Monetizing Your Metaverse Experience
As blockchain technology inspires a new wave of financial growth, individuals and businesses are seeking out the Metaverse and Web 3.0 with the hope of creating an income stream from their online experience. The potential for this financial boom comes in many different forms, including trading or staking cryptocurrencies, buying and selling NFTs, buying, selling, or renting Metaverse real estate, and participating in play-to-earn blockchain games.
The opportunities are both vast and expanding, so it is important to understand how individuals and businesses alike can gain from them.
Financial Opportunities for the Individual
As a regular citizen of the Metaverse, your earning potential is limited only by what you start with. One of the fundamental points of entry is cryptocurrencies, but this isn’t limited to just trading. Crypto now covers a wide segment of the blockchain market and in addition to buying and selling more established coins, you can also stake them (use them to validate transactions in exchange for rewards).
Another reason to look into cryptocurrencies is because a lot of new governance coins/tokens are still launching, allowing you to get involved with the development and growth of projects — especially Web 3.0 games. New projects are being founded every day and there are still early opportunities available for those who do their research.
Here are a few recent examples of gaming projects launching their own coin(s):
- Star Atlas: Two coins tied to the game — $ATLAS and $POLIS
- Affyn: Governance token — $FYN
- Sin City: Governance token — $SIN
2. Creator Economy
In addition to governance tokens, Metaverse projects allow players and users to create and sell their own content. This is building upon the successful creator economies that have been established in games such as Roblox, Minecraft, and Fortnite, and has already seen great success in Decentraland, SandBox, and other open Metaverse projects.
The benefit of creating your own content on a decentralized, open-market environment like Decentraland compared with a closed, centralized environment like Fortnite is that creators instantly own their assets outright and can interact directly with consumers. Creators also benefit from all secondary sales thanks to the smart contracts that power NFTs and virtual assets.
Within the scope of blockchain technology and decentralized ledger assets, NFTs have also come into their own in 2021 and 2022. As we covered in our previous article, NFTs are unique digital assets that can be art, land, in-game items, tickets, special access, or utility. With NFT smart contracts allowing for ownership traceability as well as royalties for every transaction, trading in NFTs or becoming a collector and receiving those royalties are both viable ways for individuals to see financial income from their digital assets. Purchasing and owning land NFTs in Metaverse projects such as Decentraland, SandBox, ULAND, and Bloktopia, for example, can also provide a revenue stream through renting out virtual asset spaces/locations.
Increased Revenue for Businesses
1. Direct-to-Avatar Commerce
Virtual assets also create new markets into which businesses can expand, trading directly with individuals as they represent themselves in the Metaverse — known as Direct-to-Avatar (D2A) commerce.
Established brands and businesses are already making their first forays into blockchain technology, and new names have an opportunity to carve a niche for themselves. A Direct-to-Avatar (D2A) supply chain offers benefits to both consumers and suppliers by removing the unnecessary steps in a usual seller’s model, thereby allowing businesses to retain more of the sale price while also providing a more attractive price to the buyer.
2. Virtual Space
Businesses can also do many of the same things that individuals can. For example, Metaverse projects are already seeing businesses buy real estate and set up shops in those virtual worlds. Established crypto companies are already setting up virtual offices within the Bloktopia skyscraper, providing them with advertising space, rental opportunities, and a metaphysical presence. Blockchain projects that have taken up residence in the Bloktopia tower include:
- Algorand — Proof-of-Stake blockchain
- KuCoin — The ‘People’s exchange’ with a wide variety of altcoins
- Binance — The largest cryptocurrency exchange in the world.
- Polygon — Ethereum layer-2 blockchain
While mass adoption of blockchain technology and widespread access to the Metaverse is still a long way off, there remains plenty of opportunity for pioneering businesses to stake their claim and be first-to-market. The Metaverse is still being defined, and the businesses that learn to pivot into a Web 3.0 mindset will have a great advantage over their slower competitors.
Blockchain companies such as MetaMask, Binance, Ledger, BAYC, and PancakeSwap, are already becoming household names. All these organizations have become leaders in their fields and seen their commercial return grow extremely quickly.
The range of opportunities continues to grow as we take greater strides towards Web 3.0 and the Metaverse becoming our core online experience. Many of these revenue streams are yet to be realized, making this the ideal time to start educating yourself and getting involved in a technology that is already shaping the future.
About The Grow Group
The Grow Group is an ecosystem of visionary solutions designed to incubate blockchain entrepreneurs, elevate understanding of the blockchain space, and accelerate real-world value for positive impact. With a core focus on educational content, Grow offers teams the ability to tell their story with clarity, fostering intelligent investment choices and long-term holding.
The Grow Group benefits from a global team, with offices in Dubai, Philippines, and Sri Lanka.
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