The metaverse is no longer just a film storyline concept. It’s a fully-fledged system embedded in our lives through the various virtual worlds and alternate realities created by video games and other extended reality platforms that allow users to explore and interact with people in a virtual environment using avatars.  

This offers users endless opportunities for creativity, entertainment, and even business. But how exactly? We look at some way you can make money in the metaverse. 

Virtual real estate (VRE) 

No, we’re not talking about the VR house-viewing real estate agents offer. VRE is actual land in a virtual world. Technically, it’s just pixels, but people are willing to pay big bucks for prime digital real estate. These include anything from digital storefronts to events venues, islands, and even planets! How you can monetise this varies, but it can include renting out the space you’ve acquired or starting a virtual online store with e-commerce functions. The metaverse real estate is diverse and is continuing to grow. 

Virtual events  

Virtual events have become increasingly popular in recent years, with the COVID-19 lockdowns and more people working remotely. The metaverse offers a unique platform for hosting them that goes beyond just meetings. From virtual concerts and conferences to virtual weddings and parties, there are no boundaries to virtual events. By charging admission fees and selling virtual products and services during these events, users can monetise their virtual events and earn real money. 

Virtual products 

This is how a business works: One person produces something of value, then puts it on the market for another person to buy. The same principle applies in the metaverse, only what’s being sold isn’t tangible, and exists solely in the virtual world. One example of this is the online game service Roblox. There people can design a piece of clothing and put it up for sale. In fact, there is even a line of Gucci shirt available on the game. You transact using the in-game currency Robux, which can be cashed out for real money. On some platforms, people can purchase virtual furniture and decor for virtual spaces they own. Many users are willing to spend real money on these virtual products to enhance their experience in the metaverse. 

Virtual services 

Remember those virtual house tours we spoke about earlier? This is where they come in. They’re just one of many service avenues the metaverse offers, with others including events planning and marketing. This is collectively known as using the Metaverse as a Service (MaaS) and has become an important instrument in how companies deal with the challenges of remote work. MaaS can include virtual boardrooms, corporate events and indabas. On a one-to-one level, opportunities in virtual tutoring and personal training also exist.  

Advertising 

With so many companies and people moving on to metaverse platforms, advertisers have also been seizing the opportunity. These platforms have provided great opportunities for virtual billboards, branded products, and in-game ads, among others. This is great for those who own virtual real estate since they can rent out space for these advertisements to live. This means putting your real estate to good use first since companies will want their advertising where people are gathering.    

Gaming 

The gaming industry has been one of the ground-breaking pioneers in the metaverse. While platforms like Fortnite and Apex Legends have proven games can make money while being free to buy, others, such as Roblox, have also extended this option to regular people by giving them the tools to create their own games. Monetizing this can be complicated, but options include pay-to-play, selling merchandise in your creation, and, for proficient gamers, the opportunity to enter competitions and win prize money. 

Projections indicate that by 2029 the metaverse could be worth $1 527.55 billion, so there’s plenty of pie for hungry entrepreneurs to grab their slice. With the metaverse constantly evolving though, businesses that keep up with trends and opportunities will profit most. To ensure you're always keeping up with the latest metaverse trend, ensure you have a secure internet connection with Vodacom Fibre.