This article will guide you through how to make money in one of the most popular metaverses, Decentraland.
What is Decentraland?
Decentraland is a social MMO platform powered by the Ethereum blockchain. In its completely decentralised virtual world, you can buy, build, and sell digital real estate, artworks, NFTs or play games. All financial transactions within the game are done using MANA tokens. The platform is constantly evolving and introducing interactive applications, in-game transactions, and new ways for users to connect.
Is there money to be made?
Yes, and yes! Since Decentraland is much more than just an online game, it’s a whole virtual universe with lots of different ways to generate money. You can work for a company and get a salary, work as a freelancer for other people (players) or make art and sell it for profit.
Digital real estate can cost as much as the ‘real’ thing
The Decentraland Metaverse consists of Genesis City, a 300×300 virtual world split up into parcels. The size of a parcel is 16×16 meters and there are 90,000 parcels out there, making Decentraland a 23 million meter square world. Each parcel is an NFT token LAND and is sold not only in the game itself but also on the major marketplaces, such as OpenSea, with a floor price of 2.99 ETH (~$10,500) per LAND.
Investing in LAND and selling it for a profit when its value goes up is one of the most common ways of making money in Decentraland.
Because Decentraland has a limited number of LAND plots, users can almost certainly expect the value of their land to grow. If you own plots adjacent to each other, you can combine them into ‘Estates’. This will allow you to create larger buildings and, in turn, increase their value. This way of making profits is akin to long-term investment in real estate.
What if I don’t want to wait?
All you need is LAND, which you can use any way you wish. You can rent it out to another user, making a passive income on it. Or you can use the land as a platform for advertising, by purchasing and placing an advertising banner. In the same way, you can build your own NFT gallery and offer artists an exhibition venue. All that is just a small part of what you can do in this huge world.
And it’s not as difficult as it might seem. Many companies now see this platform as a place for their advertising or to connect with the community. There are even entire neighbourhoods in the metaverse, such as Fashion Street, which is home to all real-world fashion giants.
How to make money making clothes
Users can customise their avatars with wearables in Decentraland. Wearables are classified as clothing items, accessories and body elements.
You can create clothing designs and sell them on the secondary market, earning a decent profit. You need 3D modelling experience to do this, but you can always outsource this to other designers. To sell wearables, you need to invest 500 MANA per piece.
How to become a freelancer
If you have a long-standing desire to work for yourself or make money doing what you are best at, you can freelance in Decentraland and offer your skills and services to others. Job opportunities include 3D modelling, marketing, programming, video making and art.
Also, if you don’t know where to start, Decentraland offers lectures and courses by sought-after freelancers who can help you in your endeavours. It’s a very good option for those who want to start their development in the world of metaverses.
On the Discord server, Decentraland advertises vacancies on the #hiring channel.
How to become an in-game developer
Yes, the creators of Decentraland have allowed for that too. Users can actually hop into this game to play other games. But particularly skilled users can earn money by creating “in-game” games in the P2E (Play-To-Earn) genre.
It’s also possible to cash in as a player simply by playing them. In the games, users can earn MANA and win NFTs or wearables, which can then be sold on the secondary market.
How to make money on Decentraland’s growth
The way is very simple and will suit those who don’t have that much capital needed to invest in LAND, or the time to play such games. The way is to buy MANA cryptocurrency, which is the main one in Decentraland. As this metaverse develops, the token will also rise in value and allow you to earn money on its future sales. MANA can be purchased on Binance, Bybit, NEXO, and other major crypto exchanges.
Metaverses already offer some great opportunities to make money, but Decentraland so far has the greatest potential of all. Many companies are already starting to compete within this platform, which will allow those who jump in now to make potentially colossal profits in the future.