How to Make Money in the Metaverse
- The future of the metaverse is inspired by everything that we do in the real world.
- The metaverse could be a lucrative investment.
- Investing in the metaverse today can potentially put you ahead financially; being an early adopter and investor is risky but can be extremely rewarding.
The recent pandemic has played a major role in changing the ways that we socialize. Whereas meeting up with friends in person to socialize and have fun was the norm just a couple of years ago, it has become just as normal to now communicate with others through digital social media platforms and virtual worlds. Most notably, the pandemic has increased awareness and put a spotlight on the metaverse.
The Future of the Metaverse
Prior to the current state of the metaverse, many people had started to explore more into augmented and virtual reality. Augmented reality is interactive real-world experiences through technology. Virtual reality, which requires a headset or helmet, is a computer-generated environment that creates real-world scenes and objects. The metaverse is where augmented reality and virtual reality come together.
The metaverse is a virtual reality created with avatars who then live life as you would in the real world, only they live life virtually. You virtually eat, sleep, shop, work, and socialize in the metaverse.
The metaverse has even launched a virtual connection company called Emerge. This company is designed to bring about physical touch and connections in the virtual world, which means that you will be able to connect and feel things in the virtual world as you would with your bare hands in the real world.
The future of the metaverse is everything that we do in today's world but in a virtual sense. The way we socialize, work, communicate, and buy will all be done through a click of a button.
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With advances in technology in virtual reality also comes virtual ways to earn money. The metaverse offers a variety of ways to be able to put money in your bank account.
Here are three ways to make money in metaverse:
- Non-Fungible Tokens or NFT´s
- Real Estate Investing
- Gaming
Non-Fungible Tokens
A non-fungible token (NFT) is similar to bitcoin because it is like money. The only difference is that it is a unique token that can never be duplicated.
NFTs are digital assets that can be (digital) artwork, music, real estate, games, and even tweets. Each token can only be owned by one person at a time, which makes each token similar to that of a collector's item. Once the NFT is sold, the new owner will get a digital file that they will then download and own.
You can purchase an NFT from a seller then sell it to someone else. Each time you resell, the NFT will create a new digital code within the blockchain. The blockchain then stores the new cryptic code until you decide to sell.
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According to DappRadar, the average sales price of a non-fungible token is close to $900. To purchase NFTs, you will need to establish a digital wallet to store your tokens and other cryptocurrencies. (Platforms such as Coinbase or Robinhood is where you can use a debit or credit card to buy different cryptocurrencies.)
With the right amount of NFTs, you can enter into the virtual reality of real estate investing.
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Real Estate Investing
The considerations should be the same for buying real estate in the metaverse as they would be in the real world. Before making a purchase, know your reason for purchasing the property, location, and the long-term advantages of buying the property.
The metaverse allows you to buy property as your place of residence for your avatar, flip and sell for profit, or buy with the option of renting out to other avatars. The virtual world also has itś real estate agents ready to assist you with all of your buying needs.
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As of December 2021, the average price of land in the metaverse is estimated to be around $15,000. With the increasing popularity of the virtual world, the cost of land is expected to rapidly increase by the end of 2022.
The ability to virtually live anywhere in the metaverse or own a property near a popular site drives people wild. One crazed fan bought a neighboring property next to Snoop Dogg's property for a whopping $450,000.
While purchasing property is currently one of the more popular options, there are other assets to buy in the virtual world other than real estate.
Gaming
Gaming has been around for quite some time, but the odds have always been in the developer or owner's favor. Finally, however, the metaverse has made it possible for those odds to be shared with gamers and their new play-to-earn options.
Games like Fortnite, Roblox, and Minecraft are all popular games that have been around for quite some time now, and gamers spend tons of hours playing these games (and others) and purchasing skins to impress their teammates. But, most notably, these are all games that create a virtual experience.
The play-to-earn option that these games and others have will allow gamers to play games in exchange for crypto tokens or NFT, which can then be traded for other items or assets of their choice. Purchasing assets within the metaverse can build a sizable portfolio that can, in turn, create financial freedom in the real world.
Gaming is a billion-dollar industry, and it is only expected to continue to grow in the metaverse within the coming years. But the opportunities will not be just for the actual gamers. If you are not a gamer but are into building technology, then the metaverse has a place for those who would like to build software and create games.
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Though you may not realize it, the introduction into the metaverse has already begun. Although it has been around for many years, it has just become increasingly popular due to the effects of the pandemic and with the power of technology in today's world.
Investing in itself is a risky business. However, those willing and able to risk investing in the metaverse today before it becomes our reality could quite possibly set themselves on the path towards a bright financial future.