How to Make Money In The Metaverse?
There is a flurry of activity right now.
The pace of technological advancement is almost uncontrollably and massive amounts of money are moving around. Startups and artists are being recognized as the pioneers in a new age.
It’s possible to be excused for not being aware of this, but. The thing I’m talking about is happening within an alternative reality.
“Metaverse” is a convergence of our digital and physical lives , caused by advances in connectivity to the internet such as AR/VR blockchain, and blockchain. It’s the culmination of our science-fiction fantasies, what ‘Tron’ and ‘Player One’ imagined, and it’s already happening.
If this is exciting in your case, you’ll not be too shocked to learn that investors are investing heavily in this sector. Over 400 million dollars have been deposited on the currency of the metaverse which is, that is, the non-fungible token (or NFT). It’s estimated that 40 millions of dollars are being moved every month and that the highest-priced NFT transactions were made only in the past few weeks. This week Christie’s offered for auction a piece of digital art created by Beeple through NFTs that was bought at a price of greater than $69 million.
Perhaps you’re still shocked. That’s quite a bit of capital for an industry that most people don’t realize exists.
To comprehend why this particular niche is getting the attention of so many We can look at the most successful startups in the field and see what they have to offer, and entrepreneurs–what they have to share. They were at the forefront before the boom and have insight that the rest of us are just beginning to learn about.
Why is the Metaverse Skyrocketing?
In any way, Upland does not seem to make sense to most. More than just a virtual game, it’s an interactive experience that is social. But why do thousands of users spend money on the application?
One possible reason is that it’s just so unique to Make Money In The Metaverse.
Upland can be described as a distributed app (dApp) to buy selling, trading as well as trading real estate connected to real-world maps. For instance you can go to New York City in Upland to find out who is the owner of the Empire State Building or The New York Stock Exchange. You could even bid on the buildings yourself, if you have the currency in game to make such a bid.
This concept is, by itself, pretty cool. However, what makes Upland more than an entertainment device is how its game-based economy works. Players start by purchasing the game’s native currency, UPX, with fiat money to start buying their first homes. As Upland gets increasingly popular and the prices of the properties will naturally rise. Virtual landlords are able to hold or withdraw money for fiat.
Therefore, even though Upland properties might be virtual, they’re still real investment opportunities.
But even this financial aspect isn’t enough to fully convey the attraction of Upland. To understand the whole image, we spoke to one of the co-founders of the platform, Dirk Lueth, for this piece. We wanted to know not only the amount of money that users can earn through the platform, but also what they love about it.
Narrowed it down to five factors:
- It is fun to locate properties that hold a special significance, value, or emotional connection
- It is thrilling to flip homes
- Socializing, having fun and making friends
- Meeting like-minded people
We are excited to rebuild the world and ultimately earn money from it.
In the next few months and years, the Upland development team will expand its world by adding 3D property development capabilities as well as allowing players to manage businesses within the game. They’re also planning a feature that allows players to bring NFT art into the properties they own, improving their value as physical art is used to enhance physical properties.
“I am very much excited to get more real-world brands into Upland,” Lueth declared, “and finally to introduce some location-based services and features to start blurring the real world with the Upland metaverse.”
Why Are Established Brands Jumping In?
The metaverse is still under-the-radar–outside the view of all but the most forward-thinking technologists. How long will it be like this? As per Lueth, there is a trend of more traditional game companies to have begun to experiment with blockchain. However, it’s most difficult for them to alter their business models.
We’ll see a lot more NFTs on all things (lots of consumer items will be NFTy and will be appearing in the metaverse) because companies recognize that there’s a marketing and direct revenue potential. While other industries are moving into the field, some of them will test new types of business models and products with their own brand.
It’s clear that Lueth is excited about his vision of what the next metaverse will bring; however, there’s a bit of caution when forecasting the time it’ll be before it’s mainstream acceptance. It’s likely that he’s correct in both cases. Long timeline, high ceiling.
However, a handful of famous names have at the very least begun to look into the world of metaphysics. Take Sotheby’s, which just auctioned off an NFT painting at a stunning amount.
“It’s an ambition to create multiple virtual worlds (as numerous as are possible) as well as our real-world counterparts. More than ever before, people realize the real value virtual worlds offer.”This combined with NFTs that allow gamers to be the owners of their game assets and empower creators, has generated more curiosity. The trend will continue to grow.
We’re just in the beginning handful of games.”
Future of the Metaverse Economy
Some of the pioneers we’ve met Some that have the sharpest ideas regarding the metaverse economy came from the group who run Brisk Logic.
Brisk Logic for background is regarded as one of the biggest 3D avatar social platforms with seven million active users. There’s a marketplace that has more than 50 million items which is powered by an indigenous cryptocurrency (VCOIN) which has already made millions in revenues and has recently attracted $35 million of investment. This puts it at the top of the list of metaverse-related companies, whether either gaming or not.
The Concept of Metaverse:
The concept “metaverse” first appeared in Neal Stephenson’s book Snow Crash, but the concept of a virtual world that allows people to communicate with one another existed prior to (Tron in 1982 is an instance.) As technology advances in this area with time, the quality and capability of these virtual experiences have grown significantly, allowing more people to interact with each other in the virtual realm,” said Tsui.
For Tsui it is clear that there is no doubt that the pandemic has led more people from all over the world to look for a secure and healthier way to connect on the internet. Today, they’re enjoying this very enjoyable and engaging way to communicate with their friends in authentic ways, and to befriend and interact with new acquaintances.
It’s certainly logical that the COVID-19-induced social distancing phenomenon has sparked an interest in virtual social networks. However, Tsui’s interest is more long-term. Take note of the exact phrasing in his reply”The pandemic,” in his opinion, is driving increasing numbers of people to “search for” something like the metaverse. However, the reason people are staying — returning to spend money on it is due to the “dramatically” improved “realism and capabilities of virtual experiences.” It won’t be gone once the pandemic is gone.
Virtual and Metaverse Events with Brisk Logic
Brisk Logic has created an immersive virtual reality and metaverse event that people are eager to live in. People may be attracted due to the epidemic but they’re also going to virtual events and purchasing gear for their avatars due to it being enjoyable and entertaining.
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