The metaverse is the collective virtual world of interconnected interest spaces, personal spaces, and physical spaces. It’s an environment that is virtual, but it’s also one that many people call home.
According to a recent report from Grayscale, the rate of active metaverse users increased 10x between the start of 2020 and June 2021. The report highlights that metaverse platforms integrated with crypto tokens, decentralized finance services such as staking and lending, nonfungible tokens (NFT), decentralized governance and decentralized cloud storage have “created a new online experience” that’s rapidly attracting new users.
Also, everyone knows by now how enormously many people (especially young people) spend time in virtual worlds like those of Roblox, Fortnite and Minecraft. For example, in July 2020, the company told The Verge that over half of American children play the game. Innovations in gaming technology, blockchain and cloud hosting combined with an entire generation growing up in virtual worlds makes user growth in the metaverse an inevitable trend.
If you live in the Metaverse, you could make money by leasing out your metaspace to others. You might also sell products in your space or in other peoples spaces. Here are four ways to make money in the Metaverse:
1. Leasing out a metaspace
2. Sell your goods in your own metaspace
3. Sell your goods in the metaspace of someone else
4. Creating and selling products
1. Leasing your metaspace to others
If you have a 3D metaspace, you can rent out your space to others. For example, if you have a gaming room in your space, people might pay to play games with you or participate in an event. You can also make money by renting out other types of spaces as well.
For example, if you have a place for meetings and events, people might want to rent it from you for their own events. Or say you have a dance studio that is available for public classes. People might pay to take those classes or teach lessons themselves.
2. Selling goods in your metaspace
One way to make money in the Metaverse is by renting out your space to others. You could also sell products in your space or in other peoples spaces.
Some people use their private space to host virtual parties. For example, if you have a club with live music, you may rent it out for events like weddings or birthday parties.
If you want to rent out your space, you can use the upcoming YOM marketplace that can help you find tenants and collect rent from them automatically via your wallet.
3. Selling goods in other metaspaces
If you’re in the Metaverse, you might not have a space of your own. You could try to buy or rent a space, but that might be within your reach. Instead, you could try a different tactic and sell items in another person’s space.
If someone builds a store in their metaspace and buys some goods from you, they might let you set up your shop there to sell the goods. In this way, your goods can reach a new audience without having to build your own store.
When you’ve decided to rent out a space and use it for selling your goods. You must think about sharing your cut with the owner of the space. It doesn’t cost anything to set up shop and start selling your wares in the rented area. In contrast to that the metaspace owners will expect a bit of marge on every sale you make.
4. Creating and selling products
If you are good at coming up with creative visual or virtual art, or if you have something to sell, then you can sell it in the Metaverse. If you have a store in the Metaverse, then you can import items from your inventory into your store. When someone buys an item, you receive money instantly.
Say your store is called “Bob’s Furniture Store.” You could import virtual chairs and tables from your inventory into that store and sell them for real-world currency.
You could also create and sell custom virtual furniture for people who want to decorate their virtual homes with furniture that reflects their personality and preferences.
Risks of making money in the metaverse
Keep in mind that there are some risks associated with this type of income. For example, you can lose access to your space or have it stolen from you. For example, they could hack into your account and steal access to it before logging out. For this reason you should always have a good backup of your wallet keys and be careful with connecting your wallet to third party applications.
First movers will make a lot of money
We are still in the early stages of the metaverse. While there are many aspects of this new reality we don’t fully understand, there is one thing we do know for sure: the metaverse will be a big market and artists and brands who aren’t afraid to dive right in will make a lot of money.
An Open, Ethical and Decentralized Metaverse
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