How to Make Money in the Metaverse – XR Today
The Metaverse has enormous monetization potential for all stakeholders in its development and usage. According to industry estimates, revenues from virtual reality (VR) gaming worlds could reach $400 billion USD by 2025, and the Metaverse could cumulatively generate $1 trillion in value.
This has made users eager to gain a headstart advantage and find ways to make money in the Metaverse. A November 2021 Statista survey found some of the popular monetization channels included play-to-earn games, virtual property, data monetization, and investments at 60 percent, 39 percent, 37 percent, and 36 percent, respectively.
How to Make Money in the Metaverse: Top 10 Ideas
Revenue generation opportunities range from very simple with low barriers to entry, to complex economic activities like property investments. To make money in the Metaverse, users can:
Participate in play-to-earn games
Games like VR poker, e-sport betting, and others allow users to earn money as they play online games. There are entire companies dedicated to this category such as Admix, a startup that just raised $25 million USD to drive in-game monetization in the Metaverse. Platforms like Bloktopia will have entire floors or divisions dedicated to play-to-earn gaming.
Design 3D accessories for users
Those with some knowledge of 3D design can create accessories for VR gameplay. Metaverse users would want to “dress” their avatars with accessories like wearables, gadgets, headgear, outfits, or even weapons. One can design and sell these accessories on the marketplace, taking advantage of the design toolkits that most metaverse platforms provide.
Create and monetize VR games
Like 3D accessories, one could design and publish end-to-end games in VR. This does not necessarily require advanced technical skills. People can combine basic storytelling skills with VR design platforms like Horizon Worlds to make money from this source. For example, a VR version of Google’s iconic dinosaur game could work equally well for user adoption and monetization.
Get a freelance gig in the Metaverse
The Metaverse will have its own economy complete with a unique set of skill requirements for service jobs. For example, a VR tourist destination like a museum or art gallery would require tour guides to help visitors navigate this space effectively. VR clubs may also require security personnel, gamers may hire trophy hunters, and so on.
Conduct Metaverse events with paid tickets
This is already an extremely popular way to make money in the Metaverse. Live concerts by real artists can attract massive crowds, and organizers can charge users in the form of paid tickets.
Warner Music has already partnered with metaverse platform The Sandbox to create a virtual concert hall. Snoop Dog’s recently acquired Death Row Records is poised to become an NFT label, and the artist has already purchased a large block of land on the Metaverse offering additional revenue generation streams.
Get sponsors for free events
Even if one cannot attract users to a paid event, there are sponsorship opportunities to unlock in the Metaverse. For instance, a small business could organize a trade show with free participation for attendees, where event sponsors would pay the organization to reach new audiences.
Buy and sell land parcels
Buying virtual real estate is another popular way to make money in the Metaverse, and companies like PwC, JP Morgan, and several others, have made moves in this direction. Any user can purchase a land parcel for a fixed price and later sell it at a higher price to …….