What is the Metaverse and how does it relate to blockchain?
The metaverse is a Virtual world. Ideally, it is very similar to what open-world games look like. The difference is that these new Virtual worlds are not limited in terms of development. The players are the developers. Making each part of it unique as well as interactive.
How does it relate to blockchain?
The figures, weapons, objects, avatars, etc. are called “digital assets”, but what makes them “assets”? It’s because this data (a sword for example) is stored on the blockchain as an NFT (non-fungible token). making it exchangeable as well as sellable. So there are a few ways to make money in the metaverse, of few of them being:
- Making, developing, collecting, and selling digital assets.
- Owning digital properties or parcels.
- Playing the games and acquiring the local token (crypto coin)
- Developing and managing parcels.
- Developing and managing mini-games and events.
- Renting properties or parcels as well as hosting events.
It almost sounds like having real-world properties, doesn’t it? The virtual world and the real world are not that different from an economical perspective.
Is it possible to make money through the metaverse?
Put in simple terms, yes, but it does require a basic understanding of how blockchain works, and what purchasing and selling assets is.
Now if you are a developer, or even with basic Java script coding you can definitely make money working on projects that constantly are growing as well as their demand.
How do I get started in the Metaverse as a user or investor?
The first thing you should do is create an account and learn how to navigate and feel free to do it in different metaverse projects. Find the one you like and study its markets. For this, you will need a Metamask or alternative NFT holding wallet.
The second thing you can do is set up a financial plan. How much can you invest and what is the possible return you can get from that investment? Knowing how to expect a return is just like buying an actual property if can gain value by its location, development, or rarity. Buying parcels or digital properties is not a cheap market. A decade ago they were selling for 10$ USD up to $35 USD. At present some of the cheapest sell between $4,000 USD to $23,000 USD. We do not set this as finical advice and do not recommend you to use this as you main form of income. Any money you decide to invest will be at you own risk.
The SandBox
Is a very interactive game-themed Metaverse. All the objects in the metaverse are NFT´s and are purchased or sold with SAND (the local Crypto Token). This is a great spot for amateurs trying to get their first Metaverse experience. Even though it’s only operational on weekends, you can design assets as well as create minigames by using their Voxel Editor.
It has many pre-made assets you can use for free. Buying land can be a little expensive but you can see returns by renting your property or creating minigames or hosting events where Sandbox pays you in SAND for the use of your assets. It’s also possible to sell assets in Opensea as long as you have your wallet connected. Introducing assets can prove to be more difficult in the sandbox, given it’s a little limited in the coding it supports.
UPLAND
Is all buy and sell. It’s the closest to an actual real estate-based metaverse. It is not as interactive and fun but here each property is a token that you can purchase for UPX (the local Crypto Token). You can gain rent on your properties that are paid in the form of UPX and connect your digital wallets and sell or buy properties for USD after completing their KYC process. This feature is a plus for people who do business through these assets cutting fees as well as transaction costs.
If you have an idea of how Real Estate works and you enjoy learning about it, Upland is a great option. Properties vary from $15 USD to $1,000,000 USD, so it’s accessible for people on a tight budget. When you create your first account you get an FSA (fair starting act) where all new properties minted in new cities will be available at a lowered rate in order for you to acquire assets and have the capability to compete with much older users.
Were can I start if I'm a developer?
If you are a starting or experienced developer Decentraland is a great place to start. It has a unique builder that permits you to add personal assets and designs. Creating your own games, or businesses are simple and it takes different coding formats. The most common is Java Script.
You will also need a Metamask or other NFT holding wallet to create your account. We also recommend downloading the app on your PC or Desktop as well as the builder. They have clear tutorials on the formatting and setting un API as well as other technical steps. Having a basic graphics card, i5 or higher and a good internet connection will be required for a smoother interface.
Here you can make money developing projects, parcels, games and much more. If your are interested in consulting or co-working with a property managements and development project we recommend you see novadecodigital.com and contact a consultant.
Overall it’s not something that will make you rich from night to morning. Although it is a possibility when building a proper portfolio and working on good projects. For an entrepreneur who does freelancing, this could be a good way to start a side hustle and get paid by the hour or project. It will require time and work but it can also be an educational and fun experience.
I have money and I just want to invest.
Nova Deco Digital is a business designed to help investors purchase, develop and manage digital assets. It does not matter if you are an experienced investor or just getting started. Our consultation team can give you a full scope of the best investment based on your interests.
Managing and developing your assets will be on autopilot with our team working toward outstanding results. If you’re looking to buy and sell assets, create collaborations with existing projects, or develop one of your own. We have all the necessary tools and data to make it happen.
Have Questions?
If you are interested in purchasing or taking proactive action in this project let us know. We are looking for new ideas and new team members every day!
