How To Make Money On Web3 Today!
If you've managed to land on this blog post, it's either you want to take advantage of the "super-internet", Web3 (lol I just made that up) to make extra money, or you're not into the whole 9 to 5 thing but still want to make a ton of money like Bezos or Elon Musk. Either way, you're at the right place. This article will show you 5 simple ways to make money on web3. So buckle up! It's gonna get bumpy 😎
Introduction
Web3 is basically the Internet except there are no "Big tech" collecting and making huge profits off our personal information. A great man once said '... with great power comes great responsibility.' Did I just quote a line from spiderman for no reason? Yes. I just did.
So back to our topic. 'How to make money online' must be the most searched phrase on Google. You can make money on the Internet today by blogging, eCommerce, sharing your opinions by taking surveys, selling dr*gs on the dark web, and so much more.
If you are a creator, and you want financial freedom by doing what you love, Web3 is here to help you achieve this goal.
How will creators leverage the power of web3 to attain this freedom? There's good news! Web3 came along with some pretty neat ways to legally make money from the comfort of your home. Let's talk about a few of them:
1. NFTs
If you don't know what NFTs are, check out my article where I explained what NFTs are and some terms used in the NFT community.
Trading NFTs right now is one of the most unfair ways to make a profit. You are literally selling a 200kb png, gif, mp3, or jpeg for millions of dollars.
NFT armies like MetaAliens, BoredApeYachtClub, CryptoPunks, Beeple, etc, make more than what my day job pays me every month.
A BoredApeYatchClub NFT on average costs around $500,000. Pretty crazy right?
NFTs on the average sell at $900 on Mintable, $500 on OpenSea, and $150 on Valuable among other marketplaces.
If you are an artist or a creator, well this is your time to make a lot of bucks.
Talking about MetaAliens, a big shout out to my man @heyFavor 🔥. You guys should check out his article where he talks about how to mint and create your first NFT. He's the best.
Because of the Metaverse concept, NFTs sell at ridiculous prices. Metaverses (virtual 3D worlds) provide an open economy powered by blockchain technology. These digital assets or NFTs can signify that you are backing a particular project or you belong to a particular community in or out of the virtual world. Like-minded individuals can therefore come together to form communities where they share ideas and build projects.
NFT avatars can also represent a user in the Metaverse, and therefore act as an extension of our real-life identities. We have total control over our appearance in these virtual worlds, which is why we are free to build our own identities in the metaverse. You can make an avatar (just like mine 👆🏽) on the ready player website
2. Working with DAOs (Decentralized Autonomous Organizations)
Unlike companies we see today, DAOs are organizations owned and managed by their members. DAOs are governed by sets of rules or agreements (smart contracts in the form of code) which are automatically executed based on certain actions on the blockchain without human interference.
In a DAO no one is in control, but everyone is in control.
When starting a DAO, you can earn money by convincing others to invest in your business idea. You can also reach a large number of investors, thereby gaining a lot of funding for your startup. All you need is an idea and a number of blockchain developers.
According to Mark Cuban, entrepreneurs in a DAO can make a lot of profit if their community 'excels at governance' and can make a collective decision
3. Cryptocurrencies
If you're wondering how to earn more money from cryptocurrency, fasten your seatbelts! But first, you should understand these:
- You are rewarded for mining crypto assets since you are contributing to the blockchain system.
- You can invest or trade in the cryptocurrency exchange market. This is possible even if you do not own any cryptocurrency, just like you can invest in gold on the stock market.
- You can stake and lend coins to the system or other users.
Now here are the basic means of making money in the world of crypto:
- Trading
- Investing
- Staking & Lending
- Mining
- Airdrops
Investing
Investing is the purchasing and storing of crypto assets for an extended amount of time. This strategy is mostly long-term and, therefore, would be advisable to invest in assets that will be around for a long time with an increasing value rate.
Bitcoin and Ethereum are some of those assets with long-term value and are considered by lots to be the best assets to be invested in.
Trading
Similar to any other trading platform, the cryptocurrency market is unpredictable. Crypto prices can rise and drop over time. Since traders exploit even the smallest opportunities they get on the market, trading is more of a short-term strategy, unlike investments.
To be a successful trader, you must have a proper analytical, prediction, and technical skills. Also, you'll need to analyze market charts and track the performance of the asset you are trading. This way you can predict when the prices increase or decrease.
Staking & Lending
Staking is a method of authenticating crypto transactions in the crypto world. In staking, you do not spend the coins, instead, you lock them in your wallet for a Proof Of Stake network to use them to validate transactions on the blockchain system.
The primary benefit of staking is that you earn more crypto. You receive interest based on the number of coins used for staking. It's a potentially higher & more profitable way to invest your money.
Benefits of staking crypto:
- Crypto staking, unlike crypto mining, does not require the purchase of any equipment.
- It's a simple technique to earn income on your crypto assets.
- It is less harmful to the environment than crypto mining.
- You are contributing to the blockchain's security and efficiency.
You could also lend coins to other investors and earn interest on those loans.
Crypto lending platforms:
- Celsius
- Compound
- Binance
- Alchemix
- CoinLoan
- Blockfi
- YouHodler
Mining
Mining or Minting is the process where new units of digital currency are created and introduced into the crypto market.
In the context of Bitcoin, the very first bitcoin ever mined in 2009 was rewarded with 50 bitcoins (BTC), which was worth roughly 6,000 USD at the time.
Want to start mining?
First, get a high-performance computer. Then create a wallet for the cryptocurrency. Once that is done, join a mining pool to maximize profitability. These pools are made up of several different miners that pool their resources in order to boost their mining power.
Airdrops
An airdrop is the free release of a cryptocurrency token or coin to a large number of wallet addresses. This is mostly done to attract users or followers, resulting in a larger user base.
4. Monetization
In our world today, fans of creators will buy any merch no matter how much they cost. Some people have leveraged this creator-fan mentality to monetize their content on Web3, as a result, they've made life-changing sums of cash.
Are you planning on monetizing your content on Web3? Well, there are 100s of ways to do this. A few of them are:
Fans buying Tokens for premium content . So we've all heard of Onlyfans. Yeah, it's wild what's going on on that platform. As a creator on Web3, you can provide exclusive content which is only accessible by buying a token. This way the value of the token can increase over time.
Fans Investing in creators through Tokens.
5. Web3 Creator Platforms
In the past, musicians and writers relied on radio stations & TV stations to promote their content.
With the introduction of Web2, blog sites and social media platforms such as YouTube, TikTok, and Twitter have helped creators to self-publish and market their own content without relying exclusively on radio and television broadcasters.
Today's social media companies may censor user content, gather user data, and sell it to advertisers for a huge profit.
Users have total control over their information and censorship on web3 content creation platforms. Let's take a look at some web3 creator platforms:
Mirror.xyz
Known to be the first decentralized writing platform , Mirror was founded by Denis Nazarov, a former partner at a16z crypto, in October 2020.
Mirror not only runs on a user-owned, decentralized, crypto-based publishing network. Writers on this platform get paid in cryptocurrency (Ethereum).
The platform also allows writers to crowdfund their projects through the sale of NFTs.
Through a decentralized, user-owned, crypto-based network, Mirror's publishing platform revolutionizes the way we express, share, and monetize our thoughts.
FLIXXO
Flixxo is a decentralized video distribution platform that runs on a decentralized blockchain network.
Unlike YouTube, Facebook, and TikTok, users on this platform have control over the distribution and monetization of their content.
Creators can receive payments directly from viewers without any intermediary services.
FLIXX, flixxo's native token can be used to watch videos, shared between users, and can be used outside the flixxo ecosystem.
Steemit
It's basically the decentralized, blockchain-induced version of forum platforms like Reddit.
Steemit is a DApp (Decentralized App) that focuses on cryptocurrency and crypto communities. Users earn the STEEM token through commenting, replying, and upvoting posts.
Sapien
Sapien is an Ethereum-based platform for Writers, Podcasts, and Video creators to build an audience and monetize their content.
Sapien was created in 2016 and is 'dedicated to promoting human agency and wellbeing in social networks'.
6. Freelancing
A freelancer is an individual that doesn't work for a specific company but for a number of them. A client only hires a freelancer for a particular project or service.
Freelancers work on many projects for various clients at a time without having to stay committed to a single employer for a long period of time.
There are several DAOs being created on a daily basis, hence as a freelancer, you can utilize your skills and experience to assist in the development of these startups while making money.
Conclusion
So that's how to make money on web3 in 5 simple ways 🎉. Do you want to learn how to get started with NFTs? Watch out for my next article
I hope you liked this article 🔥. If you have any questions Let's have a chat 💬
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