It’s only been eight months since Mark Zuckerberg announced the inception of the “metaverse,” a convergence of the physical and digital lives connected by virtual and augmented reality. Yet, the technology is already rapidly expanding, with new platforms constantly emerging into the brand new space.
Within the metaverse, users can live in an alternate reality where they can buy their condos, socialize with others using their avatars, attend business meetings, and even earn an additional income stream. Here are a few of the top ways users can take advantage of the lucrative potential of the metaverse.
Virtual real estate
One of the fascinating new ways users can make money in the metaverse is buying NFT land for a fixed price and building on it or renting/selling it for a profit. Users can also rent the land out to developers so they can create buildings, gaming arenas, concert halls, offices, and other venues. Although virtual real estate can come at a high price, leasing a space can sometimes deliver profits similar to real-life real estate.
NFTs and the metaverse are closely connected since they both use blockchain technology, and the metaverse has given NFTs a new use case. As a result, investors have a tremendous opportunity to profit from trading NFTs, and while it’s a relatively new concept, NFT gaming is now also surging in popularity, with recent initiatives like Binance NFT’s Initial Game Offering (IGO) exceeding $16 million in trading volume within two weeks.
Participate in play-to-earn games
VR poker, e-sports betting, and other forms of blockchain gaming have arisen to allow gamers to earn money in the metaverse. Companies like Admix, a startup that recently raised $25 million USD to drive in-game monetization in the metaverse and Bloktopia, which plans to have entire floors or divisions dedicated to play-to-earn gaming, are some examples of successful P2E platforms.
Another metaverse casino ready for take off is Planet Maya powered by ChampionGames, the world’s first collaborative open source virtual reality casino. Through its economy and community of game developers, odds-makers, and players, the platform aims to change the perception of online skill-based gaming by building global play-to-earn experiences that converge sports, technology, and entertainment.
Earning passive income from metaverse properties may seem like a far-flung concept, but it’s a reality for a growing number of users. As this space gains popularity and the market becomes more saturated, fewer opportunities to get in early will be available.
Revenues from virtual reality (VR) gaming worlds could reach $400 billion USD by 2025, and the Metaverse could cumulatively generate $1 trillion in value.