Non-fungible tokens have been an excellent way for blockchain-based virtual worlds to create in-game economies. Since they are decentralized organizations, it is easier for players to make money in virtual worlds.
The metaverse describes a digital world where people perform activities similar to the natural world. Most items on metaverse platforms operating on the blockchain are NFTs. When players buy these items, they become rightful owners and have absolute control over them.
Accordingly, it is easier to make money in virtual worlds today because you can sell an in-game NFT to other players.
Although most platforms have their non-fungible tokens, players should be able to use the same NFT on multiple virtual worlds. We do not know whether virtual worlds and blockchain games will come together to form one metaverse.
Nevertheless, the metaverse should be interoperable, and avatars should easily navigate from one world to another.
A substantial number of metaverse users today got into the industry due to its earning potential. Token rewards, NFT giveaways, and other incentives have attracted players worldwide to the metaverse phenomenon.
So, what opportunities on the metaverse can you use to earn a living? This article will explain different ways you can make money in virtual worlds.
NFTs in the metaverse: 4 proven ways to make money in virtual worlds
In-person art galleries are a place to feed your eyes with incredible works of art. Similarly, virtual galleries are a place to view stunning artworks of NFT designers and make money in virtual worlds.
You can open an art gallery in a virtual world where avatars can pay to see 2D and even 3D NFT artworks. An example is the Sotheby’s Art Gallery on Decentraland. In June 2021, Sotheby’s, a 277-year-old auction house, built a virtual model of its London Galleries.
A virtual gallery can also serve as an auction house for art exhibitions and sales. During the launch of Sotheby’s virtual gallery, the organizers auctioned Cryptopunk 7523 and the Natively Digital NFT collection.
Virtual land owners can open metaverse galleries where people pay to view artworks. Moreover, NFT creators can pay you to host auction artworks on their behalf.
NFT auctions are just one of the many events in virtual worlds. People and organizations can host concerts, meetups, brand publicities, and parties in the metaverse. How can you or your brand make money from virtual events?
Celebrities who organize virtual music events can charge attendees an entry fee as they do with in-person concerts. Also, organizations that sponsor in-person events will like to do the same for metaverse parties with a large audience.
Avatars attending a metaverse event can make money in virtual worlds by participating in giveaway contests. While some hosts might restrict the rewards to avatars who own specific assets, most virtual events reward just any fortunate avatar.
Event rewards are either given as token airdrops, wearables, gaming items, or other forms of NFTs. For example, after the first exhibition of the MoCDA Art Exhibits, The Sandbox gave attending avatars a chance to win 200 mSAND tokens.
Likewise, PolygonalMind will host the upcoming Call of Duty – Major 4 metaverse watch party on Decentraland. At this party, avatars in the VIP room will have the chance to win a CloneX NFT and four gaming rigs. Meanwhile, the party sponsors will also give other attendees six NFT wearables.
Virtual events present an excellent opportunity to make money in virtual worlds. You only have to host or attend the right event.
Play-to-earn is a business model where players earn incentives for playing blockchain games. Here, metaverse platforms reward players for winning battles, winning a tournament or participating in an event.
Meanwhile, blockchain games don’t just share money from nowhere. Instead, they generate revenue from royalties on NFT sales, in-game transaction fees, and tournament fees.
In the early days of play-to-earn gaming, players earned massive rewards for their time and dedication to the game. However, due to the crypto market’s general condition, there has been a significant decline in the value of player incentives.
Nonetheless, play-to-earn is still a thriving business model. Consistent players can store earned rewards till there is an increase in the coin’s value.
Virtual Real Estate
One of the significant ways to make money in virtual worlds is through the virtual real estate business. Physical lands and houses have multiple uses and can generate unending cash flow. Similarly, virtual lands present a lot of opportunities to their owners.
Consider these three ways to make money in virtual worlds through virtual lands:
Buying and Selling
Like natural land, buying and selling virtual land for profit is always a long-term game. A piece of virtual land will gain value based on the level of development in its location.
Consequently, virtual land investors will benefit more by buying lands in public places and famous locations in a virtual world. Moreover, ensure you purchase lands on sustainable metaverse platforms.
Metaverse projects that cannot maintain their business and reward model will not last much longer. So, when planning to buy virtual land for several years, avoid crypto projects with promises that seem too good to be true.
Metaverse users rent virtual land for events, advertisements, etc. Virtual worlds have implemented systems to ensure land owners receive their rent fee according to the agreed interval.
In some cases, landowners can also rent out the building on their land. Individuals or brands whose plan or budget does not require buying land parcels can rent land or facilities for their metaverse event.
Currently, businesses are the primary owners of virtual lands. In the coming years, avatars might begin to own and rent virtual homes where they will keep their metaverse assets and belongings.
Despite the advanced tools virtual worlds provide, most land owners might be unable to design an impressive building. Accordingly, they will need the services of a professional designer.
A graphic or 3D artist can sell his skill on metaverse platforms by designing buildings for land owners. Most metaverses provide tools that don’t require coding, making the job much easier.
Meanwhile, some virtual worlds have a verified community of structure developers. Nevertheless, you can make money in virtual worlds by developing virtual lands for individuals and brands.
The metaverse provides a fast-moving industry that requires careful study. You can make money in virtual worlds by following the trend as it evolves.