If you are an avid internet user, you have likely read something about the NFT boom sweeping the digital sphere and much of Western society. NFTs or non-fungible tokens are unreproducible digital assets that are now all the rage. The artist Beeple sent shockwaves around the globe when he recently sold his collage named Everyday for $69 million, leaving many to wonder why glorified JPEGs now cost the same as masterworks from Vermeer or Monet. However, that is the reality we find ourselves living in, and things will likely keep getting stranger as time passes.
NFTs are also the basis of several metaverses. These are virtual shared spaces whose economies run on the Etherum blockchain. They utilize fungible ERC-20 tokens as tradeable currency and feature unique assets (NFTs) created by their users or ones that represent integrated parts of these worlds. Users can trade both fungible and non-fungible platform tokens, and they can later sell them for other forms of digital coins or fiat currencies. The most famous such virtual worlds are Decentraland, Axie Infinity, Somnium Space, and the Sandbox. Below, we describe a few of the most common ways metaverse users can turn gaming fun into money-making opportunities.
Modern gamers desire customization. That is why companies like Epic Games are making millions by selling in-game items to their user base. Well, these metaverses allow any player to do the same. Anyone with some artistic propensity can utilize whatever creative software they have on hand to create assets that they can upload to an official metaverse marketplace or sell them on secondary markets. For example, the Sandbox marketplace lists hundreds of user-generated 3D voxel assets for sale, which anyone who holds that metaverse’s fungible token SAND can bid for in hopes of purchasing.
Correct, metaverses feature virtual gaming establishments that host some of the most popular casino games in existence. Decentraland has a few active casinos, of which the most famous one is Atari’s locale in the Vegas City district. The Tominoya Casino is another viable option worth exploring, as it features weekly contests on its roulette and blackjack tables. Naturally, gambling incurs risk, as all the games casinos house favor them, via a built-in mathematical advantage.
As mentioned, metaverses are virtual shared spaces. Thus, they include digital real estate or plots of land in a limited supply. Most of these worlds kicked off with its founders auctioning off land to raise funds to develop and sustain their projects. So, a sizeable chunk of available plots of land got snagged upon each metaverse’s launch. However, parcels in desirable locations are still up for grabs, and many others are on sale at official and secondary marketplaces. Users can buy out multiple plots to form estates on which they can build giant structures, which they can later put up for sale. Alternatively, they can buy land in spots that should get primed for development soon and sell them for a profit once their price jumps.
Pretty much every type of hospitality operation you can imagine exists in these metaverses. They have taverns, hotels, karaoke bars, nightclubs, and more. Many cinemas and museums are also active, and they all charge tickets for entry. Some established artists have also hosted art exhibits in these virtual worlds, selling their creations as NFTs to willing buyers. Overall, similar business opportunities exist in these virtual landscapes, the likes available in the real world. All interested parties need to start exploring their entrepreneurial spirit is to purchase fungible tokens that they can use to buy plots of land on which they can build structures from where they can operate their business establishments.
Each metaverse has its fungible token. For instance, the Decentraland one is MANA, and it trades on popular crypto exchanges like Coinbase. It was trading at around $0.10 for much of 2020 but achieved an all-time high price of $1.6 in April of 2021. The MANA price quickly experienced a significant decline. Nevertheless, at the time of writing, it is again rising. Massive developments in this world affect it, with the same holding for tokens utilize by other metaverses. Those that can sniff out metaverse popularity jumps are free to buy that platform’s currency in anticipation of its price sky-rocketing.
Virtual games provide many of the same money-making possibilities that exist in the real world. Anyone with creative talents and an industrious predisposition can prosper in any metaverse if they put time and effort into their revenue generation schemes.
Shelly Schiff has been working in the gambling industry since 2009, mainly on the digital side of things, employed by OnlineUnitedStatesCasinos.com. However, over her eleven-year career, Shelly has provided content for many other top interactive gaming websites. She knows all there is to know about slots and has in-depth knowledge of the most popular table games. Her golden retriever Garry occupies most of her leisure time. Though, when she can, she loves reading Jim Thompson-like crime novels.