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How To Make Money In The Metaverse
This woman buys a property in the metaverse in this work of fiction because the rent in New York City is simply too exorbitant. Virtual worlds, on the other hand, have their own set of costs. The following article is part of CoinDesk‘s Metaverse Week coverage.
The nicest part of the day is going out for coffee. She leaves her cramped flat with her glum housemates and walks two blocks to a cafe. Every order is unique to her. Today’s dessert is cookies and cream with almond and vanilla foam and a sprinkling of green pistachio. There’s also coffee, but that’s kind of beside the point. She always orders the largest size and has it iced.
The barista says, “That’ll be $32.85”.
How To Make Money In The Metaverse
Sure, the coffees mount up, but that’s beside the point. What else is she planning to purchase? Before inflation spiraled out of control, New York City was costly, but today it’s unlivable. She is a designer with a good salary, yet she is unable to purchase a home or a car. Even an adult piece of furniture appears to be out of reach. It’s not like she’d have a place to put it anyway. In two months, her landlord plans to hike the rent, and she will most likely have to relocate, but she has no idea where.
This work of fiction is part of CoinDesk’s Metaverse Week
“So, what’s the latest?” inquires the barista. She’s told him about her future film because he’s one of the few individuals she sees on a regular basis in real life. His dwelling quarters are much more deplorable than hers. He also lives in a little apartment, but it’s a 90-minute trip. She is aware of his working hours and schedules her visits accordingly, which can seem a little sad at times, but he is always genuinely pleased to see her, even if a little hesitant at times. He’s tall and handsome, with the most amazing assortment of sneakers she’s ever seen.
“Right now, my two best options are to return to my parents’ house or to leave the city. But I’m not sure where to go. So, sure, things aren’t looking good.”
“Have you considered purchasing property in the Traverse?”
“Where?”
“It’s a world that just came out last month,” he says, adding that one of his undergraduate pals is a co-founder.
“What do you mean, a world?” says the narrator.
“This is a simulated world. “It’s like a game.”
“Oh, that’s right.”
How to Make It in the Metaverse
She has already lost interest in this conversation. She tried the whole metaverse thing a few years ago and didn’t get what the hype was about. At the time VR was still terrible, and she had to use her laptop keyboard to awkwardly move her avatar back and forth on a computer screen. She found herself wandering alone through pixelated, largely industrial landscapes. Where was everyone? She would be relieved to log off and return to her apartment, which was boring and alienating in a more familiar way.
Of course, she knows that a lot has changed since then. For one thing, VR isn’t as bad as it formerly was. The technology is now as light as a pair of reading glasses, so no more cumbersome headsets are required. She’s spent a lot of time in her tiny room trekking beautiful trails, playing tennis with strangers, and soaring over mountains and rivers in China simply because it’s possible. She’d heard about buying and selling virtual land, but it all sounded too convoluted and pointless to her. She already has enough to deal with in the real world.
She doesn’t want to hear about the Traverse, and she doesn’t want to return home to her new roommates and their passive-aggressive grey cat.
So she asks, “You can buy land there?”
“I just bought my first plot,” he says. “It’s not that big, but it’s in an amazing location, and it’s enough to build on. I’ve already started working on the designs. My friend said he’d help. I’m going to be a homeowner,” he says with a laugh, but she can tell he is really excited.
“But … why?”
“Because I’m sick of the commute. And I want my own space.”
“But you can’t actually live there?”
“It’s an investment property. If Iro does as well as we think it will, I’ll sell it and buy a place in New York.”
“Wow,” she says because she doesn’t know what else to say. She notices that a line has formed in the cafe. A woman behind her sighs dramatically.
“I guess I better go.”
There is a pause. Then he says, “I’ll be there tonight. Why don’t you come to check it out?”
Now he has her full attention. This is the first time he’s ever suggested meeting outside of the cafe.
“Sure,” she says. “I’ll be there.”
***
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How To Make Money In The Metaverse
It’s evident from an away that Iro isn’t like everyone else. First and foremost, it is simple to use. She puts on her spectacles and suddenly finds herself engulfed. Second, the designers are of the highest caliber. The world is magnificent and gleaming. She is standing on a vast green field. The grass is dewy, and the wildflowers are finely tinted. A lovely blue sky with a delicate half-moon rises above her. The sky darkens and the moon brightens as the evening passes.
She creates an avatar. She chooses a face shape, hairstyle, and eye color that are close to her own. She dresses as carefully as she would for a date. After changing many different times, she chooses a white dress with clean, simple lines. The game suggests she add an oversized orange bag, even though can’t see why she would need a bag or what she would put in it. She considers adding a pair of sunglasses, then remembers that it’s night.
How to Make It in the Metaverse
She feels she looks good, at least until the barista walks up to her. His trousers are the perfect fit while still being unique, and his red sweatshirt complements his digital frame well. He’s sporting a pair of golden light-beamed high-top sneakers.
She thinks she’s a loser.
“Those shoes…” she mutters. “When I was choosing my avatar, I didn’t see anything similar to them.”
He says, “Yeah.” “The shoes are freebies for Iro’s first-round contestants.” His facial expressions and body language are strikingly comparable to those seen in real life. She examines her drab white flats.
He says, “Check your bag.”
Her enormous orange purse now houses the same pair of silver sneakers as before.
“Are you serious?” says the narrator.
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Welcome to the first round.
It was sold out, but I was able to convince a friend to let you in.”
Only a few thousand people are eligible for Iro’s initial round, which comprises friends and acquaintances of the founding team, as well as those who signed up early. The game will soon be open to all players. The land is economical since the planet is new and sparsely populated. So, after a few days of exploring Iro, she makes the decision to just do it. In front of her, a massive map looms. Where people have previously claimed plots, certain spots have been filled in. The most costly land is in the center of the map, and prices decrease as you approach the periphery.
A little piece towards the center belongs to the barista. She wonders if his friend gave him a discount. She doesn’t see why geography matters when she can teleport to whatever area she wants. She exchanges some dollars for IVRS, the platform’s digital currency, and purchases a small plot near the map’s upper right corner.
She gets directly to work on the construction. It’s supposed to be the polar opposite of her New York City abode. She opts for light wood, lofty ceilings, and simple furnishings. Walls that are completely white. Iro gives away some of the supplies for free, but she spends her IVRS on extras like a massive bay window. She can see a small body of water in the distance through it. She devotes herself entirely to the task at hand. She discovers an internet community dedicated to building in Iro and purchases software to assist her with the design.
She is surprised to get a strong rush after the purchase is done. She’s always been a tenant in New York City, putting her life in the hands of landlords. She never saw herself purchasing real estate. On a blockchain, the deed is recorded in eternity. She is free to do anything she wants with it. Nobody will ever be able to deprive her of it.
How to Make It in the Metaverse:
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Location, Location, Location: Investing in Real Estate in the Metaverse
She is building her house every minute she is not working or sleeping. She doesn’t even bother going to the cafe because she can see the barista in Iro now. His own residence is simple, consisting of a small, empty brown box with a bar and a turntable – a virtual bachelor pad.
She’s finally finished. The roof is a touch crooked, and the building is robust but not outstanding. She, on the other hand, is unconcerned. Her house is a two-story bungalow. Her view from her New York apartment is of another small apartment just a few feet away. Her ceiling vibrates from the hit as she hears the guy upstairs pacing back and forth.
She’s now barefoot in her brand-new master bedroom, staring out the massive window into a vast expanse of digital nothingness. She can’t recall the last time she was so joyful.
She walks away from Iro to make a sandwich. At the kitchen table, one of her housemates is working on his laptop, his papers and empty coffee mugs covering the entire area. When she walks in, he barely looks up and gives her a slight nod. She has no idea what he does for a living. His grey cat, which is perched on the counter, is staring at her with a strangely aggressive expression. She only responds with a smile. She has already begun to establish a new life for herself.
How To Make Money In The Metaverse:
She spends as much time as she can in her new house, barefooting up and down the steps (yes, there are stairs!) and cultivating a small rose garden in the front. Because he started DJing on his porch, the barista visits less frequently today. When she arrives at one of his presentations, she discovers a small crowd, including several stunningly stylish female avatars. People are tipping him in IVRS, and a company has even purchased a little ad to put on the exterior of his house.
She still adores her home, but she is beginning to realize that there isn’t much to do there. The quiet and emptiness that drew her to her patch of land in the first place are now starting to feel a touch dismal. She now comprehends the reasoning behind land pricing. Despite the fact that she has the ability to travel anywhere in the world with the press of a button, social activity tends to be centered in the map’s center.
Her business idea comes to her by chance, as it frequently does. They meet at a new independent cafe in Iro, right close to his house, where the barista is taking a break from his set. The cafe is charming, with vibrant cushions and a pleasant outdoor patio, but the coffees are clumsily painted. There were only white cups with a dark liquid within. She believes the owner overlooked an important element.
How To Make Money In The Metaverse
“On the outside, no one would buy this,” she says quietly so the cafe owner doesn’t hear.
A pencil emerges in front of her when she raises her hand. She creates a complex drink with swirls of vivid pink and glistening ice crystals. She tops it with a beautiful red strawberry and creamy white foam.
The bigger problem is that her real-life landlord plans to raise the rent once more. And she’s just spent money in Iro so far. She is continually exchanging money for IVRS, which she subsequently spends on digital gardening tools or paintings for her walls. Her most costly purchase is a virtual horse, which requires a barn and a lot of hay. The barista in Iro is making money, and she needs to figure out how to make money as well.
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How To Make Money In The Metaverse
“That’s it,” the barista says, his avatar eyes big as he watches her draw. “You could totally pitch that as a non-financial transaction.”How To Make Money In The Metaverse
“Really?”
“Imagine having a strawberry latte that you can keep indefinitely.”
***
While he DJs, she starts mixing beverages and selling them outside his house. She hadn’t anticipated so high demand for immutable lattes, but there you have it. They are really popular. She incorporates matcha, tea, and even fruit smoothies into her diet. Each drink is one-of-a-kind, and she’s finding it difficult to keep up with demand. Her wallet is constantly flooded by IVRS.
It also helps that Iro has progressed to the second round and is now open to a larger number of people. Every day, new users sign up, and there is currently a queue for round three. Though her area is still relatively calm, the map is no longer empty: houses are growing up everywhere. How To Make Money In The Metaverse
A well-known rapper purchases the property two doors down from the barista, bringing with him a swarm of supporters. Because the music carries down the street, the barista opens for the rapper every time he plays, even though the rapper never agreed to it. The barista’s modest cottage now has a variety of advertisements from businesses hoping to profit from the location’s traffic. This is also beneficial to her, as she sells the majority of her drinks.
The issue is that she no longer sees him. She can’t even reach him when he’s DJing because of the dense throng. She just gets close enough to say “Hey” once, but he doesn’t hear her. Or perhaps he does, but he’s too preoccupied to answer.How To Make Money In The Metaverse.
She wishes she could chat with him, but she doesn’t have the time. Her company is booming, thanks to a slew of positive factors. IVRS is presently traded on several markets. Journalists are as awestruck by Iro’s landscape as she was on her first visit, and articles have begun to appear in America’s most prestigious journals.
Celebrity actors, athletes, and singers are flocking to the area, spending millions of dollars and driving up housing prices. Since she moved in, the price of IVRS has increased by roughly 1,000%. It’s a touch frantic, but she’s not complaining because the value of her home is increasing.
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But then there’s this. She sees a woman carrying a lovely caramel-colored beverage one day, but it’s not one of her creations. She zooms in on the cup and notices the emblem of the world’s most famous coffee company. It turns out that this corporation has purchased valuable real estate in the heart of the city. She sees advertisements all over the place. To produce every type of beverage imaginable, the business has employed a staff of world-class designers. They’re also always dropping free beverages and launching complicated reward programs.
She redoubles her efforts. She hires more designers, upgrades her software, and expands her color palette to include more vibrant and diverse hues. She also buys a lot of commercials for her drinks, but it’s a pittance compared to what her opponent can spend. She can hear the faraway noises of her phone as her real-life clients ask, “Where are you, what’s going on?” as she fights for the survival of her little firm. She is now just working part-time on the outside and is contemplating retirement.
How To Make Money In The Metaverse:
But she can’t right now. She is in desperate need of all the money she can acquire. Iro is beginning to feel as though she is becoming as pricey as the world she came from. Her bank account balance is currently flashing red because she has exchanged so many dollars into IVRS. She’s already informed her landlord that she’ll be going, but she has no idea where she’ll go next. She’s barely getting two to three hours of sleep per night, and when she runs into one of her roommates in the corridor, he appears concerned.
He asks though it isn’t precisely a question, “Are you OK?”
“I’m just hustling,” she says. How To Make Money In The Metaverse:
He gives her a tiny nod before entering his room and silently closing the door behind him.
The barista is hustling as well, to the point that he isn’t even responding to her texts. She goes to see him DJ and waits for the throng to thin down before approaching him. He’s weary and slumped over his turntable. He now has to compete against some of the world’s most well-known DJs. She begins to walk over to him when a flash of cobalt catches her sight, and she comes to a halt.
How To Make Money In The Metaverse
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Behind him, there’s a familiar insignia on the door frame. It takes a moment for the information to sink in since she can’t believe what she’s seeing. The barista has sold an advertisement to a large coffee company that is destroying her business. He knows how difficult it has been because she has been sending him frantic messages for days. She can’t move because she feels so deceived. She turns off her computer for the night.
Next door, a young couple moved in. She can now see right into their yard through her large bay window. To make matters worse, the couple purchases an expensive-looking cat that spends most of its time skulking around outside. The new animal’s code, for some reason, irritates her horse, who neighs anguish fully every time the cat walks by. So she’ll have to go into her IVRS pocketbook once more to build a fence to keep the cat hidden.
How To Make Money In The Metaverse
Her drinks are still popular, but she’s had to expand her menu and now also offers cocktails. She enlists the assistance of more people. The supplies are expensive, and she is barely breaking even. Her only consolation is that she has a home.
Even that investment, though, appears to be risky. Her property is valuable in Iro and only in Iro. If the game fails, her house will be destroyed as well. Iro life is as exciting as ever, with new celebrities joining every day, but the platform’s money is a source of concern. She finds herself refreshing price charts when she can’t sleep at night. IVRS fluctuates wildly, dropping 20 percent to 30 percent in a single day before rising again. A tiny hack brings it down one time, and a US government regulator calls the metaverse a “bubble” the next. Worst of all, sometimes the price reduces for no apparent reason.
The barista reappears in the early evening, against a rose-gold watercolor sky. He’s standing on her doorstep, she can see him. He knocks on the door, but she remains unresponsive. She’s still irritated by the commercial and his weeks of indifference to her. She is aware that he is having difficulties as well, but she is unconcerned at the moment. In this insane world, how could he abandon her? A chat bubble rises above his head since she won’t open the door to talk to him.
The text says, “I need to talk to you.” “Please.” She is tempted to ignore him, but he exudes an odd feeling of urgency in his body language. On her porch, he’s pacing back and forth at a breakneck pace.
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“What is it?”
How To Make Money In The Metaverse:
“Follow me outside to the old cafe. “I’ve already arrived in your area.”
“Can’t we simply sit here and talk?” “I’m launching a new product line tomorrow.”
He says, “No.” “We’re not going to be able to do it.” “Come outside and meet me.” Then he’s gone. He is no longer logged in.
It’s an unusual request. Why would he want to meet in that cafe if he abandoned his job as a barista years ago? She can’t recall the last time she saw a drinkable cup of coffee. She begins to wonder if there is a significant problem. She logs out and walks out into the sunlight, blinking. Summer has arrived somewhere in the midst of it all.
He has already arrived at the cafe and is seated at one of the outdoor tables. He has nothing in common with the smartly dressed DJ waving to a sea of admirers. His skin is virtually translucent, he has dark circles under his eyes, and he is dressed in ill-fitting sweatpants and a dirty white t-shirt. He scarcely looks you in the eyes.
“Listen, I shouldn’t be telling you this,” he says. No one is aware. The founding group is a shambles. The CEO is working on three other projects, one of which is being investigated for fraud. Now is the time to leave. Do it right now.”
He takes a step forward. He says, “I have to leave,” and walks away.
She calls after him, as she does after his gigs, “Hey.” How To Make Money In The Metaverse.
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She returns home and lists her home for sale. It sells right away. Even though IVRS is much below its height, the house still sells for far more than it cost when Iro was a ghost town. She transforms the coins into dollars as soon as they arrive in her wallet.
She signs a one-year contract for a new apartment three days later. Although she is still a long way from owning a home, the apartment is clean and bright, and there are no roommates or cats, just her.
Iro’s CEO is arrested in California two days later. The price of IVRS has dropped by 80%.
She’s relieved that she was able to escape in time. She understands, however, that she would never make it in this metropolis and that she does not need to try. There will always be a new game to play.
“So where’s the next world?” she texts the barista.
He provides her with a map.
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