The blockchain and digital currency world are growing fast. New projects and initiatives are emerging on a near-daily basis. There are now almost 22,000 crypto tokens listed on CoinMarketCap, with a combined market cap of $927 Billion (as of 18 Oct 2022).
This rapid growth has led to a surge in interest among new users looking to get involved. The user index for 2021 shows a 97% confidence in cryptocurrency and it the global blockchain market will likely grow.
Many people are curious about how they can get involved in this exciting new industry, especially as an investor or a developer; and how exactly they can make money from it.
If you’ve been wondering how to make money in Web3 and in the Metaverse, this guide will help you see 4 money-making opportunities in these virtual worlds!
Web3 and The Metaverse
The virtual world is coming, and it’s called the Metaverse. This name is inspired by the Simulated Reality technology imagined by science fiction writers as a future version of the internet.
While we’re waiting for this future to happen, there are ways you can make money in the Metaverse right now. The Metaverse is just another example of the decentralization trend happening across many industries right now. It’s an ecosystem made up of different DApps (Decentralized Apps) that connect users and allow them to interact seamlessly in virtual spaces.
Some of these apps are games where you can buy tokens or NFT assets using Ethereum or other cryptocurrencies, but there are also applications like stores or social media platforms where you can sell your products using digital tokens.
Web3 is the next phase of the internet that will be decentralized, unlike the centralized web we’re using now. This doesn’t just mean it will be hosted on decentralized servers, but also that it will be distributed across a network of different blockchains.
This means users will be in control of their data and will have the ability to transfer value between each other without the use of a middleman. It is already possible to create virtual spaces or worlds where users can interact with each other, trade items, play games, meet, talk, or do anything else they could do in real life, or at least what a particular metaverse world enables.
To get there, we need to develop standards for interoperability between different blockchains and DApps.
A lot of opportunity for early, and even late, adopters. Here we go:
1. Earn by playing games
One of the most popular DApps in the Metaverse is CryptoKitties, a game where users can buy and collect digital cats. Although the game is silly and seems pointless, it’s a very good example of what the future of the Metaverse might look like. Because the game is decentralized and exists on the blockchain, you can either buy or sell your CryptoKitties to other players.
If a play-to-earn game becomes popular and is used as a medium of exchange, it could be a potential to make money with game items. For this reason, CryptoKitties are listed on exchanges and can be bought or sold for Ether or other cryptocurrencies.
If you’re a gamer who enjoys collecting rare items, then this is a great way to make money in the Metaverse right now. You can either buy the most expensive CryptoKitties or breed them to create rarer offspring.
The are many play-to-earn games you can explore.
2. Selling assets in the Metaverse
Another interesting way to make money in the Metaverse is by buying and selling assets. This can take the form of artwork, digital collectibles, or even VR experiences like travel tours or concerts.
Imagine you are able to visit a VR museum of paintings created by famous artists from the past. You could buy tickets (read NFTs) for the exhibition and go to any painting you wanted to see. You’d be able to look at the painting from different angles, take pictures, or even zoom in to see the brush strokes and how the artist worked.
This, of course, would be done using avatars and VR technology, and you could even make payments using cryptocurrencies. These types of experiences can be created with VR technology and sold on websites like VRTL.
Just imagine, you might be good at creating VR content and selling tickets or tokens to people who want to visit your virtual space.
3. Earn by creating content
Web 3.0 is the era of the third web, an internet that is decentralized, democratized, and more open. Think of it as a more transparent and more inclusive version of the internet, where anyone can publish content and participate in the conversation without a central authority that can block you, like Donald Trump getting kicked out of Twitter.
There are many ways to earn money in Web 3.0 but if you are determined and willing to put in the work, you can earn money online.
There are different types of content creators, some of which are bloggers, podcasters, YouTubers, journalists, and Vine stars. The key is to build your audience and find a way to monetize your content, like in Web2.
Some people make money by selling products on their blogs or selling tickets for events they host, around the content they produce. Others make money by selling advertising space or by charging for premium content and access to members-only areas on their site.
4. Earn by developing decentralized apps (DApps)
Developers can earn by creating and deploying decentralized apps. The Metaverse is a place where users will be able to create their own virtual spaces, markets, or even virtual games. A developer can create a DApp to serve these needs. Users will be able to pay the developer in tokens in exchange for using their spaces or services.
If you’re a developer looking to earn by developing DApps, then you might need to learn how it’s done and give it a try.
The space is new, the opportunity is big
The Metaverse is an ideal arena for crypto-based projects because people in the space are constantly looking for top execution of awesome ideas. That, with the desire to create a more open, transparent and trustworthy platform, presents everyone an immense opportunity. Facebook tried to grab it rebranding to Meta.
The goal is to create a better internet where anyone can publish content and interact with each other seamlessly. It will be a more open and inclusive space where anyone can contribute, whether they are an expert in their field or a newbie.
