If you’re like the average person in 2022, several factors outside of your control have affected your income and savings. From persistent inflation to rising interest rates and a looming global recession, it seems 2022 has brought nothing short of pain to the finances of everyday people, to the point where you might be wondering: How can I make progress financially in this difficult environment?
Never fear: Magic internet money is here.
While once derided as a joke, Web3 has become a powerhouse for people to make a little money on the side. And the metaverse, or persistent social worlds built for virtual and augmented reality, has become the centerpiece in that. Did you know: The global market cap of the metaverse was rumored to be around $39 billion in 2021?
And these days, there are more ways than ever to make money in virtual worlds.
If your interest is piqued but you don’t know where to begin, this article is for you. Here, we’ll cover 20 ways to make money in the metaverse, from donning your hoodie and DJing in digital nightclubs to investing in metaverse cryptocurrencies (hint: it’s easy as the click of button).
Let’s get started with that all-important first question: What is the metaverse?
What is the metaverse?
A “metaverse” is a shared social space that exists digitally and can be accessed through an internet browser, virtual reality, or augmented reality. You may know it from popular fiction: the original term metaverse came from a novel called Snow Crash by science fiction writer Neal Stephenson. More recently, Ready Player One by Ernest Cline popularized it.
Popular metaverses tend to share certain characteristics that you may recognize (in part) from our real world: There are urban centers where people congregate, house experiences or venues like concerts or businesses, a central currency or set of currencies (which may or may not be cryptocurrency), and they can be accessed via avatars, which often resemble humans.
But, unlike our everyday real world, metaverses have certain licenses because they are virtual worlds. For instance, in some metaverses, avatars can fly or teleport, impossibilities in the real world due to the laws of physics. People may also create art or buildings in a way that is not possible in the real world. Creativity unbound, as they say.
While many popular depictions of the metaverse show individuals accessing it through complicated equipment like virtual reality headsets and haptic suits, more commonly, people access metaverses through web browsers or, simply, the internet. The earliest forms of the metaverse may be one that people don’t recognize: large-scale, internet-based video games. These games, like World of Warcraft, combine millions of players in a shared virtual space.
Some common metaverses you may have already heard of include Decentraland, The Sandbox, Fortnite, Roblox, and Horizon Worlds. For you as a money maker, each has its pros and cons. Some have higher user adoption with more average monthly users, while others may make it easier to monetize your goods and services. Which you choose will depend on your interests and the route you choose for opportunities to make money.
What are 20 ways to make money in the metaverse?
If you’re curious about making money in the metaverse, know this: There are an infinite number of ways to make money in this space. Really, you’re only limited to your imagination. However, there are some tried and true ways based on economic science and business-sense. This section will start you off with the most obvious 20 ways to make money in the metaverse, and give you the tools to carve out your own niche in the metaverse space.
Let’s start with the most pressing, sometimes silly, but always interesting: digital land.
#1 – Buy and Flip Metaverse Land
One way to make money on metaverse platforms is to apply old-fashioned real estate strategies to digital land: real estate flipping. One of those strategies is to buy a parcel of virtual property while it’s cheap, then sell it after it accrues in value. Keep in mind: Location is everything. Knowing where to buy the land is key.
#2 – Rent Metaverse Land to Other Businesses
Ever wanted to become a land baron but lack the funds for real world property hoarding? Metaverse land may be your best bet. With this strategy, you purchase metaverse land parcels and rent them out to other businesses or brands. It’s a win-win for you and the client: You get passive income and the business you rent to minimizes the risk of purchasing the land outright.
#3 – Construct a Business on Digital Land
Business-savvy? Then our third digital world land strategy may appeal to you. Here, you buy a piece of land and develop a business on top of it. Just like in the real world, the metaverse needs cool places people can go and have fun or engage in different services. And unlike the real world, your digital properties are not constrained by pesky IRL laws.
#4 – Become a Digital Real Estate Agent
Are you good with people or have experience in the IRL housing market? Then becoming a digital real estate agent might be your best fit. In this situation, you’d act like a real estate agent in the real world: showing off virtual land, connecting buyers and sellers, and getting the low down on the real estate markets in different metaverses. You can even create spiffy digital business cards.
#5 – Invest in Metaverse Cryptocurrencies
Okay, so maybe land isn’t really your thing. There are still 16 other ways to make money in the metaverse on our list. This one may be the simplest: invest in metaverse cryptocurrencies. Each virtual world generally has its own metaverse token, and if you believe in the metaverse in question, you can buy its crypto early, reaping the financial rewards when the crypto booms in value. The best news? The ongoing time commitment for investments is minimal.
#6 – Create Clothing for Metaverse Avatars
Avatars are the digital representations of ourselves in the metaverse. And, as most people would probably agree, avatars need clothes. That has led to a market for digital clothes, from the high-end to the basic. If you’ve ever wanted to try your hand at fashion design or have experience creating wearable digital assets, this may be your game.
#7 – Design Perfumes for Digital Avatars
We know what you’re thinking: If you can’t smell in the metaverse, why would you need perfumes? The answer might surprise you: Digital perfumes are hot selling items in various metaverses, and they do more than just occupy a spot in your satchel. Think a trail of hearts following you around or your aura shifting colors like a chameleon. Web3 perfumes have cool effects, and you could be the one creating them.
#8 – Construct Digital Wearables
Aside from clothes and perfumes, avatars need a host of other products. Just like people want to express themselves in the real world, they want to do so in virtual worlds as well. Shoes, bags, watches, sunglasses, jetpacks, hats, whatever you can dream of…if the accessory or virtual item has a market and the product is good, you could make some extra change.
#9 – Try Your Hand at Digital Art
Are you an artist or want to try your hand at creating digital works of art? We have news: There has never been a better time in history to be one or do so. Through non-fungible tokens, the individual artist has never been more empowered, and that is true in the metaverses as well. Digital art is one of the driving forces in the metaverse and will likely remain so for some time. Interested? Check out our article about how to create an NFT.
#10 – Organize Metaverse Events
Did you know that some metaverses have millions of daily active users? And because metaverses are social spaces, there are countless virtual events going on? If you’re a people person and adept at managing events, you could try your hand at organizing some. Although it is active work, unlike some of the items on this list, it can still bring in a pretty penny. And it could be a fun too.
#11 – DJ in the Metaverse
Like spinnin’ tunes at your local club? You could try doing the same in the metaverse of your choice. Metaverse parties have become more popular since the pandemic, treated as a safer way to get together and share a good time. And they always need people to provide the music, the groove and flow of the party. There are even metaverse-only DJs nowadays.
#12 – Gamble in Virtual Worlds
Maybe you’re a poker master ready to play against the metaverse’s best. Or an apt blackjack player that lives for the thrill of the card flip. Either way, you’ll be right at home in the metaverse, where casinos — including on virtual riverboats — cater to the gambler in us all. It can be an interesting way to make money.
#13 – Become a Metaverse Building Designer
If you’re an aspiring architect or someone with experience designing buildings, you could earn some money designing digital buildings. Many people in the metaverse want their storefronts and houses to stand out, which requires the attention of a top designer with some technical skills. And another cool thing: the only limit on what you can do is your imagination.
#14 – Create Digital Games & Other Metaverse Experiences
Probably a top way to make money in the metaverse: Create digital games or metaverse experiences on a plot of land. Then, when people come to play the game or take part, charge a fee. This is an especially popular method of earning in some of the highest trafficked metaverses like Roblox.
#15 – Work for a Metaverse Company
Okay, so a little cheesy: But you can work for a metaverse company as well. Many metaverse companies higher real-world people for actual jobs, such as customer service, writing, or coding. And since Web3 is a field generally flush with cash, you can make a lot compared to other industries. It’s not necessarily the sexiest option on this list, but it’s secure.
#16 – Take Advantage of Play-to-Earn Games
In the domain of video games, there’s a new kid on the block: the play-to-earn game. With these online games, just playing them can earn you money in the form of cryptocurrency or game assets you can sell. And they can be fun too — especially if you like earning spare cash from what you’d normally do on a Saturday night anyway.
#17 – Give Tours in the Metaverse
Like meeting new people and introducing them to new places? Look no further than one of the hottest metaverse jobs around: the tour guide. Because there are many different metaverses and countless realms to explore, some individuals seek out a tour guide to introduce them to the hottest spots. So strap on that name tag and get ready to walk (digitally, of course…).
#18 – Teach People about the Metaverse
The metaverse is a hot topic but still relatively few people know much about it. That’s where the metaverse teacher comes in. These people talk to the interested and daring about this new technological domain and earn money by doing so. If you’re a writer, you can parlay your skills into writing about it as well.
#19 – Open an Art Gallery in the Metaverse
Everyone likes good art and especially a place to view it. That makes this item a trending one: Open an art gallery and charge people a fee for entering. This is an even better idea if you have a substantial digital art collection or own a plot of land and want to development an art gallery on it. But even if you don’t, it’s not hard to start. Check out our top NFT marketplaces article for more information about where to find digital art.
#20 – Organize Metaverse Concerts
Then there’s the last: Organizing metaverse concerts. We kept this one special (and separate) from organizing events because metaverse concerts are popular right now. Heck, even MTV created an award category for the top metaverse performance. This one may require a lot of work but you could meet interesting people and get paid at the same time.
Final Thoughts on Making Money in the Metaverse
Really, there are infinite ways of making money in the metaverse. From creating items that people will buy to offering services, very little is banned in these no-holds-barred virtual worlds. You can even play video games and rake in a decent amount of money! These 20 items are just the tip of the iceberg, based on some proven metaverse money-making strategies. In the future, there will likely be many more options.
If you’ve liked this article, feel free to check out some of our others: