A Beginner’s Guide to Making Money in the Metaverse

When the World Wide Web first became available to the public in 1993, everyone assumed that the only way to make money on the internet was through commercial activities such as shopping and viewing advertisements. Regardless, many people held that belief when the Web’s capacity was significantly lower due to the fact that it was the first version. In retrospect, the period beginning in the early 1990s and ending in 2004 is now known as “Web 1.0.” Or before the advent of social networks, which fundamentally changed how humans interact with one another. The 2.0 stage concluded earlier today. Blockchain technology is ushering in a new era of internet use, which is still in its infancy.

Gavin Wood, a co-founder of Ethereum, coined the term “Web3,” which refers to a version of the World Wide Web in which decentralization and token-based economics are the primary guiding principles. These also resulted in the creation of metaverses, which are now regarded as one of the most cutting-edge trends. Although most people associate this term with Facebook’s recently announced VR social platform, self-sustaining virtual shared spaces have existed for quite some time. The Ethereum blockchain powers the majority of these spaces. The emergence of new digital worlds has resulted in the development of novel methods for users to earn money online. We will walk you through the four most common approaches in the following sections.

Virtual Real Estate Flipping/Renting

In their most basic form, metaverses are vast maps and 3D environments that users are free to explore. Users can purchase a portion of the current world area and do whatever they want with it after making the purchase. A non-fungible token, or NFT, is a one-of-a-kind digital asset that users can purchase with a fungible token that is specific to a metaverse. Decentraland, for example, is one of the most well-known virtual shared spaces on the internet. The currency of that world is the fungible Ethereum-based token known as MAMA, and cheap plots of land on its map can be purchased for 3,750 of these tokens.

Land can, of course, be purchased through specific marketplaces where users have listed it for sale. These are referred to as “marketplaces.” However, the price may end up being quite high at that point. Finding new metaverses and buying land parcels in those worlds during their initial coin offerings is a more effective strategy. Another strategy is to acquire estates in underdeveloped regions of established worlds. This strategy entails waiting for the surrounding areas to become urbanized and land prices to skyrocket, just as real estate investors in the “real world” would do to maximize profits from a property purchase.

Maintain an Honest Business

Owners of these plots of land can either lease them out or build buildings on them to generate revenue because the majority of blockchain virtual shared spaces allow users to claim digital real estate. A growing number of people are selecting the second option and using these structures as the foundation for virtual businesses.

The majority of metaverses include their own set of builder tools, which are typically drag-and-drop editors that don’t require any prior coding experience. Others offer software development kits that allow users to import 3D models and animations. However, only people who are well-versed in Typescript or other relevant programming languages should investigate this. Those who are not technically savvy should avoid it.

When a person has their own virtual construction, they can stock it with digital goods and hire virtual workers. After that, they will be able to begin providing some kind of service. Some people prefer to run entertainment venues, while others prefer to run taverns. Running a business in the metaverse is not all that dissimilar to running one in the real world in the grand scheme of things.

Bet on Casino Games

As was said before, metaverses provide the stage for a diverse range of commercial endeavors that are operated by either private persons or large businesses. Many people in Decentraland consider gambling to be one of the most enjoyable forms of entertainment available there. This activity is available for participation by users of the platform at a range of gaming venues that are dispersed across the Vegas City region of this metaverse. Vegas City is a paradise for games of chance such as poker and blackjack. Both the Atari Virtual Casino and the Japanese-themed Tominoya Casino are reachable from this location. The Tominoya Casino is a gaming institution with a Japanese theme. Both provide clients with gambling alternatives that are typical in the industry, like as Texas Hold ‘Em poker, in addition to more unique possibilities that are not available at land-based casinos. Both also provide consumers with options to wager money on sports events.

In order to participate in the exciting activity of betting on virtual floors, users of the metaverse will first need to arm themselves with the tokens that are acceptable at the venue of their choice. These are $DG, MANA, Dai, and Atari’s own own native token in the case of Atari’s Decentraland site.

Create digital replicas of useful in-world objects or works of art

Digital NFT art is the most recent trend that has taken the world by storm. Beeple, a now-famous digital artist, sold his collage titled “Everyday” for $69 million in February 2021. This exemplifies how out of control things have become. In addition, five months prior to this sale, he sold his first minted NFT – First Drop for $6.6 million. As a result, a career producing and selling NFT artwork is now a viable option.

Even if most people are unlikely to reach the cited figures, there is still money to be made by creating digital items such as one-of-a-kind clothing and vehicles for standard metaverse users. These can be created in 3D software such as Blender and auctioned off in primary or secondary metaverse marketplaces. Consider them similar to the skins and items sold by various video game companies for popular games such as Fortnite. More gambling news and reviews can be found at OUSC.