those activities require locations in the real-world, they also require locations in the metaverse. A real estate market has already been established in the metaverse, with companies like Metaverse Properties selling and renting land in platforms including Decentraland, The Sandbox, and Cryptovoxels.
While this arena of investing is very new, so far, the trends indicate that metaverse real estate is as promising of an investment as real-world real estate. In Decentraland, which is one of the largest metaverse platforms, the average asking price for the smallest plot of land has climbed from $1,000 in 2021 to more than $12,000 in 2022. Be cautious however, as this has been tried before in a site called Second Life, and it didn’t fare well.
Keep Up With The Trends
As with any emerging market, the metaverse has proven to be slow to develop to date, yet quick to evolve. In other words, opportunities are there, but determining which are worth pursuing is difficult to determine. A key practice for those who want to benefit from the growing metaverse economy is being present, staying attentive, and noting who is spending money on what.
Mark Fidelman is the Founder of Smart Blocks and Fanatics Media. As a Global Marketing Executive focused on Blockchain and eCommerce organizations, Mark’s passion is to provide education and inspiration to crypto enthusiasts about innovative DeFi projects. Mark is also the host of the Cryptonized! podcast.
Twitter: @MarkFidelman, @realCryptonized