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By JESSICA ADISON 138 views
TECH

How Do You Make Passive Income in the Metaverse

Billionaires always tout the power of passive income and how it can be a good income-generating stream for everyone. One can attest to the fact that making your money work for you to give you periodic returns of engaging in activities that can help you earn aside your main income is an interesting adventure. Passive income is generally defined as the regular earnings from a source other than an employer or contractor. In the digital world, people engage in so many activities to expand their income-generating capabilities. Crypto, blockchain, and the metaverse provide avenues for many people to earn passively.

Staking

Staking is one of the main ways of earning passively in crypto. After Bitcoin came into being with the PoW consensus mechanism, a new movement led to the creation of PoS as an alternative with better transaction speed, fees, scalability, and even environmental friendly. That opened the gateway to Pos staking where users delegate some assets to support a crypto network and earn rewards on them periodically. In the metaverse, users can get these amazing opportunities as well. Several metaverse apps give users the option to stake and participate in an income-generating stream. In the Step ecosystem, users can stake FITFI on the Step App and enjoy several benefits. These include staking yields, loot boxes, sponsored SNEAK drops, and more. Other metaverse projects like Decentraland, Sandbox, and STEPN offer users staking options to earn passively.

Move-to-earn and Play-to-earn

Performing activities in the metaverse come with attached earning potentials. Move2earn and play2earn are now popular ways of earning passively in the metaverse. With move2earn, users get rewarded for performing some fitness activities. For its counterpart play2earn, users earn from playing games. Step App, a popular move2earn app rewards users for walking, jogging, or running. Step App turns fitness goals into income, social joy, and rewarding friendly competition. Axie infinity which is popular among play2earn apps rewards users for playing games.

Advertising

In the metaverse, you can earn passively through advertising. The metaverse is a virtual simulation of the real world. In the real world, advertising is a huge business and companies spend huge amounts to get known. You can own advertising spaces in the metaverse and then rent them out to those who need them to earn more. This trend is gaining traction and more industries and individuals are getting on board.

Virtual Real Estate

The real estate business exists in the metaverse as it exists in the real world. You can own land in the augmented representation of the real world and develop the lands as well. For plots of land with huge potential and at strategic locations, you can rent them out to businesses and earn even more. That was a reason why someone paid $450,000 to be a neighbor of Snoop Dogg in the metaverse. For land in a vicinity that is highly visible and famous, the presence of keen builders or famous people makes it more valuable than virtual land in the middle of virtual nowhere.

Earning passively is a great endeavor everyone would love to embark on. The real world provides individuals with a plethora of these, but the digital does not disappoint and provides as well. In the metaverse, which is a simulation of the real world, people can stake to earn like they normally do with PoS staking, participate in fitness and gaming to earn, own lands and advertising spaces, and do so much more to earn. With the metaverse being an emerging aspect of the digital world, more opportunities are yet to be presented to users.

Describe the metaverse

  • Historical context for the creation of the metaverse

The term “metaverse” first appeared in notable books like Neal Stephenson’s Snow Crash two decades ago. In this book, Neal Stephenson defines the metaverse as an immersive virtual environment that may be experienced using devices that enhance reality, such as VR goggles.

Moving forward, there have been a number of productions regarding the idea of the metaverse in books and films, where characters can suddenly jump into a completely different universe when connected to specific high-tech gadgets. However, the term “metaverse” was only vaguely familiar to tech-savvy people and presumably the tiny minority of people who enjoy reading science fiction books.

  • The Metaverse’s Social Media Enlightenment through Crypto NFTs

The launch of NFT markets and sales literally sprayed the name of the metaverse across all social media channels. The use cases of the metaverse are now accessible to everyone thanks to Non Fungible Tokens and associated utility. The development of Metaverse has attracted the attention of traditional institutions as well as major international corporations like Facebook. This exposure of Metaverse was not restricted to the cryptocurrency market.

  • Creators of the first metaverses

Axie Infinity, Decentraland, Somnium Area, Metapolis, etc. are a few of the common names in the metaverse space if you quickly scan the crypto space. One thing that early adopters have in common is that they occasionally engage in a race to be the first to enter the market, which prevents them from developing a comprehensive solution.

Scalability is a big drawback for certain early adopters because they frequently build on significant blockchain networks like Ethereum, which have low transaction throughput. Users wind up paying exorbitant fees as a result of not deploying a solution on a scalable network.