Bearish market for investors - but there may be a bright future for creators.
The help you need may be found in an unexpected place
If you type “How to make money in Decentraland” in Google - the phrase yields 4,300,000 results in split second. Unsurprisingly, the vast majority of them repeat exactly the same. That’s because the Internet doesn’t want to help you. But we do - so we’ve combined everything everyone said on the topic into a 9-point list below. We’ve added something we haven’t found in any of the other links. It’s “Making passive income from advertising spaces”, using a blockchain-based ad exchange protocol like Adshares.
Making money in Decentraland - in VUCA times
With $MANA showing a steady decline over the past couple of weeks and a generally bearish market - many of you may be wondering “Was it worth the investment?”
This FUD is further fuelled by the general sentiment on cryptocurrency and metaverse markets.
NFT markets are showing the first signs of brutal awakening - especially for the likes of Sina Estavi, who paid $2,9m for the NFT of Jack Dorsey’s first Tweet ever, just to be offered a mere $6,800 in a recent auction.
Put these two together, and investors who bought land have a pretty good reason to feel a bit trapped and may be asking themselves, where is this going.
But the truth is in the numbers - and the number of users is growing rapidly
Between December 2021 and March 2022, the number of Decentraland unique monthly users grew from ca. 300,000 to 800,000.
Metaverse Fashion Week attracted as many as 108,000 unique attendees, according to company info. There are events and experiences which attract as many as 20,000 users.
So, while the Exchange might be showing us one picture - the Street shows us a much more comforting one.
Here are 10 ways to make your land work for you - beyond holding $MANA or trading land:
- Rent your space for artists and creators.
There are many freelancers who want to offer their skills in a new arena. Architects, animators, music producers, builders, and programmers - all offer their skills for the new digital world.
- Create your own club, building, and meeting area.
If you are both an owner, a builder AND you have a certain magnetism - you can create your own idea, club - a space for like-minded people. Currently - the majority of such spaces are “NFT galleries” - but Yoga clubs, Diving fan clubs or Medieval Art Fans are just as feasible.
- Organize Events - from conferences to weddings to parties.
You can offer your space for special events - for your friends or brands. From building the venue to creating invitations, and advertising the event both on chain and off.
- Create your own Casino.
If you need a proven (even if cynical) business - just play on human greed. Online casinos, and poker games are attracting hundreds of thousands of players and make millions of dollars for owners.
- Create your own Play-To-Earn Game using SDK.
Here is another angle. If you are the owner, the designer, and the programmer - you may consider making and deploying play-and-earn games.
- Create your own art / NFT / sculpture/design Gallery.
What seems like a no-brain idea everyone else already had - may be a promise of a right future. Basically - come up with anything, literally anything you’re passionate about, add “NFT” and “Gallery” - there, you have an idea.
- Create and sell Avatars, NFT’s, wearables
Must be another idea, which is easier said than done. With services like uniqly.io or Ready Player Me comes proof that creating and modifying your online persona already is a thing. And helping people express who they are with the use of wearable NFT’s or unique complete avatars - is a market for the taking.
- Create and sell Content - architecture, art.
As you can see above (and hopefully, in your life to-date) - there are many more owners and investors than there are artists. So — as much as anybody can create their world just like in Minecraft or Roblox - only a few builds are really standing out.
- Make passive income off advertising spaces
As promised, WHY IS NOBODY TALKING ABOUT THIS?!? Since you bought metaverse land - you can make money renting it for advertisers or ad networks. Joining an automated advertising blockchain like Adshares can help you transit from Owner to Builder to Media owner.
But the story doesn’t end there - we all (should) know that the value of an advertisement is a function of its popularity - so we’ve added four more tips on how to make your land more attractive - and how a protocol like Adshares can help.
Decentraland parcel as an advertising placement
As the number of real users is growing - advertisers are looking to the metaverse as a new medium and consumer touchpoint - both for creating new immersive brand experiences as well as just adding reach to their programmatic campaigns.
Yes - you heard correctly - your parcel may turn out to be a very valuable advertising space.
And you can make money off of it - doing nothing (or not much, really).
Yet — the majority of currently available solutions do not depend on decentralized systems and demand that you spend a lot of time managing your ad space. But what if you could copy and paste a piece of code and be set once and for all?
Just imagine, you can create a simple structure, or even use a pre-defined smart object in Decentraland Builder - to add a billboard or a poster to your parcel.
Then, with a simple piece of code you make your image available as a banner. You just connect your wallet and voila! The ad money from every advertising impression will be transferred directly to your wallet!
You can read all the details here.
But there’s more — you can increase the advertising value of your parcel
Decentraland - and Metaverse is general - is by default a space for collaboration, where the landowner, the landlord, the architect, and the builder - may be four different people. Come to think of it - it’s just like in the real life. No man is an island.
Obviously those who own parcels in highly populated areas may expect a higher frequency
- Build me something beautiful
It may be a beautiful mansion or a 3D model of Mini Cooper - but make your parcel worth the visit. Make it visible, and make
- Consistent experience brings people back
Metaverse communities are only just forming - and they need a space to hang out. By creating a consistent theme - your build can become the go-to place for a certain crowd - be it artists, ad people or yoga fans.
- Use the Influencer magnet
While in the traditional media influencers often depend on advertising budgets - in the Metaverse the situation is reversed. It’s the influencer who is often more capable of drawing a significant number of users to their parcel. Celebrities attract crowds - IRL and in the Metaverse alike.
- Use advertising to attract more people!
Yes - while your parcel may be an attractive destination - you may also use the Decentraland advertising networks to help you promote your events and experiences.
- Focus on creating - not micromanagement
Instead of spending your time micro-managing your billboards - you can just automate your advertising and focus on more valuable things like visiting Decentraland’s Discord server and looking for people to build with.
If you’re looking for ways to monetize your Decentraland parcels - you have many options, with one common denominator: become a creator.
One monetization model which is still in its infancy - is renting your land as advertising space. And - as with any other models - it’s your choice whether you want to just scratch the surface - or dedicate some time to make your space really stand out from the rest.