When the centralized internet came around, many people harnessed it to take their businesses beyond their geographical location. What a massive outcome it had on businesses in the form of market coverage and turnover. People who knew their onion seized that opportunity to become millionaires. The good and amazing thing is that the metaverse has the potential of replicating this in a geometric manner. In a world where the stock market is ever-changing, and economies are unpredictable, Metaverse is one place where you can be sure of making money. First, let’s see what the metaverse is all about.
The metaverse is a virtual world that covers augmented reality, virtual reality and 3D holographic avatars and video games. Although the idea was coined in the 1995 Neal Stephenson science-fiction novel Snow Crash, it became very popular following the announcement by Mark Zuckerberg that Facebook would become a metaverse company and that its name would also be changed to Meta. The metaverse is a new way for people and businesses to connect and collaborate. The metaverse is a digital world of its own and its essential elements such as proof of ownership, value transfer, governance and accessibility are facilitated by cryptocurrencies. Interaction on a global scale is made possible through concerts, conferences and virtual tours which are organized in this digital world.
Forward looking businesses and tech companies are already doing what they can to secure a space on the metaverse. Recently, MTN acquired some plots of land there. This gets to tell us that this virtual universe has a lot of potentials. Below are ways in which one can get one’s foot in the metaverse door.
Dealing with NFTs
NFT is an acronym for Non-Fungible Token. They are digital assets that are connected to pictures, drawings, paintings, music and other works of art. There are numerous options for earning NFTs. You can create your own NFTs or buy sell existing ones – whichever way, the goal is to have a mark-up. These NFT Arts are displayed in a metaverse art gallery. NFTs are the digital key that expands the Metaverse. They’re essential because they represent ownership in virtual reality ecosystems. You could own your avatars’ skin, clothes, accessories, and other goods with NFTs. You can also purchase and trade them to generate money.
Investing in Virtual Real Estate
Whether in the real or virtual world, real estate is one of the simplest methods to generate money. In the metaverse, lands are usually sold as NFTs. Virtual worlds aren’t anything new; several businesses, including Nintendo, have offered virtual reality environments for years. Just recently, MTN acquired plots of land on the metaverse. The value of digital real estates are comparable to that of actual properties. The cost of these estates are determined by the forces of demand and supply.
There are examples of real estates that have sold for so much in the virtual world. A plot of digital real estate dubbed the “downtown fashion sector” in Decentraland recently sold for $2.4 million. Also, digital real estate firm Republic Realm purchased 259 Decentraland parcels for $913,228 to turn them into a virtual shopping center. There’s so much to benefit from investing in real estate in the metaverse.
Advertising
Promoting a product or service is another way of making money in the metaverse. There’s typically no difference between the real world and the metaverse when it comes to advertising. Virtual reality advertisements will develop into extensive marketing and advertising platforms as more people join the platform. Some metaverse platforms such as Decentraland have heavy budgets for advertising. Anyone can in and take a share of the pie.
Creating and Playing Video Games
Currently, the gaming industry seems to be making the most of the metaverse. Gaming is the most popular pastime and investment in the metaverse. One can develop games and make money from them. As the games grow in popularity popularity, the revenue from it will also increase. By creating your virtual world, you stand to earn revenue generated from all gaming aspects, including purchases of game art. Play-to-Earn games are the most popular models and Southeast Asians are already making a fortune out of it.
Retailing
Just as everyday products and services are traded in the real world, they can also be traded in the metaverse. Products such as clothes, jewelries, furniture and others can be bought and sold in the metaverse. One can also make a fortune through virtual event hosting and management.
Conclusion
There are numerous ways to generate billion-dollar wealth in the virtual ecosystem. The possibilities are really endless. Whichever one you choose to explore, it’d pay off if you are diligent with it.