Epic Games, Microsoft and other major corporations in 2021 outlined their plans to move to the metaverse. The concept attracts many business representatives, as it looks like a natural continuation of the development of the Internet. The web industry has always moved in the direction of revitalization: text was replaced by images, then video, and later live.
Along with technological innovation come new business models. In this article we will tell you five ideas on how to make money in the metaverse. We will also show successful cases in the blockchain worlds of Decentraland, Cryptovoxels and Somnium Space.
The most common business model in the metaverse is galleries. Artists and collectors create exhibitions of NFT works where visitors can purchase the items they like. Since digital art was the most successful use case for NFTs, it was the art industry that pioneered the metaverse.
You can find both private exhibitions and exhibition centers. For example, galleries of popular NFT marketplaces such as Super Rare, Known Origin, and Makers Place have been built in Decentraland. And in Cryptovoxels, the most popular places built by independent artists are Pure Gold Gallery, Panda Gallery and BCA gallery. You can click on all the paintings and go to the marketplace to learn more or buy.
Creation of digital items
Unlike the physical world, the metaverse is made up of digital objects. For example, all buildings and objects in Cryptovoxels are built from cubes called voxels. From them you can create clothes for avatars or design elements for buildings. All these items are in demand in the meta marketplaces.
Digital items in the metaverse are often more expensive than in the real world. For example, the GYBxB20 right shoe at Cryptovoxels was sold for 18 ETH. At the time of the sale, in May 2021, this price was $30,000. In addition, some designers create things to order. So, the DappCraft studio has created CocaCola branded jackets that can be worn in Decentraland.
Some inhabitants of the metaverse own land, but they do not have the time and wish to create their own building. Then they hire professional virtual reality designers. Many large organizations with the help of their services have already built their headquarters in the metaverse.
Just like in the real world, land in the metaverse can be sold and rented out. Analysis of CV Analytics data shows that many owners in Cryptovoxels own several sites at once. This is because buying virtual land is an investment.
You can rent land in Decentraland using the DCL Renting service. The agreement in it is concluded through a smart contract, so the landlord can be sure that he or she will be regularly paid and the land will not be stolen. The rental price depends on the size and location of the plot and varies from 0.099 ETH to 0.2 ETH per month.
Some artists have started to hold online concerts not only in streaming services, but also in virtual worlds. The 3D metaverse gives viewers the opportunity to experience the atmosphere of the event in a better way than watching a live stream on YouTube. For example, in October 2021, DJ Deadmau5 performed at Decentraland. And in the metaverse of Somnium Space, there are dance parties every week.
Famous artists can achieve effects that are unattainable in reality: change the stage after each song, start swimming fish or go with the audience into space. For aspiring musicians, the metaverse also provides many opportunities. Here they will be able to find their audience or offer to buy a ticket to the performance in the form of NFT.
Where to look for NFT projects?
Now Twitter is the main place for any NFT project. For one twitter account, it is already possible to make an analysis of the outgoing collection.
You can use the search for relevant hashtags. New projects are making giveaways with the #NFTGiveaway tag. Whitelist spots can be played under the #whitelist tag. But constant monitoring can take a lot of time, so there are services that collect outgoing collections.
- Rarity.Tools. This is one of the services that ranks collection tokens by rarity. He has a page with upcoming collections.
- RaritySniper. A service similar to Rarity.Tools with a page of upcoming collections. He is better available.
- NFT Catcher. The interface is hard to perceive, but there are a lot of collections.
- NFT Calendar. A lot of promoted collections, the interface is more convenient, there are relatively few collections.
As the metaverse evolves, so do new business models. In the article, we listed five concepts that are already in demand:
- art exhibition,
- creation of digital objects,
- lease of land,
- concert organization.
You can choose a concept for your business in one of these niches, find sellers, invite them to your marketplace by connecting a crypto wallet, and start earning on a promising niche today. And we will help you refine your Multi-Vendor and offer reliable hosting for your project.