The metaverse is a virtual shared space that is growing in popularity and offers a wide range of opportunities for entrepreneurs and creators. Here are a few ways you can make money in the metaverse:
Sell virtual goods or services
One way to make money in the metaverse is by selling virtual goods or services. This can include selling virtual clothing or accessories for avatars, creating and selling virtual real estate, or offering virtual services such as design or consulting.
Choose a platform that aligns with your target audience and offers the features you need. you’ll need to design and create the virtual clothing or accessories you want to sell. This may involve using modeling software or hiring a designer to create the assets for you.
Once you have your goods ready to go, you’ll need to set up a shop on the platform you’ve chosen. This may involve creating a seller account and setting up payment and shipping options.
To attract customers, you’ll need to promote your shop and make it visible to potential buyers. This can involve using social media, participating in online communities related to your products, or creating promotional materials.
When you receive orders, you’ll need to process them and deliver the virtual goods to the customer. This may involve sending a link or code for the customer to access the goods, or uploading the goods directly to their account.
In-game advertising
Companies may be willing to pay to have their products or services advertised within the metaverse. This can be a lucrative opportunity for those with a large presence in the virtual world.
As example Coca-Cola: In 2016, Coca-Cola created a virtual reality experience called “The Holo-Coke Experience,” in which users could interact with a virtual version of the brand’s signature bottle. Nissan In 2018, Nissan partnered with the virtual reality platform VRChat to create a virtual showroom, where users could explore and test drive virtual versions of Nissan vehicles.
IBM In 2019, IBM launched a virtual reality experience called “IBM VR Meeting Rooms,” in which users could participate in virtual meetings and events with others from around the world.
In 2020, Mercedes-Benz launched a virtual reality experience called “Mercedes-Benz Virtual Showroom,” in which users could explore and interact with virtual versions of the company’s vehicles.
Host virtual events and experiences
You can also make money by hosting virtual events or experiences within the metaverse, such as concerts, workshops, or classes. Charge for access to these events to generate income.
Virtual events can reach a wider audience, as attendees can participate from anywhere with an internet connection. They are also often more cost-effective than in-person events, as they do not require travel or physical venue costs. Virtual events are also more environmentally friendly, as they do not generate carbon emissions from transportation.
Virtual events can be a great way to connect with people from around the world and share information, ideas, and experiences. With the right planning and execution, they can be a highly effective and engaging way to reach a global audience.
Seek sponsorships and partnerships
Partnering with companies or individuals in the metaverse can provide opportunities for sponsorships or other forms of income. There are many players in the metaverse who have secured sponsorships, including virtual influencers, content creators, and event organizers.
Shudu Gram is a virtual influencer and model who has received sponsorships from brands such as Fenty Beauty and Samsung.
Natsumi Moe is a virtual influencer and content creator who has received sponsorships from brands such as KFC and Coca-Cola.
Virtual Beings is a virtual influencer agency that represents a roster of virtual influencers, including Shudu Gram and Natsumi Moe, and has secured sponsorships with brands such as Samsung and Gatorade.
Create and share content
You can create and share content related to the metaverse, such as streaming gameplay or creating tutorials, and monetize it through platforms like YouTube or Twitch.
Some YouTube videos about the metaverse have received a significant number of views, while others have received fewer views. It is possible for a well-made and engaging video about the metaverse to receive a large number of views, while a poorly made or uninteresting video may receive fewer views.
Markiplier is a popular YouTube gamer who has received millions of views on his videos about the metaverse. Markiplier has played a variety of games set in virtual worlds and has produced videos about his experiences in these worlds, including the popular game “Roblox” and the virtual reality game “Rec Room.”
It’s important to note that making money in the metaverse can be challenging and may require a significant time investment to build an audience or establish a presence within the virtual world. As with any business venture, it’s important to carefully consider the potential risks and rewards before diving in.