Just like in real life, it’s possible to earn money inside the Metaverse. Let’s remember that one is considered a network of 3D virtual environments focalized on human interactions. Through an avatar, people can work, study, socialize, take part in digital economies, acquire property, play, and yes, earn some real cryptos inside the Metaverse.
Of course, the ability to gain money in these virtual worlds will depend on your skills, economy, and creativity. Metaverses are just beginning and are constantly expanding. So, the ways to earn money there will also multiplicate.
These worlds (especially those based on a blockchain) connect with our reality, but also have their own economy and ways of sustaining themselves. Paths to earn cryptos here include salaried jobs, real estate investments, and playing.
Now, we present you with some new ways to earn cryptos in the Metaverse.
Metaverse real estate and NFTs
The real estate industry also exists and grows in the Metaverse. Plots and pieces of “land” on platforms like Axie Infinity, Decentraland, or The Sandbox (decentralized virtual worlds) have been sold for thousands of dollars already.
The idea is to speculate with virtual spaces and sell them at a better price, either by location, size, or possibilities for the development of a business or activity. For example, the main streets of Decentraland have now all been bought and real businesses are starting to see the possibilities that these good locations may bring. Just as they’d do in the physical world.
On the other hand, Non-Fungible Tokens (NFTs) can include avatars, clothing, game objects, art, and even the same plots of virtual land. All of this can be traded in the Metaverse. You can create a piece yourself or buy and sell from others, speculating on their revaluation.
Renting land and hosting events
Besides trading land in the Metaverse, you can also rent them. Both for the development of some activity and to place the advertising of a company, if it’s in a good location within the virtual world. Protocols such as IQ allow landlords to profit from rental fees through predetermined conditions that are negotiated with tenants and enforced through smart contracts.
Additionally, the land could also be rented for events. Just like a private party, or an event organized by yourself (and getting paid for it). This is where we find the case of Snoop Dogg’s private party.
In September of last year, the celebrity, in collaboration with The Sandbox, organized a private party there. Only 1,000 NFTs that served as passes were minted for the event, and those were put up for sale on the platform’s market. These NFTs gave access to other exclusive content, experiences, and even the concert that Snoop Dogg made in the virtual space.
Casinos and play-to-earn games
One of the first places people started to earn cryptos in the Metaverse was at casinos. There are a good number of virtual casinos where you can play the typical blackjack, poker, and other traditional games. You bet your digital assets and you can win in the same way. For example, Atari launched its own casino in Decentraland.
But casinos are not the only thing that can be played to win money. So far, play-to-earn games have become more than popular. These types of games give users the chance to earn cryptocurrencies and rewards by just playing.
One of the best known of them is Axie Infinity. This is a blockchain-based play-to-earn game, in which playable monsters or ‘axies’ are unique NFTs on Ethereum. It was released in March 2018 by the Vietnamese studio Sky Mavis, and it’s available for Windows, macOS, Android, and iOS.
The platform has two tokens: Axie Infinity Shards (AXS), and Smooth Love Potion (SLP). The first one lets the users make staking to earn passive rewards and vote on the game’s development. The second one is the internal reward for all the gamers. SLP is earned in the battles with other axies —against a computer or other users.
Other play-to-earn games include DeFi Kingdoms, Guild of Guardians, and Mines of Dalarnia.
This is probably the most ‘fitness’ way to earn cryptos in the Metaverse. As the name suggests, they’re platforms that reward their users for moving around; from walking and jogging to dancing and any other physical activity. To do this, those platforms use their own native tokens —with real value on the markets.
STEPN and its token GMT, based on Solana, are likely the most popular M2E brand around. It had an initial token sale back in March. Since then, the GMT price has increased by over 24,500% and it’s still trending [CoinMarketCap]. In this case, beyond speculating with GMT (which is also possible), it’s necessary to acquire a pair of NFT sneakers to use the platform.
Then, the app will use the virtual sneakers to track (and tokenize) every movement from the user. These NFTs come with different designs, quality, and prices. It can be rented, too. Since the app is so popular now, one of the cheaper ones is costing about 10 SOL ($1,100). Alternatives to STEPN include Dotmoovs (MOOV), Genopets (GENE), and OliveX (DOSE).
Jobs in the Metaverse
Yes, that’s right. Similar to physical life, in the Metaverse, you might as well have a real job —with real payment. One of the most popular cases has been the offer launched by a casino in Decentraland.
Tominoya Casino is paying cryptocurrencies to work in their virtual space as hosts, something that game developers usually reserve for bots. The casino’s job offer includes four hours each day. At the end of the month, employees are paid over $500 in DAI or the company’s DG token.
Beyond this, although it’s not fully materialized at the moment, there will be many more jobs within the Metaverse soon. Likewise, employees from different fields will be needed for the development of these worlds.
The Metaverse, in all its extension and possibilities, will require countless workers for the different innovations, new technologies, and protocols of the thousands of companies that will want to participate in the new business models that arise; or in the very conception of virtual worlds.
We can already anticipate the possible jobs that will be needed for the full development of these universes. Among them are virtual world architects (in the best style of the architects from the movie Inception), cybersecurity experts, and storytellers who can run the path to expansion.
The Metaverse, as its name suggests, is a whole parallel universe. So, the chances of earning money may be as many as creativity allows.
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