The advent of technology has provided more opportunities for people to make money online with Web3 fast becoming a viable field with a plethora of great money making opportunities in offer.
The growing interest in Web3 is driven by the convenience of internet advancements powered by cryptocurrencies, its focus on user control over data and assets for better privacy and security, and the exciting future possibilities as technology evolves.
This article explores ten viable, innovative, and exciting ways to make money in Web3.
1. Investment in Cryptocurrencies
Trading and earning through cryptocurrencies is a very good option for interest and daily income earning. However, there are precautionary and restrictive steps you must follow in order to navigate the risks attached to the venture. This include not making huge investments and by investing in a variety of crypto coins and by diversifying your portfolio.
As a crypto trader, it is important for you to keep a close watch on market price changes and fluctuations.
2. Earn via Web3 NFTs (Non Fungible Tokens)
NFT is an avenue for turning digital items to valuable items. You can make money in Web3 via this avenue and earn revenue by minting and selling NFTs on various marketplaces like Rarible, Opensea, etc. for a pre set price. By placing your NFT on auction, you can also make money– buyers bid on it and you get the highest possible price for your NFT. The other way is by setting up royalties when you sell your NFT to get a royalty percentage when exchanged.
3. Investing in Decentralized applications (DApps)
Decentralized applications (DApps) run on blockchain which gives an opportunity for you to build your apps without needing a central authority. The cost of developing an app might pose a challenge but it presents a potential return on investment and it is a lucrative venture in Web3.
The categorizes of genres for which you can create DApps include gaming, social media, business, education, streaming platforms, etc. Profit can made made from referral marketing and also from charging users for exclusive offers including subscriptions, advertisements, premiums, and transaction fees.
4. Web3 Metaverse
The Web3 Meta verse is profit-oriented and one of the ways you can make huge profit is to buy and sell virtual assets like lands, buildings, and goods.
Investors buy virtual lands at cheaper prices and sell it for high prices at the appropriate time–similar to how the real estate venture works too. The Meta verse space could also be rented out for events, workspaces, show rooms, and many more. Promotions could also be done in form of advertisements and sponsorships in virtual space.
5. Content Creation
For those who enjoy making videos, writing, or podcasts, you can share your work either as a guest or a freelancer on decentralized platforms that reward creators with tokens for their content.
Content Creation also include publishing blogs, articles, magazines, and journals on Web 3. By building an audience, you can earn money and get sponsorships.
6. Earn money from Airdrops
You can make money from the free tokens given away by new projects. This is regarded as Airdrops. It is important to follow the steps provided by the project if you want to earn well. These steps include holding certain tokens or joining their community. Referrals (to friends, families, and communities) who use airdrops or those who have recently launched their crypto wallet, also helps to increase brand awareness and provide a financial incentive.
7. Start a Web3 Agency
With Web3 Agency, you can offer Web3 and block chain solutions to entrepreneurs, startups, and well established companies and this can help to generate revenue.
Providing consulting services as regards Web3 trends such as Cryptocurrencies, DeFi, Metaverse, as well as trading Web3 products are means of earning big through Web3 agency.
8. Web3 Gaming
Gaming/Game development is a very popular trend that has evolved throughout the internet generations, from Web2 to Web3. You can use technologies such as Metaverse and Blockchain to develop exciting and interesting Web3 games. The level of attraction and wave gotten from the gaming experience opens up endless revenue streams for developers and players. Examples of Web3 oriented games are NFT games: Play-to-Earn, Watch-to-Learn, Move-to-Learn and many more.
9. Decentralized Finance (DeFi)
DeFi platforms include Uniswap and Aave. It is important to understand the risk of this filed because of price fluctuations– it can change quickly. With DeFi, you can lend your crypto currency to others and earn interests. You can also earn fees whenever someone makes a trade in DeFi by providing liquidity to exchanges.
10. Join a Decentralized Autonomous Organization (DAO)
The DAO is a community-driven organization that uses Blockchain technology to manage itself. This group is governed by smart contacts. By joining the DAO, you can earn tokens by participating in discussions and voting on ideas. Some of the advantages of DAO include security and transparency, automatic execution, and lack of external controls for their operations–its function is regulated by computer algorithms.
With Web3, the way people earn money online has evolved, offering endless opportunities with NFTs, crypto-currency, DeFi, Airdrops, DAO, and many more. As technology continues to improve, the exciting possibilities Web 3 offers in the future becomes endless.
