All this makes it clear that Metaverse is getting popular. People are wondering what is metaverse and how they can be a part of it.

For business owners, however, the key question is – How to monetize on the Metaverse?

Well, Metaverse is a fast-changing, and quickly-growing concept. What it means and encompasses today may not remain true tomorrow. The same goes for the various ways of making money in the Metaverse. The ways are changing. And they are changing fast. 

So, it is not wrong to say that every day can bring you new ways to make money in the Metaverse. Also, if you put the right amount of innovative thought, you might just be able to create new ways to make money in Metaverse. 

But you do need a starting point, right?

So here, I will be outlining 3 unique ways to make money in the Metaverse. As a business.

Read on to find out.

What is Metaverse?

Metaverse isn’t a new concept. Though it is true that it gained mainstream popularity only after Facebook changed its corporate name to Meta in October 2021. 

The term was first used by Neal Stephenson, in the science fiction novel, Snow Crash, published in 1992. 

Imagine if you could sit on your couch and work, play, shop, and interact with others in a virtual world. 

That’s pretty much what the Metaverse is. 

But isn’t that what the Internet is?

Well, the difference is just that you can only ‘browse’ the Internet. But in the Metaverse, you can ‘live’ too.

It is a digital world. Much like our physical world. And technologies like AR, VR, Web 3, digital currency, social media, and more are used to power this real-like virtual world.  

Now, let us get started with learning the 3 key avenues that you can explore to make money in the Metaverse as a business. 

Concerts are becoming increasingly common in the Metaverse. Especially during the COVID period when people couldn’t travel to see their fav celebs perform, virtual concerts gained ground. 

And a great way for businesses to make money with concerts in the Metaverse is sponsorships. Depending on the popularity of the celeb whose concert your business sponsors, you can not just get good returns, but also grab quite a few eyeballs.

Investing in the Metaverse is costly. No doubt about that. And the risk is high too. So a natural way to bring down your risks while still getting stakes in the Metaverse is to form alliances or business partnerships.

An example worth considering here is Balenciaga’s partnership with the gaming Fortnite. The luxury fashion house entered the Metaverse by creating a range of in-game limited edition skins and outfits.

Hyundai’s partnership with Roblox is also worth noticing. Mobility Adventure, a metaverse space on the Roblox gaming platform features Hyundai products and future mobility solutions.

You too can find similar partners to enter the Metaverse with relative ease

If you have a service-based business, you already have a clear path for entering the Metaverse. You can start offering your services not just in the real world but in the virtual Metaverse world as well.

Some services that you can offer in the Metaverse include:

1. Virtual training and education
2. Fashion services for avatars
3. Metaverse real estate purchase and sale
4. eCommerce businesses in the Metaverse with physical delivery
5. Art museums, etc. in the Metaverse

The three ways mentioned above to make money using the Metaverse are just the beginning. The list is not exhaustive.

As the Metaverse expands, new ways to make money there will also emerge. And with technology as powerful in your hands, you can also leverage new-age methods to make money in the Metaverse.

Before you get started in the Metaverse, however, there are some preliminary steps that you should take.

Here are the key steps to take before taking your business to the Metaverse:

Step 1 – Choose the right platform

Metaverse is not just one single platform. There are platforms that are being considered a version of the Metaverse. Roblox, for example, is where you’ll find a young gaming-obsessed audience. At Decentraland, however, you will find a more mature audience. Based on what kind of audience you want to target, you can choose from the number of available Metaverse platforms.

Step 2 – Strengthen your online presence

Most businesses already have a website today. And social media handles. But just a basic presence is not enough. To make sure you are known in the Metaverse, you need to be known online too. So focus on boosting your digital presence.

Step 3 – Learn AR, VR, and AI

Metaverse sits at an intersection of AR, VR, and AI technology. And you will have to use some combination of augmented reality, virtual reality, and artificial intelligence tools to be able to leverage the Metaverse. So it is best to get familiar with these technologies and invest in it for your business before you enter the Metaverse.

Step 4 – Remain adaptable

Metaverse is a highly volatile niche. It is developing quickly and things are changing in the blink of an eye. To make sure that you grow with the Metaverse and don’t get left behind, remain adaptable and open to new opportunities. 

Step 5 – Don’t leave your old ways too fast

Having a presence in the Metaverse is great. But that doesn’t mean you can put a full stop to your traditional or digital ways. Your physical shop/office and websites, mobile apps, and eCommerce stores still need your attention. Unless you and your audience have successfully transitioned to the Metaverse, don’t forget your old ways.

P.S. – A complete transition to Metaverse is not likely to happen anytime soon and will take at least 10 years.

With that, you are well-equipped with all the information you need to start moving toward the Metaverse and making money there. So don’t wait up, ramp up your digital presence, and get going towards the Metaverse today.