Metaverses in Crypto & How to Profit from Them

“Virtual world” can loosely define the term ‘Metaverse’, but it really depends on who you ask, and in which environment. In 1992, the author Neal Stephenson created the term for the novel “Snow Crash,” to describe an immersive virtual world shared by everyone. In 2011, the novel “Ready Player One” by Ernest Cline detailed another virtual world like that, and online multiplayer games like Habbo Hotel (2000) or Second Life (2003) have aimed to create something quite similar. In 2020, Decentraland and The Sandbox added crypto to the mix.

If we focus on the crypto space, a Metaverse (there are several) is a digital universe partly built with Distributed Ledger Technology (DLT), where people, through avatars, can interact, work, play, and even invest. It enables true ownership of virtual assets through Non-Fungible Tokens (NFTs), secure transactions with cryptocurrencies, and decentralized governance. Think of it as a mix of social media, gaming, and virtual economies —including items and lands with real value.

And they’re mostly decentralized, of course.

Decentralized Metaverses vs. Centralized Metaverses

Metaverses, whether centralized or decentralized, share several common characteristics. They are synchronous and live, meaning they exist in real-time and provide a continuous experience that doesn’t pause or reset. They are also persistent, remaining active even when users log off. Additionally, metaverses are designed to be accessible both individually and collectively, allowing users to interact with the environment and each other through digital avatars. These avatars serve as personal representations in the virtual world, enabling social interactions, participation in events, and economic activities, if available.

Decentralized metaverses offer several advantages over their centralized counterparts. Unlike centralized platforms that are controlled by a single entity, which is the only one capable of monetizing the experience, decentralized metaverses leverage DLT to distribute ownership and governance among participants.

They use smart contracts and decentralized autonomous organizations (DAOs), allowing users to influence the platform's development and policies through governance tokens and voting mechanisms. This shared control ensures the metaverse economy can operate independently, even if the original developers step away.

A key feature of decentralized metaverses is true digital ownership. Assets such as lands, avatars, and other items are represented as NFTs, providing transparency and verifiable ownership. Users can freely trade these assets on decentralized exchanges, giving them real-world economic value and fostering interoperability across platforms.

Virtual Lands vs. Tokenized Lands

A virtual land or virtual real estate in a metaverse is a digital property that users can buy, sell, and develop —which means owners can build structures, create experiences, and customize their virtual land for events, businesses, or personal use. All of this is in exchange for real money. Indeed, virtual lands or plots have been sold in thousands or millions over the years, with major brands and celebrities joining the trend.

For example, in 2021, Decentraland saw land parcels sell for anywhere between $6,000 to $100,000. Major companies like Samsung, Adidas, and PricewaterhouseCoopers have secured their spots in Decentraland, while artists like Deadmau5 and Grimes have performed concerts within the platform.

In The Sandbox, notable figures such as Snoop Dogg and the Winklevoss twins have purchased virtual land, with some sales reaching up to $2.8 million in early 2021. Of course, the price depends on the specific land (in the form of an NFT), and it can start at a few hundred dollars in the native cryptocurrency of the platform.

On the other hand, we need to mention that virtual lands aren’t the same as tokenized lands. Virtual land exists solely within digital environments, offering opportunities for virtual events, advertising, and social interaction. On the other hand, tokenized land represents real-world properties that have been digitized and recorded on a DLT platform, allowing for fractional ownership and easier transactions. While virtual land is primarily for entertainment and speculative investment, tokenized land bridges the gap between physical and digital assets. Both of them have real value, though.

What Can You Do in a Metaverse?

As expected, users can socialize through avatars, attend virtual events such as concerts, art exhibitions, and conferences, or simply explore the digital landscape. Many decentralized metaverses, like Decentraland and The Sandbox, host immersive experiences that include entertainment, education, and networking opportunities.

These platforms offer persistent, real-time interactions, allowing users to engage with the environment and others as if they were in a physical space —without the risks of it.

Besides, every platform may offer its unique experiences and features. In Decentraland, for instance, users can explore districts like Vegas City for gambling or the Art District to admire NFT galleries. Content creation is made easy with The Builder, a web-based tool that provides drag-and-drop functionality for designing scenes, while developers can utilize the Decentraland SDK to program custom interactive experiences. In The Sandbox, everyone can also use the Game Maker, an intuitive tool that allows enthusiasts to create 3D games without coding skills.

Of course, a key aspect of decentralized metaverses is the ability to own and trade virtual assets, such as land, clothing, and collectibles, in the form of native tokens. Users can buy, sell, or rent virtual properties and items on decentralized marketplaces, which offers some profit opportunities.

How to Profit From a Metaverse

There are actually numerous ways to generate income from these platforms, with something for everyone. You can profit by purchasing, selling, and renting properties within these digital worlds. But that’s not all – you can also work as a broker, helping others connect with buyers or sellers and earning commissions for your efforts.

If you prefer a more hands-on approach, you can offer property management services, overseeing virtual venues like sports arenas, wedding halls, or office spaces, and charge a fee for your expertise. Additionally, the demand for 3D design is growing as metaverses expand. If you're skilled in creating virtual environments, working as a 3D designer can be a lucrative opportunity, especially as the digital landscape continues to develop.

Another way to earn is by gaming. Metaverse games like Alien Worlds allow players to mine, trade, and even stake tokens to gain passive rewards. Staking involves locking up your tokens to support the network and earning additional tokens in return. This is a popular method for those looking for a steady stream of income with minimal effort.

Finally, the NFT market offers a chance to profit by creating and selling unique digital items. Artists can mint their own NFTs or even allow others to mint and sell their work, earning a percentage from each transaction.

For Decentralized Metaverses

Obyte’s decentralized technology can play a key role in creating fully decentralized metaverses. As a Directed Acyclic Graph (DAG)-based network, Obyte eliminates the need for centralized power structures like block producers or miners, which are common in blockchains. This allows users to interact directly with the network, without relying on intermediaries to validate transactions. For a metaverse, this means that virtual environments and assets can be managed, bought, and sold without the risk of censorship or centralized control.

The advantage of decentralization in a metaverse is significant for users. Since no central authority can dictate terms or censor activities, individuals have more control over their virtual presence and assets. This autonomy ensures that users can participate freely in creating content, managing virtual properties, or trading NFTs, without fear of interference.

Additionally, Obyte’s tools, such as smart contracts, customized assets, and self-sovereign IDs, empower users to engage in secure transactions, while maintaining full ownership of their data. In this way, Obyte could foster a truly open and user-centric metaverse.

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