How to profit from the Metaverse as a Nigerian
After being associated with Mark Zuckerberg’s Facebook as Meta, the term “Metaverse” has become known to most Nigerians. It also earned a lot of buzz online as African telecommunication company MTN, announced that it has purchased 144 plots of digital land in ‘Ubuntuland’, a metaverse created by ‘Africanrare’, for an undisclosed amount.
All the trends around the Metaverse show that the concept offers many positive opportunities on the internet. Also, many individuals and companies are now taking advantage of the Metaverse, making investments and cashing out big from the virtual space. However, there are a lot of grey areas concerning what the Metaverse is about, and if you’re among them, don’t worry we’ll fix that.
This piece of article will introduce you to the concept of the Metaverse, its origin, how to make money from it, and so much more.
What is ‘The Metaverse’ and its origin?
If you’ve ever seen the movie ‘Ready Player One’, then that will give you a rough idea of what the Metaverse is exactly. The Metaverse is simply a digital world where users can live, interact and experience things like they would in the physical world. This digital world allows them to own lands, go to work, play, shop, buy stocks, and then some.
In the movie ‘Ready Player One’, their concept/version of the Metaverse was called ‘The Oasis’. It gave people the ability to live through their avatars and also interact with other people’s avatars. This shows that the Metaverse is about connecting people from different spheres of life together while developing a digital economy.
Although the term recently got popular with the rebranding of Facebook to Meta – it was first heard in 1992 in Neal Stephenson’s novel: Snow Crash. The book is about a 3-dimensional digital world where people were avatars, interacting with one another. Stephenson combined “meta” and “universe” to get the term “Metaverse”. Since then the evolution of the Metaverse has continued and is predicted to be the future of the internet.
Difference between the internet and the Metaverse
The recent involvement of tech companies in the Metaverse space clearly shows that it’s the future of the traditional internet space. This future will be immersive, and unlike anything you’ve ever experienced.
This has made some people, especially those outside the tech world ask about the difference between the internet and the Metaverse. Here are the two main differences between them.
1. What they represent
The internet is simply a global network that connects billions of servers, computers, and other electronic devices to the World Wide Web. This allows users to access any information and communicate with one another. In contrast, the Metaverse is a digital world with real people and objects represented by avatars and the digital world. This digital world is brought to you through such technologies as Virtual Reality (VR) and Augmented Reality (AR).
With the internet, you are always interacting with other people through activities like playing games, emailing / texting, watching videos, shopping or just browsing different websites. However, the Metaverse takes this interaction to a whole new level.
Here you will interact with people like you do in real life but now in a digital environment. It’s about users sharing a virtual world where they can buy and sell, attend concerts, build companies, and also earn money.
How to profit from the Metaverse as a Nigerian
Top companies, politicians, and investors are becoming interested in the Metaverse concept. Many celebrities have made headlines for buying and selling through the Metaverse and earning a considerable amount of money. Yet there are still people who don’t know how to get started and earn in the Metaverse. This section will guide you on how you can get make money from the Metaverse as a Nigerian.
1. Buy and sell digital lands
Remember that the Metaverse is simply the virtual representation of the real world – which makes it possible to do things as you’d in real life. One of these activities involves buying and selling lands. To get started you need to first have a cryptocurrency wallet and select a virtual world like Wilder World, Decentraland, The Sandbox, and Earth2, which provides users the opportunity to invest in Real estate.
Then link your cryptocurrency wallet to the wallet as it will be used to make payments or receive funds. However, make sure you do your research before purchasing any land on the platform you selected.
2. Participate in play-to-earn games
This one is mainly for game lovers who spend a lot of time playing games without earning a dime. With the play-to-earn games on some Metaverse platforms, you’ll have the opportunity to play games and earn rewards. There are also some betting opportunities but it’ll be better to just have fun with your friends by playing games and get paid for it.
3. Investing in NFTs
NFTs (also known as Non-fungible tokens) are digital assets that represent physical objects like videos, art, music, and many more. These assets are unique and cannot be duplicated which makes them rare and limited. You can invest in it through the Metaverse by buying, selling, or creating your own. Make sure to purchase NFTs that would do well in the future so that you can sell and earn more money if you want to.
4. Investing in stocks
As mentioned above, some companies have gone into the Metaverse world and this allows you to buy their stocks and earn in the Metaverse. This step doesn’t require a Metaverse stock market, just buy the stocks using the traditional stock exchanges. Some of the Metaverse companies you can buy their stocks are Unity Software, Microsoft and Roblox.
5. Create and sell 3D accessories for other users
People in the Metaverse always want to dress their avatars with the best wearables, outfits, weapons, and gadgets. You can take advantage of this and learn how to create 3D accessories for VR gameplay. These accessories can be sold and you get paid in crypto, NFTs or any means you want.
Metaverse Platforms To Get You Started
Having known what the Metaverse is about and how you can benefit from it. It’s important to show you some platforms you can join to be part of the virtual world. These platforms give you access to create, buy, sell and interact with other people in the Metaverse. Below are some of the best Metaverse platforms you should consider.
1. The Sandbox
This virtual world allows users to build structures, own assets, and monetize their creativity. The Sandbox is built on the Ethereum Blockchain and players used SAND cryptocurrency to carry out transactions. You can create games using The Sandbox Game Marker even if you don’t have any coding experience. This platform has over two million registered users.
Decentraland is also powered by the Ethereum Blockchain technology. Users in this platform can purchase digital lands (LAND) using the Decentraland's token called MANA. The platform is built as a decentralized autonomous organization (DAO) which means that it’s owned by the users.
3. Battle Infinity
This is a play-to-earn gaming platform hosted on the Binance Smart Chain. Battle Infinity also offers another virtual world called Battle Arena where users can create avatars and interact with others. So whether you want to play games or just interact in the Metaverse – this platform got you covered.
Just like every form of investment, investing in the Metaverse isn’t for everyone. The concept involves some form of risk so only invest with the amount you can afford to lose. You can start buying NFTs or purchasing stocks of reputable companies in the Metaverse. Whatever your choice, always do your research.