In 2021, Epic Games, Microsoft, and other major corporations have outlined their plans to move into the metaverse. The concept attracts many business representatives, as it looks like a natural continuation of Internet development. The web industry has always moved in the direction of liveliness: text was replaced by images, then by video, and later by live broadcasts.
With technological innovation comes new business models. In the 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, Voxels (ex. Cryptovoxels) and Somnium Space.
Art Galleries
The most common business model in the metaverse is galleries. Artists and collectors create exhibitions of NFT artworks 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 private exhibitions as well as huge complexes. For example, galleries of popular NFT marketplaces such as Super Rare, Known Origin, and Makers Place have been built in Decentraland. And popular places in Voxels (ex. Cryptovoxels) built by independent artists: Pure Gold Gallery, Panda Gallery and BCA gallery. You can click on all the artworks and go to the marketplace to learn more or buy.
Construction
Some residents of the metaverse own land, but they don’t have the time and energy to create their own building. Then they hire professional virtual reality designers. Many large companies have already built their headquarters in the metaverse with the help of their services.
BeFuture offers similar services. It helps in the construction of objects and the development of a marketing strategy for bringing the brand into the metaverse. For example, agency professionals can organize a virtual event and develop an interactive quest.
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For those who want to learn more about the construction in the metaverse. In the article, we talked about the companies that come to Decentraland and the studios that help them.
Virtual land rentals
Just like in the real world, land in the metaverse can be sold and rented out. CV Analytics data shows that many landowners in Voxels (ex. Cryptovoxels) own several parcels at once. This is because for most users, buying virtual land is an investment. Analysts think so too. For example, PwC researchers predicted the growth of the metaverse market from $100 billion in 2021 to $1.5 trillion in 2030.
In Decentraland, you can rent out land using the DCL Renting service. The service uses a smart contract to conclude an agreement, so the landlord can be sure that he will be paid regularly and the parcel won’t be stolen. The rental price depends on the size and location of the land: from 0.099 ETH to 0.2 ETH per month. At the exchange rate for November 2021, this was between $450 and $860 per month.
Concert Organization
Some musicians have started performing at 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, DJ Deadmau5 performed at Decentraland in October 2021. And in the Somnium Space metaverse, there are dance parties every week.
Famous musicians can achieve effects that are unattainable in reality: change the stage after each song, launch fish on the dance floor, or go with the audience into space. For aspiring musicians, the metaverse also provides many opportunities. Here they can find their audience or offer to buy a ticket to the performance in the form of NFT.
Creation of Digital Items
Unlike the physical world, the metaverse consists of digital objects. For example, all buildings and objects in Voxels are built from cubes called voxels. They can be used to make clothes for avatars or design elements for buildings. All of these items are in high demand on marketplaces of the metaverses.
Digital items in the metaverse are often more expensive than physical items in the real world. For example, the right GYBxB20 sneaker was sold for 18 ETH at Voxels. At the time of the sale, in May 2021, this price was $30,000. In addition, some designers create wearables to order. So, the DappCraft studio has created Coca-Cola branded jackets that can be worn in Decentraland.
TL;DR
As the metaverse evolves, so do new business models. In this article, we listed five concepts that are already in demand:
- art gallery,
- construction,
- virtual land rentals,
- concert organization,
- creation of digital items.
Editor:
James Armstrong
Cover and illustrations:
Delilah Jones
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