Becoming a Metaverse Millionaire
Metaverse is currently the hottest trend with incredible potential for profit in all shapes and forms.
A Quick Intro to Metaverse
Metaverse is an expansion or, some could even call it the next phase or level of the internet. It is a full-fletched world that exists completely digitally and which can be accessed via VR or computer. VR has been around for some time but last year, Facebook decided to take a big leap forward and introduce the Metaverse as their next “product”. The company apparently believes in this project so much it has been already heavily investing (in the numbers of billions of dollars) into VR technology for several past years and after the announcement about Metaverse, the company even changed their name to Meta Platforms Inc.
If you are early in a new technology/project/opportunity, it gives you the potential to insanely capitalize on it and the Metaverse is not an exception. It offers new opportunities in terms of interacting with people, technological advancements, spending leisure time but also more importantly, making money.
The last category is the one I will focus on in this article, as it can be neatly tied to my usual topic of cryptocurrencies.
Now that you have an idea of what Metaverse is, I will go over a few methods you can use to potentially make money through this technological novelty. As always, please note that I don’t provide any financial advice, whatever you decide to do with your money is your own responsibility.
Whatever method you will choose, please invest responsibly and always DYOR! (Do your own research!)
Digital Real Estate
Similarly to how you can interact with real estates or properties in real world, even in Metaverse you are able to buy, own, rent or flip a property.
Probably the two most popular Metaverse platforms right now are Decentraland and Sandbox. On both of these platforms the smallest plots of land are selling for almost 4 ETH (roughly $11000). Because we are still so early in the Metaverse trend, you can very well imagine how pricey the plots will become after some time. Last year, the same plots were being sold for under $1000. Imagine next year.
If you buy not only a plot of land, but a property, a house, you will have the option to rent it. This could be the first step towards creating your own Metaverse passive income stream. Or, if you are not into renting, you can also try to flip the property and make profit this way. Again, with the increased interest in the Metaverse, these digital assets will probably see a steep increase in their price.
I have already mentioned Decentraland and Sandbox, but there are sure to be more similar platforms in the future, as the Metaverse will gain traction, interest and mass audience.
Now, if the Metaverse is completely new digital world, what in real world are paintings and art pieces, in Metaverse will most certainly be substituted by NFTs (to learn about NFTs, please refer to this article) which is already happening. Especially on the two aforementioned platform, NFTs are traded on daily basis and used heavily for different items.
This will probably only elevate the already huge hype surrounding NFTs and will create big demand over time. Therefore, it may be a great idea to learn about NFTs, maybe create some of your own or try and pick and buy few which you will then hold and try to sell in the future. Again, if you need a simple guide, I wholeheartedly recommend you to read this one:
Simple guide to NFTs: All you need to know
Lately, the world has gone crazy about NFTs and you don’t want to miss out! What are they, why all the fuzz and how can…
Play to Earn
You have probably heard about Play to Win, Free to Play or Pay to Win model but what about Play to Earn? Lately, games with this model of functioning have become fairly popular and that is in no small part due to the popularization of blockchain and cryptocurrencies.
Play to Earn games simply refer to games where a player can get rewards with real-world value for in-game activity. The rewards are in most cases the game’s cryptocurrency which can usually be sold on an exchange for USDT or BTC. Alternatively, in Play to Earn NFT games (or simply NFT games), you have the possibility of earning NFT items as well.
As it is with everything, even here there isn’t any guarantee that the currency or NFTs you may earn will be worth anything in the future or that their price will increase. However, so far, I have seen only very positive feedback.
Play to Earn ties to the Metaverse fairly naturally: the two platforms mentioned above (Sandbox and Decentraland) are already using this model to some extent and it is probable that other future platforms will as well. This gives you the opportunity to earn Metaverse tokens (Metaverse in a sense that they are tied to a project working with Metaverse) which will probably increase in price because of the hype and future wider adoption of these platforms (Once again, it can be an advantage to be involved in the early stages of such projects).
The items you earn in Play to Earn games can even sometimes be later rented (e.g., in a card game, if you own a rare card, you can rent it to other players) for additional profit, which can consequently turn your in-game income from mainly active to a passive one.
Investing into Metaverse
Last but not least, there is the option to invest into the Metaverse through different cryptocurrencies or even shares. For me, this represents the most “traditional” investment option among the ones mentioned in this article, because you are probably already familiar with buying crypto or shares, but maybe not so much with NFTs or other topics mentioned above.
The method itself is pretty simple — find yourself a project, game or company that is getting involved with the Metaverse, do your research (preferably a complete fundamental analysis, so you know what you are getting involved with) and then proceed to buy their shares or tokens. An example can be, once again, the Metaverse platform Sandbox, which has its own cryptocurrency SAND. Price of SAND has increased by roughly 2800% in the last year. That is, in my opinion, a solid investment and ROI.
An example of a more traditional company working with Metaverse can be Nvidia. Nvidia has been the leader in development of VR technology for past few years and has already mentioned that they are starting to focus on Metaverse and its opportunities. Similarly, many Metaverse platforms or games are build on Unity engine, so you may consider investing into Unity Technologies.