Best Ways to Make Money In Web3 As Beginner In 2023; When you think about Web 3.0, the main definition that describes it is an ecosystem that is based on Blockchain in a decentralised manner. To put it simply, this is another way of looking at the World Wide Web – as a next generation Internet.
Best Ways to Make Money In Web3 As Beginner In 2023
The primary purpose of Web 3.0 is to provide multiple forms of leverages and benefits compared to traditional Web 2.0 and Web 1.0. The main idea which helps make that a reality is the decentralized manner in which the information is transferred, which allows users to retain their data, privacy and content using the power of Blockchain. This is what makes it extremely desirable and a hot topic nowadays – most of the applications and platforms are not owned by a company, but rather by the users themselves.
Another benefit of this form of Internet is the tokens and tokenization of it. This means that all of your assets can be converted to tokens that are stored on your Blockchain wallet in a secure and decentralised manner. With cryptocurrency going viral, this shapes up to be a new form of model that is away from any monopoly.
The result of this trend going global in terms of popularity is that a lot of people and organisations have taken interest in developing different aspects of this web, making it a very lucrative opportunity if you want to make money.
Ways to Make Money In Web 3.0
Make Money by Flipping Blockchain Domains (Web 3.0 Domains)
Blockchain domains, also known as NFT or Web 3.0 domains or presumably the so-called future of websites or at least domain names. The main benefits that they have in comparison to traditional domain names is that you do not have to pay any kind of monthly fees on one as it is credited to your wallet and can’t even serve as your wallet, making people find it much easier to pay you in crypto. The main reason for that is that you may replace the traditional old boring address (zD32hdsafn32a32h9g9f239fb9s9ahs992nz2, for example can become yourwalletname.x) into anything you would like it to be as long as it is not already taken.
The benefits for using NFT domains are multiple:
1. Simplify cryptocurrency addresses with NFT domains
– Attach your BTC, ETH, LTC and 275+ other cryptocurrencies to your NFT domain
2. Login with your domain
– A single, easy-to-remember username on the decentralised web
3. Own your domain, for life
– No renewal fees, ever
Another benefit of these the means is that you have the ability to create a decentralized website that is hosted in IPFS or Inter Planetary File System, which is basically in a decentralised manner. We have created such a website for demonstration purposes and have a guide on how you can register and sell a blockchain website for profit.
The benefits of using search website art a lot, but the main one is that compared to traditional hosting everything complete control over your Blockchain domain as the way it is hosted makes you the only owner of it, since it’s decentralized.
Below you can find a video on how you can use NFT Domains to make money:
Make Money in Web 3.0 by Creating & Selling NFTs
Just like NFT domains, an NFT is also a very important asset. If you haven’t read our guide on how to make money with NFTs, then you should start by understanding what is an NFT or a Non-Fungible Token.
By definition, an NFT is a unique object that is digitally identifiable with the code, making it kind of like a digital certificate that cannot be altered, since it is recorded in the Blockchain, making the owner, whose wallet is a credit to the sole administrator and rights holder of the NFT. Since this makes the NFT a unique item, it has resulted in a large market recently forming in the sphere of art and collectibles and all kinds of art-related pieces.
The following kinds are the main types of NFTs that are currently being traded and the prices can vary from less than a dollar all the way up to millions for a single item:
- Domain names (NFT domains).
- Trading cards.
- Virtual worlds.
As we have shown and proven in our guides on the matter, with the proper NTF tools, the proper NFT creator apps, some skill and imagination, anyone can make and sell an NFT for profit in Web 3.0, as long as they have chosen the right NFT marketplace and the right marketing strategy as well.
Make Money in Web 3.0 By Getting Paid With Ads
One very interesting way via which you can get paid as a result of using blockchain technology it’s probably also one of the oldest methods – via different kinds of advertisements on your browser. We all know that when we use our web browser and traditional ways and watch movies online, see videos and read blogs we all see different kinds of advertisements, that are optimized based on what we do online with the power of cookies and other truckers.
This method to make money is virtually in the same logic, with the exception of the fact that the profit is generated and credited not to the person who advertises, but to the user as well in a shared manner. One organization that is taking advantage of doing this is the most popular browser that is utilises blockchain Web 3.0 – Brave browser.
This web browser has tokens, that are also known as BAT (basic attention token). In a similar way to any other browser you also see advertisements, while using it, with the difference that four periods of time, BAT tokens are accredited to you in your personal cryptocurrency wallet that is controlled by Brave. Based on your activity in the Blockchain and how much you contribute, the value of your wallet can only go up and then you can later trade in those BAT tokens in the crypto market and therefore make money.
Monetize Your Blog Content by Turning It Into NFT
Another very interesting service that has been created in order to incorporate blockchain technology for profit is known as Mirror.xyz. This platform is very useful if you have a personal blog with daily readers. The main reason for that is that it helps you monetize your blog by turning each of your content created into NFTs.
Doing so allows you to link your articles to your wallet and makes it possible for you to retain a complete ownership, allowing you to move it in between platforms. Here are the following ways you can make money by turning your block content into an NFT:
- Charging a subscription fee for accessing your content.
- Allowing your readers to contribute to your work and then offering them a percentage of the profit.
- The opportunity to negotiate with other businesses and brands and allow them to advertising your content at promotional rates.
Make Money in Web 3.0 from Airdrops
Another extremely effective way in which you can quickly gather some income in Web 3.0 is taking advantage of different kinds of Airdrops. Because Web 3.0 is still at the beginning stage of development, there are tons of new projects with a lot of people who want to gather new contributors and users in their platforms and rewarding newcomers with tokens for free. This is an opportunity for any newcomer, because of the project becomes extremely popular, the price of those tokens may increase and they may profit from thin air.
Of course, there is always a trick. To get accepted to a new project, your wallet has to meet certain requirements, based on the organisation that is giving you the Airdrop. Usually, most new project want you to make a swap or a one time fee in order to begin participating in their protocol. Others just want your wallet to meet specific criteria in order to accept their tokens.
There are a lot of different kinds of airdrops out there and you should keep in mind and follow them closely. One example is the ENS Air drop, which was worth about 500 million USD in tokens, which were given to contributors with top-level contributors receiving up to 1,000 ENS tokens as sources have reported.
Make Money Via Web 3.0 VideoGames
Another very unique and innovative way via which you can profit from Web 3.0 being in early stages is to go on platforms that reward you into simply using them. Such platforms include video games, which is rather an interesting way to generate income.
One such game is known as Axie Infinity. This is a game that is strategically oriented and is hosted on the Blockchain. It rewards its users with unique tokens by playing virtual characters.
To start on it you will need to buy a character, with the cheapest one starting at over $60 a piece. Once you get your characters, you can level them up, which increases their value. The game runs on the Ethereum Blockchain and by playing it you earn the tokens of the game, also known as Axie Infinity Shards or AXS. The stock is what allows you to make money using this game, since they can be utilised to make your money. Proof of that is hundreds of millions of dollars being sent and recieved in “Axies” so far.
This is one working example of a Blockchain – based video game, which allows its users to make money. Be on the lookout for you and start up games which are increasingly becoming more popular, as the sooner you start in such a project, the more money you can make if it becomes worldwide popular.
Make Money By Buying & Selling Land In The Metaverse
If you want to make money in Web 3.0 by becoming a Metaverse real-estate agent, then be advised – it is an expensive venture, but it’s worth it. An year ago, one block of land on the metaverse, known as Decentralandused to cost under $1,000, and now the same pieces are worth tens of thousands. But how does it work?
Well, first of all, you need to choose the metaverse in which you will trade land. The older metaverses, like Decentraland have most of their good land already bought, so if you do not have the resources to buy land there, it is probably a good idea to avoid it. Instead, look for newer and emerging metaverse worlds, where the land is still cheap, but you believe are promising projects.
The main strategy with buying such land is to get the good spots first. The more central spot that captures more user traffic around it, like a central street on the land map for example will have more value, as more people will see the virtual products created on this land.
Make Money Via Metaverse Activities
Metaverse is full of different virtual activities in which you can not only participate, but also use for income. Starting from virtual stores that sell different character skins all the way to virtual casinos, where you have to buy an actual NFT in the form of a ticket to participate in the casino games.
Such unique strategies will help you generate profit, but to do that, you will need to purchase your own Metaverse land and create a virtual store or activity and become the administrator of it. Of course to do that you will need to be very familiar with the Metaverse you are in and you will need a good piece of land with a lot of people passing by it, so that you can attract more attention to your project. You will also need to be an active member of the community and promise something in return, such as tokens in the form of a trading chip, for example and some type of promotions to lure customers.
Become a Web 3.0 Developer
Becoming a Web 3.0 developer can be one very lucrative opportunity for you. The main reason for that is you could be hired by not just one, but multiple organisations for a lot of different Web 3.0 projects.
Besides the mandatory experience in programming languages, you will need to be competent in Web 3.0 concept, like the following spheres:
- How blockchain works.
- What are smart contracts and how they function.
- Building decentralised apps (also known as dapps).
The main skills it takes to be such a developer is of course knowing the fundamentals of blockchain technologies and also being competent in algorithm logics and data structuring. The languages in which most web 3.0 developers work on are the following:
Seeing how any web 3.0 project is essentially a startup, you get the chance to work in close teams and also for yourself and given the project’s rate of success the money making opportunity is pretty decent to say the least.
Become a Web 3.0 Organisation Affiliate
If you are not a skilled developer, but still want to participate in Web 3.0 projects and work together with companies in the field, then do not worry. Another such option is to become an affiliate of a Web 3.0 organization. If you like making vlogs or writing articles and have an auditory, then you may be able to work closely with some companies to give you specific percentage just to advertise their products on your platform.
That being said, you will need to have a decent user base on your website or video channel and being an authority in the Web 3.0 field is a big plus. It may even make Web 3.0 startups and businesses seek you out for partnership as it happens often, since it is a win-win situation – you receive a percentage per click on an affiliate link or sale made and they receive profit and popularity to their project.
How to earn money as a web3 developer
We’ve heard a lot lately about web 3.0, crypto, the metaverse, blockchain, and so on.
But what exactly is web3 and how can developers make a living off of it?
Today, we will answer those questions. As we transition from web 2.0 to web 3.0, it’s important to be aware of the new opportunities and challenges that lie ahead.
As usual, early adopters of this new technology have to face the unknown, but they also have a higher chance of reaping the benefits in the long term.
What exactly is web3? 🕸
When the web was first introduced to the world, it became a game-changer. But at first, only to the few people that could actually use it.
The inventor – Sir Tim Berners-Lee – created the world wide web as a one-way communication channel, later known as web 1.0.
As the technology developed, it became more and more sophisticated, and we started introducing two-way communication: being able to interact with users across the web. This was coined as web 2.0.
Instead of just consuming content as we do on TV, for instance, this enabled the creation of social media, communication platforms, and many other channels of interaction.
The problem with web2 is that we rely on private entities to communicate, share content, and interact. Google, Microsoft, and Meta are just a few examples of big corporations that we all use one way or another, and that have an insane amount of power and influence over billions of people. Today, we are experiencing a shift from web 2.0 to web 3.0.
Web3 aims to decentralize the current web model, by resorting to blockchain and other technologies.
This will enable us to use the internet as it was first designed for: a publicly shared space, where we’re all anonymous owners of the web.
We’ve covered web 3.0 in-depth in this article.
How to earn money with web3 for developers 🤑🧑💻
Even though we’re still in an early stage of web 3.0 development, there are already numerous ways to earn money with web3:
Hackathons have been around for a while now, and their popularity skyrocketed in recent years. However, we are starting to see more and more web3 organizations hosting hackathons.
If you already have experience in web3 development you’re one step ahead of your peers. At TAIKAI, for instance, we’ve hosted hackathons from TELOS, Harmony, Caduceus, and other blockchain and metaverse companies.
Besides that, we’re the first hackathon platform to have a token reward system for the best projects.
This means you can earn crypto tokens by entering any hackathon – regardless of whether it’s from a web3 organization or not – and submitting a good project.
Check out our latest hackathons here.
Web creator platforms
There are already several platforms that allow users to be paid for their data, contrary to the current landscape where corporations sell and use data as they see fit.
You can also join marketplaces like Bepro Network which offers resources and work in exchange for tokenized rewards.
Web 3.0 technology and decentralized apps (dApps)
One of the core ways to earn money in web3 is by developing dApps.
For developers, this might mean joining a startup or organization as an employee, but you can also work as a contributor to projects you believe in (or you develop yourself).
dApps will replace our current app system, not necessarily in terms of interface or design, but more on an internal level, by leveraging decentralization.
Bounties are specific tasks provided by an individual or organization, in exchange for a reward. These are great for developers looking for quick and fun projects, or better yet, to make some extra money.
How is this related to web3?
You can complete a bounty from a web3 organization. Take Caduceus, for example – a metaverse infrastructure builder that hosted a bug bounty on our platform. Their goal was simple: find bugs in their platform and submit them. Each valid submission would earn between 100$ to 10,000$, depending on the severity level of the bug.
Bepro Network, a decentralized network for development, also offers bounties in exchange for completing tasks. These tasks can range from identifying security bugs to developing smart contracts.
Overall, bounties provide a great opportunity for developers to earn extra money and sharpen their skills. So, keep an eye out for web3 bounties – who knows what exciting opportunities await!
Another way to make a living from web 3.0 is through grants, funded by the community. If you have a project that you would like to develop but need resources and funding, a grant may be the key to getting started.
You can find several grants platforms with a simple google search. If your project has potential, the community will back it up!
A hiring challenge is a step in a recruitment process meant to assess your soft and hard skills.
At TAIKAI, we’re taking this assessment to the next level by rewarding crypto to candidates that submit a valid project for the challenge. Even if you don’t get the vacancy, you’ll still get paid crypto tokens for your dedication and commitment to the open spot.
You can learn more about hiring challenges and open positions right here.
Web 3.0 is here to stay and there are endless possibilities for you to earn money and take a piece of the pie 🥧.
For devs, in particular, web 3.0 opens many doors. There is a market with exponential growth and opportunities abound.
Whether you want to join a solid project or develop your own, the field is yours. Make sure you find a project that’s interesting to you and has a great web3 community to back it up.
We’re currently experiencing a big transition into Web3 and the exciting part about this is that we’re still super early. You can make money in the Web 3 world in two major ways. And this is by either investing in it or creating something in it.https://www.youtube.com/embed/iIA5fHU6rf8
Recently Walmart launched a virtual store, Nike hopping into the Web3, Adidas joining the NFT & Web3 hype and companies changing their domains to .eth. Left and Right, the new era of the Internet is here with web3.0. And it has investors pouring billions of dollars into it. So I think it’s time we take a closer look. Just do a quick Google Trends search for Web3.
Walmart Owned Flipkart To Start Testing Web3.0 Metaverse Expansion
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Different Ways You Can Make Money With Web3
Throughout the article, we have explained
- What is Web3
- A detailed guide on earning passive income with web3.
- Web3 Business Idea
Before we explain the above 3 points, let’s see in pointer the few ways to earn money with Web3
- Earn Money On Web3 by AirDrops
- Play to Earn Model
- Earn From Your Data
- Create Personalized Currency
- Benefit Yourself From Decentralized Credit
- Own NFTs – Here is the list of the most popular NFT Marketplace
- Participate In The Technology
- Democratize ownership of physical properties
- Work for Working a Decentralized Autonomous Organization
- Web3 advertising
- Backend as a Service
- Write For Us on Web3 Topics. We will pay you $10 USD for each article.
These are the 7 ways to make money with Web3. We have explained all the 7 pointers in detail down the article. So let’s see a few more queries related to Web3.
Today, we are going through the new thing that everyone is talking about right now, which is web3.0. And the different ways you can make money with Web3 and possibly the biggest trend of our generation. And I really want you guys to benefit from this massive shift. So make sure you read this article carefully without scrolling.
Web3.0 entered its second phase and became notably more known to people, however not to everyone. Some say it’s the future of technology, while some might dwell on the statement.
Yet, no one can deny that there are a lot of factors behind making it possible such as notable integrated search engines and informational platforms. And with that plunge web, 3.0 have reached its highest peak through the two concepts-
- Open-source utility
The two concepts have played a grand role in the popularity of web 3.0 and made it stand in the place it is now. And, to understand how you can make money through web 3.0, you have to understand the barcode of these two most disruptive yet crucial topics. So, before we get into the money-making process. Let’s step aside and get more pulse from these two climatic.
While the actual definition of web 3.0 is yet to be established and marked to its real meaning. The experts rely upon or say technical experts, and the normal user might depend upon the decentralization to chip away the meaning of it.
The idea of decentralization depends on giving back to users what is already theirs. Throughout the 2.0 the power and control of the data remained under the authority of owner platforms. Don’t worry if it is not cooking in your brain yet, let’s take an example-
Google, Facebook, and Instagram. These three platforms have made a well-known identification for themselves but have you ever wondered what? How do they make money? Selling your information!
As you might know, they can use and move your data as they want to make the money out of it. These are not just free platforms that anyone can come, use, make, content, increase their followers, and stay on them for years. They are too growing their user, searching for things, gathering your data, motoring your activities, and boosting their revenues. All of this is happening because they have access to your data.
The basic concept of Web 2.0 was based on providing services. And it’s also one of the biggest flaws in web 2.0 as the platforms can gather all of your information, and get benefits without providing you any incentive in return.
Web 3.0 works to correct the mistakes done throughout the decades of the life of web 2.0 and gives control to users creating endless possibilities. It will let you have full control over your data and where you want to use it. But how will Web 3.0 do it? If this question is popping up in your mind, relax. You will know later how future decentralization would help you, but first let’s operate the second pillar of Web3.0, which is an open-source utility.
Understanding The Open Source Utility
Centralization happens as it was the best way to create network infrastructure. It was trusted, allegedly secure, and communicable. On the table of centralization, someone pays to install and set up a server, software that users desire to access online, and then in return that someone charges the users to use it or let’s use it cost-free, as long as the specified terms and conditions are agreed.
But to break down the whole structure, Web3.0 is built on open-source software to be permissionless and trustless. Now, here being trustless has a different meaning than its regular definition. In this environment trustless means that all the interactions and transactions can occur between the two peers without any trusted third party in between.
To deeply understand this, you can take an example where A needs to send money to B. But A resides in India while B homes in London. Now when A wants to send money to B, it can’t just directly go and give money to B. But what A is required to do, is to go to the bank, submit the money to the bank to transfer it to B. Then banks take the charge to transfer money to a chain of banks, so that it could finally reach B.
What happens with this? These three things-
- First, the bank will know the information about all the transactions.
- Second, A’s government or the relevant bodies will know about the transaction.
- And third, these two things will happen to B too, plus it will receive the money after a subtle time.
Now to resolve the issue what Web3 does is that it eliminates the need for banks and A can directly transact the money to B without making any delays. This was made possible with the help of blockchain technology. Blockchain provides a new method of storing data online on the ground basis of encryption and distributed computing.
Encryption permits storing data on the blockchain and only people, who have full authority over this data, can access it. Even not the government or any other corporation can have permission to approach that data. As of now, the government has no right reserved about the blockchain, but there might be some legal intervention by governments in the future.
Same as encryption, distributed computing plays its own part and allows the storage of the relevant files about the data on multiple computers or servers. And if any copy does not match each other, data is considered invalid. The distribution protects the security and allows a person, who controls the data, to collect or alter the data without the permission of any other person on the distributed network. This means If A thinks B is not trustworthy anymore, he can change his own information without even B knowing.
Now that you finally fully know about decentralization and then open source unity, let’s move to the main topic and figure out how you can make money with it.
Now that you know everything about Web 3.0, let’s see how you can make or earn money on web3 platforms.
7 Ways of Making Money With The Web 3.0
In the world of web 3.0, everything is all about monetization. So by giving the full monarchy to you over your data, web 3.0 lets you gain financial benefits with it. Here are the five ways in which you can earn money.
1. Earn Money On Web3 by AirDrops
So the first way is through what is known as Airdrops. Now since web3 is really new and just getting started with new projects being booked, like every single day, developers want as many people to interact with their platforms as possible and are rewarding early adopters of their product with governance tokens. So essentially, it’s a way for projects to drive awareness to their platform, your wallet has to meet certain criteria to receive these free tokens.
2. Play to Earn Model
The next way you can make a profit with web3.0 would be to interact with platforms that reward its users for being active. One example of this would be Axie Infinity. Here are a few alternatives to Axie Infinity.
3. Earn From Your Data
In the centralized world when companies have the right over data, they sell it for their benefit. Web3.0 lets you do the same, but for your own benefit. You can share your data across the globe to buy and sell anything. Anything can include properties too. And in case you want to sell your data to any corporation like Facebook, you can with the help of Web3.0 and get fairly paid for it. You just have to choose what you want to do with your data.
4. Create Personalized Currency
Web 3.0 not only lets you on your data but also lets you pay off well when you create your personalized token. You can create your tokens and mint or distribute them. You can fully and directly control the value of the currency.
Personalized tokens have much more use than anyone can imagine. It lets the people create a way to monetize the value or the data they create. You can use the personalized tokens to experience a whole new online world.
5. Benefit Yourself From Decentralized Credit
With decentralized credit, you can emit the role of banks from not only sending and receiving money but also from borrowing and lending it. You can create or take a part in the lender pool and customize how you wish to lend your money and on what interest.
The credit pools can earn you a good sum of money that otherwise would be impossible. However, that does not mean that you will see no more banks. Banks will stay, but Web3.0 will change the banking style in the upcoming future and you can take benefit from it.
6. Own NFTs
Anyone can access the NFT and earn some passive income. You can generate this income for upcoming years without stepping into a financial crisis. Because it generates a passive income source, it has no risks included. The decentralization works behind the NFT and makes it possible. You can buy and auction NFTs to get a profit.
Digital art has become NFT. You can own or create your digital art and then sell it to make the money. No third party can interfere in your decision, only your choice of what you want to do with your digital art. You can use the NFTs for gaming, as a digital wallet, in virtual real estate, in the metaverse, and much more. NFTs have endless possibilities to count.
7. Participate In The Technology
Last but not least, Web3.0 is growing rapidly, and so are the technologies associated with it. Because it solely depends on the open-source utilities it is a great time for you to participate in it. You can start your career now as a web 3.0 developer, begin with a new future now. It has already birthed new technologies and will do so to others.
Few More Revenue Web3 Opportunities Are As Below
- Web3 advertising
- Start Creating Web3 Store like Shopify
- By Property on Web3 and rent it.
- Web3.0 brings a new mode of connection with the world. It provides you the direct benefits.
- The two pillars of Web3.0 help you to form an individual identity on the blockchain and the internet to acquire benefits.
- With endless possibilities, with Web3.0 you can create unlimited income sources to gain new financial independence.
So what is your opinion about the web3.0? Different people can have different opinions, but there is no doubt it’s the future of the web. And it’s the new way to prove your presence online. If you wish to make some good money, give a try a trellis of opportunities that this technology is offering you.
How to make a profit from Web 3.0?
Earn money with web3 by becoming content creators. There are 10+ more ways to make money from Web3. The first is Web3 advertising, the second is buy property on web3 and rent out, third is run your own store on Web3.
How can I benefit from Web3?
Start generating revenue from Web3 is the best benefit you can take from Web3 in 2022.
The Quickest Way To Make Money Off Web3 is to Build a Community
The whole premise of Web3 is to give more earning power to creators; better than Web1 and Web2 did.
But regardless of the web generation, making money online usually come in either of two methods:
- Method 1: earning directly from your audience.
- Method 2: earning from a centralized platform.
What Web3 is gunning for is to move creators further away from method 2, and closer to method 1.
To make money via method 1 and live the Web3 ethos, you need to build a loyal community of audience who can invest in your content.
How community worked in Web 2
Web2 platforms started out allowing creators to use them to build an audience but provided very little support for those looking to make money.
During this era, there are two ways to make money:
- Finding, negotiating, and making deals with brands to post sponsored content.
- Linking to external sites, like Patreon or OnlyFans.
Cue the introduction of creator funds by YouTube, and then TikTok, and the game changed; creators are now paid by social apps for building a community of audience and driving engagement on the platforms.
In Web2, creators also needed to build communities to be able to make money, but what they lacked here is true ownership of what they’ve built.
Problems with building community on Web2
Monetization in Web2 was appealing, but there are a few problems with Web2 platforms:
- Transparency: Web2 platforms aren’t coming out clean on exactly how much they make off creators.
- Moderation/Censorship: web2 platforms can ban your content once they decide that it went against their policies.
- Policy changes: making things worse, these platforms can change their policies at any time with no prior notice.
- Fairness: the platforms rely on user-generated content, but won’t give creators the majority of the earnings!
The bigger your community in web2, the more you earn, but also, the more the inequality becomes apparent to you.
How Community is working in Web3
Once in the mix, Web3 argues that layering creator monetization on top of existing social apps is simply the wrong approach.
As a possible replacement, Web3 will allow creators to capture the value that they create, by allowing them to truly own their audiences and content.
This will help creators better monetize their creations, without any centralized authority interfering.
This Web3 ethos for creators is currently playing out in three ways:
- NFT: creators get to turn their creation into an NFT and there are many ways they can make money out of it.
- Social tokens: this is a cryptocurrency used to monetize a brand. A social token’s value revolves around the brand issuing it and is used by holders as a way to feel belonged to the group
- DAO: this stands for decentralized autonomous organization, and it’s a term for a group of people who agree to stick to certain rules for a common purpose. The rules are written and directed executed vua smart contracts.
In the three, fans pay to “own” a piece of the creator’s digital content. This grants them access to a community, and it’s this sense of community that brings benefits for both the creator and his community members.
For the creator, he makes money from selling digital content to his community —it could be an NFT or, a crypto token.
Community members, in turn, are rewarded for their investment in the content as their investments (the creator’s digital content), have the potential to increase in value with time.
It’s like buying a stake in a company. You become part of the owners, and you can trade your ownership on secondary markets at higher prices later on.
Building a community in Web3
You need to create a digital asset, like an NFT, to be able to make money off Web3, but before that, it’s usually important you build a community.
Here are a few tips on how to build one:
Have a clear purpose
Before anyone would want to get on your project, they must understand what it’s about, and you can achieve this by having a clear purpose, which you can easily community across.
Without one, you will struggle to get people on board and struggle to grow your community. In addition, having a well-crafted purpose makes it super easy for you to manage your community.
Select a community platform
After you’ve gotten a purpose, you now have to find its home.
The two most widely used platforms for community building in Web3 are Discord and Telegram. This is because of the restrictions imposed by social media giants like Facebook, LinkedIn, and Twitter concerning NFT and Web3 in general, which Web3 creators don’t have to grapple with on the two platforms.
On Discord, you can hold contests and giveaways to promote your project. And on Telegram, the anonymity and encryption of chat features are a top reason why NFT users build on the platform.
Know your community members
Not by name.
But by their interests.
Truth is, your goal will not resonate with everyone, so your strategy should be to find those with similar interests as highlighted by your project.
Armed with this knowledge, things like promotion becomes easy; by knowing your audience, you know where and how to reach them.
Promote your community
Saddled with a compelling sense of purpose, promoting your community will help the right set of people to discover it.
Effectively promoting your community is about the most important part of your building process. When you have a win-win goal, it’s easy to be tempted to not worry about promotion; resist the urge.
A good purpose only makes promotion much easier, it doesn’t serve as a replacement.
Here are helpful tips for effectively promoting your community:
- Send Invites: you already know your audience and how to find them, you now have to send them a catchy invite through your preferred medium, with a link to join and a brief overview of your community focus and features.
- Be consistent: When you’re running promotions or creating content to keep your audience in the know, you need to be consistent, this helps your content stick around, making it more likely to be clicked.
- Host Giveaways: this is a great way to create awareness, grow followers, and drive engagement.
- Create a hashtag: when it comes to hashtags, two rules apply: keep it short, and use the hell out of it. Your posts and uploads should e searchable with your community hashtag.
- Host an AMA session: a session like this reveals your authenticity and helps people better connect with you.
You cannot do without promotions.
No community survives for long without enough value.
Being able to constantly create value that your audience will enjoy, and which will make them stay, is a result of your understanding of your community members.
Values can come in the form of access to exclusive content or discounts on products or services; it can also be the provision of access rights for future products or services your offer.
The thing is, while big platforms make money off a large audience, Web3 is giving same opportunity to creators.
It’s all up to you.
In Web3, the easiest asset to create, sell and make money from is NFTs. Once you’ve figured how you can build a community, it’s time to create your asset.
Here I wrote a step-by-step guide to creating your first NFT.
If you enjoyed this read you can support me as a writer by becoming a Medium Member. It’s a monthly fee of $5, and gives you unlimited access to stories on Medium. When you sign up using my link, I earn a small commission.
Not many days go by without a mention of Web3 or decentralization.
From Bitcoin to Ethereum, many decentralized projects have caught the attention of big tech companies, investors, and users that want to invest in digital assets.
Web3 is the next phase of the internet, where users are in control of their data, and applications are built on decentralized protocols.
While it may still be early days for Web3, there are several ways to get involved and invest in this emerging ecosystem.
In this article, I go through the top strategies when investing in Web3 so you make money from this new version of the web.
Let’s get right into it.
Web3 is a more user-centric internet, where you own more of your own data, and applications are built on decentralized protocols.
Using blockchain technology, Web3 also enables a more secure internet, where intermediaries are not needed to verify transactions.
This means that users can interact directly without needing a third party.
It also means that the investment opportunities for those that want to invest smarter and in the right digital asset are endless.
However, it is essential to note that not all digital assets are created equal.
Whether dealing with market data in the crypto world or figuring out data in terms of specific investment vehicles that form part of these new virtual worlds, it is essential to understand as much of the complete picture as possible before investing.
The first step in investing in Web3 is comprehending what it is and how it functions.
Active vs. passive investments play an essential role in the investment process.
Active investing is where the investor takes a more hands-on approach, deciding which specific investments to make.
This investing requires more time and effort and a greater understanding of the underlying asset.
In contrast, passive investing is where the investor takes a more hands-off approach, investing in a basket of assets that one hopes would provide a return on investment without much work on the person’s part.
This type of investing could be more straightforward and might require less time and effort.
Then again, it might be a good idea to keep both options open when it comes to this 3rd version of the world wide web.
The key is understanding the difference and making an informed decision about what type of investor you want to become.
Let’s now focus on the most crucial aspect of your investment journey in Web3: picking the right strategy.
Are you going to go all-in from the get-go?
Or are you going to take a more cautious approach?
Do you want to be an active investor or a passive one?
There is no right or wrong answer to these questions, as it depends on your personal preferences and goals.
However, it is essential to understand the difference between active and passive investing and the pros and cons of each approach.
Here are the top types of active investments you can make in Web3.
Finding a job in this arena can be one of the best investments in yourself you ever make.
Not only will you be able to learn about this exciting new industry from the inside, but you’ll also have the opportunity to earn a good income while doing it.
There are several ways to find work in crypto, and the best way for you will depend on your skills and experience.
Here are some ideas:
- Join a startup: Startups always look for talented individuals to help them build their businesses. This could be an excellent option if you have the skills and experience that a startup needs.
- Look for job postings online: There are several websites and forums where startups and businesses post job openings in the crypto industry.
- Attend crypto events: Crypto events are a great way to meet people in the industry and learn about new job opportunities.
Through Web3 developer platforms, you can also start to create your Dapps (decentralized applications).
Many people with past coding experience who are new to this industry don’t realize they have the skills and expertise necessary to build Dapps – yet getting the latest training will get you a big part of the way there.
With some training, those with experience can start building Dapps that provide value to the whole community.
Another active way to make money on Web3 is through AirDrops.
An Airdrop happens when a blockchain project gives away free tokens to the community.
This is usually done to promote their project and increase awareness.
Airdrops are a great way to get free tokens, and they can also be profitable if you know how to sell them.
Here are some tips for participating in airdrops:
- Find reputable airdrops: There are several scams in the crypto world, and airdrops are no exception. Make sure you only participate in airdrops from reputable projects.
- Join relevant Telegram groups: Telegram is a popular messaging app often used by crypto projects. Several groups discuss airdrops, which is a great way to stay up-to-date on the latest opportunities.
- Be patient: Airdrops can take weeks or even months to distribute the tokens. Don’t expect to get rich overnight with airdrops.
Once you get these tokens, you can hold them or sell them for a profit.
Remember that getting the right airdrops usually requires you to satisfy some criteria to qualify.
While not technically an investment, you can still get rewarded well for going through this process.
Mining is an integral part of how blockchains generate new digital assets, and it’s also a great way to earn some income.
This process can be done with various computer setups and doesn’t require much experience.
With Web3 technology getting better with each iteration when it comes to mining, it has become more profitable than ever to do so.
If you invest in this opportunity, make sure you research and understand the equipment needed and the right way to go about it.
In addition, understanding the various graphic card models (especially knowing which Nvidia cards to go for) will allow you to optimize your rig for maximum profitability.
Many Web3 projects involve various games that are emerging.
Many of these feature a new play-to-earn model which allows users to earn cryptocurrency while playing.
This is done by players participating in activities that help to grow the game ecosystem, such as questing, staking, farming, or simply playing the game.
These games allow players to make the most of Web3 to have fun and earn digital assets when winning.
Platforms such as The Sandbox also allow users to monetize assets (like real estate) and gaming experiences to make a return on their investment.
Let’s now look at some of the different types of passive Web3 investments that you can make.
Cryptocurrencies are a type of digital asset that can be used as a store of value or a medium of exchange.
Bitcoin, Ethereum, and Litecoin are all examples of cryptocurrencies.
Investing in cryptocurrencies through suitable crypto exchanges and trading platforms is a great way to earn some passive income and an excellent way to hedge against inflation.
That said, cryptocurrencies are volatile, so you should only invest what you want to lose.
With platforms like Coinbase, Binance, and other Web3 ecosystems, it’s easier than ever to invest in cryptocurrencies.
Here are some comparison reviews of various popular crypto platforms to consider:
- Kraken vs. Coinbase
- Binance vs. Coinbase
- Crypto.com vs. Coinbase
- Gemini vs. Coinbase
- BlockFi vs. Coinbase
Lending platforms are online platforms that allow you to lend your crypto to borrowers in exchange for interest.
This is a great way to earn some passive income and an excellent way to diversify your portfolio.
There are several different lending platforms out there, so consider the pros and cons of each before deciding on the one to go with.
While peer-to-peer lending sites have been around for a while, crypto lending platforms are a relatively new phenomenon.
NFTs are digital assets allowing holders to own a piece of digital real estate.
NFTs are often used to represent things like art, music, or even virtual real estate.
You can buy NFTs through several different platforms, and the options have never been so huge.
With popular NFTs such as the Bored Ape Yacht Club being sold for over $2.25 million, it’s clear that there’s a lot of money to be made in this space.
If you’re looking for a way to earn some passive income, then investing in NFTs is something you should consider.
Various decentralized applications also allow you to use artificial intelligence to create your digital art, which one can then turn into NFTs.
Creating digital representations of real-world assets is a great way to earn some passive income and can be a great way to invest in Web3.
There are also tons of NFT stocks you can invest in, an investment tactic that combines traditional stock investing with the newer NFT popularity.
Let’s look at a few more bonus strategies you can consider.
Most of the following fall between the active/passive zones, meaning that knowing what the strategy is all about is essential before pulling the trigger.
Staking is about holding onto your crypto tokens to help support a network.
When you stake your tokens, you’re essentially giving up your right to sell them so that you can help verify transactions on the blockchain.
In return for your help, you’re rewarded with a share of the transaction fees.
Crypto staking platforms offer a great way to earn some passive income and provide various ways to support the Web3 projects you believe in.
There are several different staking platforms that you can use, and each one has its own set of rules and requirements.
Dividend-paying tokens are a type of cryptocurrency that allows holders to receive a share of the profits generated by the project.
This is usually done through a smart contract, a great way to earn passive income.
Dividend-paying tokens are often used to reward holders for participating in the project and can also be used to raise funds for the project.
Be sure to research before investing in any dividend-paying token, as there are several scams.
Buying stocks is a great way to earn some passive income, and it’s also an excellent way to hedge against inflation.
You can buy stocks in various Web3 companies through several platforms and invest in stocks through a Robo-advisor or investment app.
In addition, being aware of what’s happening worldwide can help you make better investment decisions.
For example, many people have recently bought stocks in the Metaverse despite the platform seeming less than ideal in its current state, so knowing what’s happening with the Web3 companies you invest in is critical.
Private markets are another great way to earn passive income through Web3.
These markets are usually online platforms that allow you to invest in private companies.
Platforms like OpenSea also allow you to buy and sell several different digital assets.
These include crypto-collectibles, game items, and even virtual real estate.
In addition, OpenSea also allows you to invest in many different protocols and platforms.
Chips are the modern-day equivalent of picks and shovels from the gold rush, and are a great way to earn additional passive income.
These are essentially computer chips that are used to mine cryptocurrencies.
With Web3 requiring computer power to function, the demand for chips will likely only increase in the future.
This makes chips an excellent long-term investment and one that you should consider if you’re looking to earn some passive income.
As always, keep in mind this is not investment advice, and you should do your research before making any investment.
Another investment option in Web3 comes with creating your personalized currency.
This is a great way to ensure that your money is being used in a way that you support, and it’s a great way to back a project or company that you believe in.
This can be done with ICOs (initial coin offerings), a type of crowdfunding that allows startups to raise capital by selling tokens.
An ICO resembles an IPO, or initial public offering, where a public company sells shares of itself to investors.
However, a company sells digital tokens instead of shares in an ICO.
These tokens can be used to purchase goods and services from the company, or they can be traded on cryptocurrency exchanges.
Creating your currency is a big responsibility, as you will need to manage the supply and demand of the coin, as well as its value.
While not a passive investment at the start, creating your currency can be a great way to support a company or project that you believe in, and it can also be a great way to make money if the currency becomes popular.
Decentralized finance platforms are online platforms that offer a wide variety of financial products and services without the need for a third party.
Platforms like Decentraland, Ethereum Name Service, and MakerDAO are just a few of the many Defi platforms available.
These platforms are where you can start getting creative with your investments and take advantage of the opportunities that Web3 offers.
Did you know that you can now sell NFTs on Shopify?
The big eCommerce platform now allows for the buying and selling of NFTs, which is a big deal for the world of Web3.
Using Shopify’s token gaming app partners and through the use of smart contracts, content creators and artists will be able to sell their work directly to fans with ease.
With what’s now commonly known as ‘Tokengated commerce,’ Shopify merchants will be able to take advantage of the growing popularity of NFTs and the potential income that can be generated from them.
If you want to invest in Web3, this is something that you should look into, as it can open up a whole new world of opportunities for you.
It’s also a good reminder about the importance of staying up to date with the latest trends and developments.
Knowing about the various wallets available for storing NFTs and cryptocurrency is critical.
There are two primary types of wallets known as hot and cold wallets.
Hot wallets are online wallets that are plugged into the internet.
This means they are more convenient to use yet more vulnerable to hacking.
Cold wallets are offline wallets that are not connected to the internet.
This makes them more secure but also less convenient to use.
The best way to store your digital assets is to use a combination of both hot and cold wallets.
Web3 wallets are one of the simplest ways to invest in Web3.
All you need to do is find a wallet that supports the assets you want to invest in and deposit your funds.
Once your funds are deposited, you can start buying and selling assets on the decentralized exchanges built into most Web3 wallets.
Staying on top of your assets and tracking your portfolio is also simple with Web3 wallets.
Most wallets have built-in features that allow you to view your transaction history, asset balances, and more.
This makes it easy to track your progress and make informed decisions about when to buy or sell.
The rise of virtual reality (VR) and augmented reality (AR) are two of the most important aspects of Web 3.0.
With these technologies’ help, we can experience digital content in a more realistic and immersive way.
This will significantly impact how we interact with the internet and change how we do business.
For those that want to invest in Web3, selling NFTs is something to consider as a means to make money.
NFTs are digital assets allowing holders to own a piece of digital real estate.
They are often used to represent art, music, or even virtual real estate.
Yes, machine learning is one of the most important aspects of Web 3.0.
The building blocks of Web 3.0, such as smart contracts and decentralized applications, will be powered by machine learning.
This means we can create more intelligent and efficient software that can learn from data and improve over time.
With giant venture capital firms like Andreessen Horowitz investing in this arena, it’s clear that this technology is here to stay and will be a big part of the future of the internet.
The hype that surrounds Web3 is in part due to social media.
As more and more people become aware of the potential of this technology, they are sharing it with their friends and followers.
This creates a snowball effect that helps to promote and legitimize the technology.
Whether it’s Bitcoin (BTC), Ethereum (ETH), Solana (SOL), or even stable coins that are pegged to USD, a successful Web3 company or project is likely to have a social media following.
Both in the short-term and long-term, social media can be a powerful tool for promoting and legitimizing Web3 technologies.
As more decentralized autonomous organizations (DAOs) emerge, social media will likely play an even more significant role in their success.
Web 3.0 is the next evolution of the internet, and it’s already starting to take shape.
With the help of blockchain, virtual reality, and machine learning, we can create a more decentralized and efficient internet.
If you’re thinking about investing in Web3, then now is the time to do your research and get involved.
The emerging opportunities are unlike anything we’ve seen before, and they will only get better from here.
What do you make of Web 3.0?
Do you think it’s something that you should invest in?
Let me know your thoughts in the comments below.
Further reading on AdamEnfroy.com: Web3 provides one of the best ways to protect yourself against a dollar collapse.
Unfortunately, if this were to happen, people without a plan could end up losing everything.
Being prepared is always half the battle.
The Problem With Web 2.0
The web as we know it today is as easy to use as it has ever been. Services and apps are simple, accessible, easy to understand, and highly functional. We can connect with anyone, anywhere at any time, and best of all, these services are (mostly) free.
But there is a catch.
As elucidated by the recent Netflix documentary The Social Dilemma, If you don’t pay for the product. You are the product.
Web 2.0’s downfall is exactly this. The platforms, at least the big ones like Facebook and Google, survive off the ownership of your information. They are free to use, so they need to make money somewhere. And they would be nothing without users like you: creating content for them, growing followers, searching for things, posting daily, these are all activities that give services the ammo they need to sell ads at alarming rates that generate even more alarming revenues.
But the web is changing. Web 3.0 is building on the flaws of Web 2.0, and it promises to create more personalized experiences, and redistribute wealth opportunities from the platforms, to the users. Blockchain protocols like PRIVI aim to bring Web 3.0 into the hands of everyone this year.
Mint Your Own Personal Currency With Web 3.0
Nearly one in four Americans today make a living online. In today’s digital environment, these individuals can leverage varying platforms to achieve a coordinated communication strategy to elevate their brand, and sell products or services. We post on Instagram, retweet the post and share it on Facebook, for example. The value of this exercise however, in today’s centralized off-chain digital environment, is predominately captured by the platforms.
These internet behemoths, whose survival utterly depends on the activities of their users and the followers they have, are set to be disrupted as Web 3.0 crashes onto the scene. In Web 3.0, if people can utilize an exact same service, say something like Instagram, but instead of the platform owning everything, the users own everything, why would anyone still use Instagram?
In this Web 3.0 multiverse, people and creators will now be able to monetize off their un-captured value they create on a daily basis.
How? Through Personal Tokens.
Personal Tokens, like the ones PRIVI aims to allow users to mint and distribute for free, are a personal currency for individuals. The value of the currency is directly dependent on the value a human creates. This exists today on Web 3.0, however nascent the industry is today, the promise of the technology in protocols like PRIVI is trailblazing. Personal tokens have unlimited uses, unlimited potential, create a way for people to monetize off the un-captured value they create on a daily basis, and could re-design how people make a living online.
To illustrate, let’s say you have a friend and his name is Jacob, he is a software developer and he regularly produces some nifty code. Jacob uses PRIVI enabled apps, and mints 100,000 $JACOB tokens for free. Jacob assigns a minuscule value to these 100,000 $JACOB tokens (Now, if Kim Kardashian mints tokens she’ll probably want to assign them a higher value).
Jacob has 40 followers, and decides to distribute 10 $JACOB tokens to all 40 people at no cost. Days later, Jacob creates some ground-breaking code and broadcasts to his followers what he’s done. Attached to the announcement is an image of his code that these followers can view if they own 20 $JACOB tokens (followers need only to own that amount of coins, they do not need to “spend” that amount). Some of his followers, intrigued, buy 10 more $JACOB tokens to view this image. Now, every time $JACOB tokens are bought, sold or transferred, the price of $JACOB tokens start to increase in value.
This form of monetization is truly innovative for two primary reasons. One, Jacob owns hundreds of thousands of $JACOB tokens. What if he produces ground-breaking code regularly? His followers increase, he distributes and sells more $JACOB tokens, and along the way, the value of his hundreds of thousands of tokens increases. Two, not only does Jacob benefit, but those who got in early with $JACOB tokens start to benefit from the increase in value of the coin. So they are incentivized in sharing Jacobs work to people because they know they would monetize off $JACOB tokens increasing in value.
While this might seem like a concept of the future, it is in fact not far off at all.
Personal tokens are being used right now. However the problem is that it is very niche, and most products that are out there are not easy-to-use for the everyday user, more specifically, not friendly to use for any non-native crypto people. But this again, is changing. As we continue to develop better products for Web 3.0, more and more people will realize the impact personal tokens can have on their financial well-being.
Control And Make Money Off Your Data (finally) With Web 3.0
The online services that we have come to use on a daily basis farm huge amounts of our personal data. On average, people spend nearly 6 hours and 42 minutes online each day. However it wouldn’t be all bad if we made money from the data we create while spending hours and hours online, but unfortunately, that is not the case today. It is said that the average user could make around $444 a year from their personal data, but thanks to how Web 2.0 is set up today, this reality is far fetched. Online behemoths, think Facebook, Google, Amazon, see your data as their own and they make billions (maybe trillions) off your data.
And what do you make from your data? $0.
We use these products because they are free. As elucidated in Netflix’s recent documentary The Social Dilemma, if you don’t pay for the product, you are the product. Big Tech, like Facebook and Google, own what you create, browse, and share on their platform. That is the embodiment of Web 2.0. and a core reason as to why these companies will never change course. They will never return ownership of data to the rightful owner, because they are beholden to shareholders who demand year-over-year growth. And the only way these companies meet these growth targets for their shareholders is to treat your data as their own.
In The Social Dilemma, Jaron Lanier points towards a future where this trend could be reversed by altering financial incentives. Web 3.0 does exactly that. Since Web 3.0 is built on blockchain, whose platforms are governed by the people, Web 3.0 protocols, like PRIVI, aim to return data ownership back to the rightful owner, and make it possible for anyone to capture and monetize their data on a daily basis.
Web 3.0 Could Allow A Farmer In Delhi To Buy 1% Of A Paris Flat
The better question might be, why not?
A flat in Paris is highly likely to appreciate in value over time, making it a sustainable long term investment. But do you think someone in Delhi, with Web 2.0, currently has easy access to such an investment? I’ll save you the trouble from looking around online, because the answer is likely not.
Let’s start with this simple fact: the majority of the world’s wealth lies in real world assets, like property.
And these appreciating assets are not created equal over the world. A similar sized property in Paris is much more valuable than in Delhi. These real-world assets create lucrative wealth opportunities for their owners. However they are limited in who can buy them simply due to lack of accessibility. Someone from one part of the world (unless they are quite wealthy) cannot take part in buying percentages of property in safe, likely to appreciate, neighborhoods around the world. If you ask creators and innovators of Web 3.0, like PRIVI, that is immensely unfair.
Web 3.0 will create opportunities for people in developing countries to purchase percentages of property in far off places that have stable and appreciating property values. All in a matter of clicks, and with low minimum amounts. This same person will have, in a few clicks, the ability to insure it by a decentralized insurance pool, because after
all, they won’t be in Paris to look after it on a regular basis. They will, in a few clicks, be able to easily communicate with the other owners of that Paris flat and discuss what should be done to it. They can take part in the decision making process, and decide to rent it out, make improvements, or put it on the market. And in a few clicks, they can sell their ownership at any time they please.
Web 3.0 will make this possible through the technology of non-fungible tokens (NFT’s), which is the practice of tokenizing assets that are not fungible, like houses, cars, or collectibles.
Web 3.0 Will Make Credit More Accessible And More Fair
Since the modern financial industry was created, banks have largely been the sole decision maker of who gets access to credit. Yet, the credit approval system used by banks is incoherent, unaccessible and unfair. For instance, the Economic Well-Being report released by the Federal Reserve in 2019 suggests that the criteria used by banks to approve access to credit is highly discriminatory. The report found that non-white Americans were more likely to experience an adverse credit outcome compared to white Americans.
Not only are current credit systems innately biased, they are very costly. The average American has 3 credit cards, with average debt equaling to $5,500. That debt will cost them nearly $1,250 a year in credit interest and fees. All the while, Big Banks, like JP Morgan Chase, scuppered up $39bn in credit card revenues in 2019 alone.
Does all this sound fair to you?
Sure, people are more ill-advised than ever before on how to effectively use credit, but that does not mean they should be heavily punished for it. To PRIVI, and to many others building Web 3.0 solutions, Big Banks need to be disrupted.
So what if there was an innovative credit system that connects people looking to receive credit, with decentralized (as opposed to centralized, like JP Morgan Chase) credit pools?
These credit pools would be a group of lenders who customize how much they wish to lend and what amount of interest they are interested in accumulating. These credit pools could then be able to make a good amount of interest, nothing as high as what Big Banks make, but a good amount, all the while, giving people all over the world fair access to credit.
To reward good behavior of borrowers, and invite providers (aka merchants) into using the system. Web 3.0 has the tools to build a decentralized credit system where risk and incentives could be distributed amongst the network; rewarding good behavior of borrowers, helping merchants sell items for higher prices, all the while minimizing the risk of credit pools.
These days, you’re likely well aware how the major players like Facebook and Google — among very few others — make tremendous amounts of money on the internet. The services of these web giants are free, but by using these web giants, average people like you and me offer up an enormous amount of data unwittingly.
These companies then repackage and sell this information for a variety of purposes. This business model is called web 2.0, the second iteration of how the internet works following the good old days of AOL, a time in the internet’s infancy now called web 1.0. But things are changing, and changing fast. Challenging the primacy of web 2.0 is an underlying financial model for how the internet operates called web 3.0 Here’s what you need to know.
What is Web 3.0?
This economic engine for the internet is decentralized, moving away from the absolute control of Silicon Valley tech monoliths to peer-to-peer networks operating with no third parties at all. Some examples of this system include Apple’s Siri, Wolfram|Alpha, NFTs, and any number of cryptocurrency platforms supported by blockchain protocols like Privi, among many others.
This system helps preserve data privacy, creating opportunities for average users to find value, interact with data, and most importantly, make more money with the internet, redistributing many of the online wealth-generating opportunities which had consolidated in the hands of the very few.
And partially because of this, one in six or 16% of all Americans now make money online, and that number is only expected to increase in the coming years as web3 takes hold.
In this article, we’ll provide an introduction to these opportunities.
How to Make Money with Web 3.0
Just a few of the profit models created by this new internet system include the following:
- Make money off your own data. By now it’s widely known that the web 2.0 model, as it stands, means tech giants Facebook and Google make an unbelievable amount of money gathering and selling our data which we have offered up, free of charge, every time we interact with their platforms. What do we get in the deal? Absolutely nothing, save a quick and convenient way to look up a chicken soup recipe, as is the case with Google.
As it stands now, given the power of web 2.0, it’s unlikely this system will change anytime soon. What web 3.0 promises, however, is an opportunity for average people like you and me to see a little return on all that data we create every time we go online. It’s all because of blockchain.
Blockchain is owned by the people who own the platforms on which the blockchain operates — average folks, rather than Silicon Valley tech gurus — and this way, the data generated on blockchain stays with the people who are generating it. Thanks to web 3.0 protocols, the day when we can collect, privatize, and therefore monetize our own data is closer than ever.
- Mint your own currency. That’s right, minting currency is no longer the sole domain of the Federal Reserve. It’s all made possible through web 3.0 technology, and creating your own personal tokens or cryptocurrency through platforms like Privi. By assigning a dollar amount to these tokens, they can be distributed to your social media following, or via some other networking system. Those produced can then be used to pay the content creator for their product or service.
Based on the quality of the content, the bigger the following, the more personal tokens in circulation, and the more transactions occur. With more transactions, the value of the personal token increases, as does demand. Best of all, the creator remains in control of the overall supply of these tokens, something like company currency or scrip. Those who have tokens of their own are incentivized to share the content they purchased with the tokens, in order to increase demand and therefore the value of the tokens they own.
In other words, you may one day be able to buy digital music from Radiohead, using Radiohead Bucks, minted and controlled by Radiohead themselves. But this system won’t just benefit major rock stars. It could also benefit smaller artists and content creators writing code, building their own apps, or making any kind of digital content to buy and sell on the crypto marketplace. These systems are still in their infancy, but they’re here to stay, and growing fast.
- Democratize ownership of physical properties. No matter what iteration of the internet is most current — from web 3.0 to web 304 — most value will remain locked up in physical assets like real estate, apartments, and condos in the major cities of the world, or even vacation properties in some of the world’s most far flung and desirable destinations.
Thanks to web 3.0, instead of listing a property for sale on the local real estate market, property owners could essentially make their property a digital asset backed by an NFT. These properties are able to be purchased in incredibly small increments, sometimes as small as 1% of the value, and with nothing more than some crypto. The property would then be managed by a decentralized insurance pool.
This presents two money making opportunities: for the real estate owner, seeking to broaden and diversify the market for their properties outside the traditional real estate industry, and for average people — just like you and me — to finally get a piece of the booming real estate markets in prosperous areas.
- Revolutionize the credit industry. Most anyone with a basic knowledge of economics understands one important principle: monopolies are bad, competition is good. Because big banks almost exclusively control the credit industry, they set the rules for who does or doesn’t receive credit, shutting many average everyday people out of investment and money making opportunities, and often, for very arbitrary reasons.
With web 3.0 the stranglehold big banks have had on credit could be disrupted through decentralized credit pools. Rather than borrowing from a big bank, what this would mean is groups of crypto lenders who agree how much they’re willing to lend, and how much interest they’d like to make in return. Those returns are unlikely to be as astronomical as those enjoyed by JP Morgan, for example. A decentralized credit industry, though, could generate revenue for the lender, while also increasing access to all-important credit for people who might otherwise be shut out. This could help them start businesses to make money on their goods and services, or even just accumulate wealth, all on their own.
- Start or Work for Working a Decentralized Autonomous Organization (DAO). Thanks to web3, a DAO or decentralized autonomous organization, sometimes called a decentralized autonomous corporation, may just be the employer of the future, or instead, the solution for contributing money (in this case crypto) to causes and charity work.
Bitcoin already operates this way. But what is a DAO, you ask? Decentralized autonomous organizations are collectively owned entities that operate with no central leadership, but instead, sets of rules, operating standards, and company policies and protocols, existing on the blockchain, and that are able to be changed, updated, and revised at any point through membership consensus.
A DAO could make money through financial transactions, backed with a smart contract. Most entities of this type are funded by issuing tokens (essentially it’s own cryptocurrency) that are then distributed to the membership. Any transaction conducted with a DAO, or between the collective and another entity are recorded, visible, and completely verifying on the blockchain. For this reason, DAO’s are highly democratic, and they can do business or champion specific causes with like-minded folks anywhere in the world, with little bureaucracy, no bosses, and few third-parties. Everything is kept open, honest, and verifiable with the power of the blockchain and web3.
Broadly speaking, we’ve covered the five most common ways that web3 will revolutionize the internet, creating new and innovative revenue streams. In our next section, we’ll cover a few pre-existing business models that could particularly benefit or be completely remade in the world of web 3.0.
Web 3.0 Business Opportunities
SaaS (Software as a Service)
This business model based on revenue created through software subscription, is nothing new. Many traditional businesses already make money on the internet in this fashion: charging a subscription fee to another business, organization, or entity for the benefit of using a particular piece of software central to their operation. An opportunity created by web3 however is that blockchain, or in other words, hosting a crypto wallet for another business, can become a service for which a business can charge a fee.
Is there an old-school dry cleaner in your area interested in the ability to accept crypto from their customers? Thanks to the EIP1337 upgrade on Ethereum, eliminating private key authorization for blockchain transactions, it’s easier than ever for your web 3.0 business to host that company’s crypto wallet for a monthly fee, payable in — you guess it — crypto.
At this point, we’re well aware that our browsers are watching our every move online, showing us advertising paid for by companies and corporations large and small, and with the browser algorithms deeming what’s interesting to us based on our online behavior. Thing is, in this scenario, all the revenue generated by this advertising filters up to the company that owns the browser. What if that money could be shared instead between the advertiser, the browser, and you — the entity creating value by just existing on the internet?
In the world of web 3.0, this will be possible, and one company already taking advantage of this is the Brave web browser, offering what’s called BAT, or basic attention tokens. Here’s how they work. Just like with any other browser, advertisers pay Brave, and Brave then displays ads to its users, customized to their online behavior on the browser.
What’s different about Brave, though, is the revenue generated by that advertising is shared equally with Brave, the advertiser, and you — the consumer in a kind of crypto called BAT, issued and controlled by Brave. Finally, the value created by your attention in the attention economy will be partially yours to enjoy.
Revenue Sharing and Decentralized Finance (DeFi)
The whole system of blockchain and tokenomics is also remaking the financial industry from the ground up, breaking lending away from the shackles of fractional reserve lending, and finally allowing consumer credit to be issued at scale. In this particular instance, what’s old is new again. What defi does is allow certain web3 startups like Celsius and Compound Finance to encourage savings in stablecoins, offering as an incentive interest rates as much as 10% or higher, and annual yields between 5% and 7%, issued in the asset saved.
The reason being is that with fractional reserve banking, financial institutions are allowed to lend more than they have on hand, so long as they maintain a fraction of their ledger in liquidity, gambling that as consumers make their monthly payments, coffers will be adequately refilled, enabling them to lend again.
Where once an interest rate would incentivize a consumer to save with a particular bank, fractional reserve banking keeps those rates quite low — typically around .6%. What defi does is return lending to the days before fractional reserve banking: As more people save their money in a particular token, the more can be lent, with returns gathered in the interest rate on the loan. Therefore the higher interest rate can be on the asset saved, benefiting everyone.
BaaS (Sometimes called MBaaS or Backend as a Service)
This is another revenue-generating area greatly opened up by web 3.0. Traditional baas services might include website hosting or data storage provided to a third party company for a fee. In the new economic model of the internet, backend as a service becomes blockchain as a service, opening up the power of the blockchain for a whole new range of purposes.
One primary example is backing up the authenticity of certain kinds of high-end products like sneakers and watches, among others. With the transparent nature of blockchain, consumers could be confident that what they’re buying is the real thing, and a web3 baas manages the blockchain aspect for the manufacturer so they can focus on their products.
Some companies in particular making significant headway in this area include Dragonchain, offering their own token and providing hybrid blockchain platform solutions for small and independent developers. There’s also TrustFi, specializing in defi, decentralized financial support, as well as crypto asset assurance, liquidity management, and DAO governance, providing the blockchain on which company protocols are maintained.
So, what does this all mean to you? You’re an independent entrepreneur, or perhaps an artist or content creator, wondering how to leverage web3 to make some money? We’ll conclude our article on how to make money with web 3.0 offering some real-world examples of how to turn a bunch of techno jargon into reliable revenue.
Market yourself on BitClout
It isn’t just the world of finance that’s been completely changed by the power of blockchain. Social media can also become much more decentralized on web3 and leading the way is BitClout, giving content creators much more control of their own following, seek and manage investment opportunities from that crypto, and most importantly, finally have the final say on who sees your content, when, where, and how. There are Bitclout versions of Twitter, YouTube, and even Spotify in the works, and while this is a new frontier, the future for content creators could be platforms like these.
Monetize your own blog
Built on Ethereum, Mirror.xyz helps writers maintain a blog, with control of how the content is monetized, how it’s published, and finally, maintaining ultimate ownership of all your content. It works by essentially turning your writing or post into an NFT, putting on the blockchain under your permanent ownership, letting you move it from one platform to another at the discretion of the content creator.
Further revenue models for content creators made possible with web3 include:
- Turn your content into an NFT, and then charge a subscription for access.
- Let your followers invest in your work, and then offer a dividend to those investors in return.
And finally, approach brands, businesses, and corporations, allowing them to purchase advertising or promotional opportunities in your content as an NFT.
How To Make Money With Web 3.0: The Bottom Line
Major players like Google and Facebook have controlled the internet for far too long, making incredible amounts of money from our data which we offer up willingly every time we go online — an economic model known as web 2.0. Based on cryptocurrency, NFT, and the transparent nature of the blockchain, web 3.0, sometimes called web3, is here to challenge the primacy of the old guard, democratizing the internet, and the attendant money-making opportunities once more.
In this article, we provided an overview of how to make money with web 3.0, as well as some revenue opportunities and business models made possible by this new paradigm:
With web3, it’s possible to:
- Make money off your own data
- Mint your own currency
- Democratize ownership of physical properties
- Revolutionize the credit industry
- Start or work for working a decentralized autonomous organization (dao)
Some revenue opportunities created or facilitated by web 3.0 include:
- SaaS, or software as a service
- Web advertising
- Revenue Sharing and Decentralized Finance (DeFi)
- BaaS, or backend as a service (in this case, blockchain)
And web3 also opens up opportunities for independent content creators to market themselves on a truly decentralized social media platform, and new ways to monetize a blog and readership.
Much web3’s potential is still developing, and all that opportunities it creates remain to be seen. Keeping an eye on areas we’ve outlined in this article will keep you ahead of the competition when the day eventually comes, and web 3.0 reigns supreme over the internet.
Web 3.0 Market Review: Balloon or Bubble
What is web 3.0? Web 3.0 is the next generation of the internet, and it’s expected to transform how we interact with technology and each other. Many businesses are in fact looking towards how to profit from web 3.0. But is web 3.0 a bubble or a balloon? We have seen some bubbles in the past such as the dotcom bubble in the 2000s and so, it is understandable why so many people remain skeptical of the web 3.0 ecosystem despite successes being recorded by web 3.0 startups.
Evolving from web 1.0 and web 2.0, Web 3 is an exciting space for businesses with various opportunities to make money via decentralized advertising, NFTs, crypto tokens, and more. These incredible opportunities are why investors continue to raise their bets on the success of web3 startups. In the future, we expect that factors such as remote work, digitalization, and globalization will guide the world towards a world where internet 3.0 is the norm.
The Best Ways to Make Money with Web 3.0
How to make money on web3 is by businesses monetizing content even faster than before by having more real-time leads on their page and engaging customers through the evolution of artificial intelligence. Here, we’re going to take a look at the top three ways businesses can make money with Web 3.0.
Decentralized Advertising Networks
Decentralized advertising networks are one of the most promising ways for companies to make money online. This is because they allow advertisers to bypass middlemen and connect directly with their target audience. In addition, there are no fees involved as all transactions take place on the blockchain.
This means that advertisers can save a lot of money on transaction fees and other expenses associated with running an ad campaign. The global contextual advertising market is estimated to be $267.4 billion in 2022 and is projected to reach $631.44 billion by 2027, growing at a CAGR of 18.75%
Using Crypto Tokens as Currency
Another way on how to make money with web3 for businesses would be by using crypto tokens as their own currency. Crypto tokens are similar to cryptocurrencies, but they have been designed specifically for use in gaming environments. It is notable that experts project gaming revenue to surpass $185 billion by 2022, with 3.9 billion players by 2026.
They are also used in virtual worlds such as Ethereum, which allows users to buy assets such as houses or cars from other users through smart contracts instead of fiat currency such as dollars or euros.
Virtual Products such as NFTs
Virtual products such as NFTs (non-fungible tokens) can also be used for business purposes in Web 3.0 browser-based environments such as Ethereum because they represent unique items that cannot be copied or replicated easily due to their inherent nature. For example, you could use NFTs to buy exclusive access to content from your favorite artist or athlete, or even purchase tickets for an event directly from the performer themselves.
This makes them an ideal way for artists and athletes to monetize their work online without having to rely on third parties.
Another way for businesses to make money in web3 is by creating distributed ownership models that give people ownership in their favorite brands through digital tokens (e.g., crypto coins). By giving people ownership over a brand or company, it makes them more invested in its success, and they will be more likely to finance you because they feel like they have some stake in it all along the way.
An interesting development in recent years has been the creator economy, where content creators are paid directly by their fans rather than third parties who take most of the profits away from them. The creator economy has been around for years now, but it’s only recently started getting more attention from businesses looking to capitalize on its growth potential.
The creator economy refers to an ecosystem where creators can monetize their work without having to rely on big brands and publishers for distribution. As the internet becomes more decentralized, there’s no need for centralized platforms that take a large cut of your profits or content creation efforts.
How Businesses Could Capitalize on Web 3.0
Businesses are expanding their online horizons in an effort towards how to make money from web 3.0 as well as to remain relevant and easy to reach through the next technology advancement. This amounts to businesses capitalizing on Web 3.0, which will help them increase their earnings as well as strengthen their online presence. In this post, we describe what is web 3.0 and how your business could make the most of it.
Blockchain technology has many applications beyond cryptocurrency. The blockchain is a decentralized, public ledger that records transactions between two parties in a verifiable and permanent way. Businesses can use this technology to create smart contracts that automate business processes, verify the authenticity of products, and store sensitive data like medical records in an unalterable form.
Decentralized storage systems
With centralized cloud storage systems like Dropbox or Google Drive, your files are stored on a single server that can be hacked or destroyed by natural disasters. In contrast, with decentralized storage systems like Filecoin and Storj, you can store your files on multiple computers across the world at once for less money than traditional providers. This is another example of how to make money in web 3.0.
Personal data ownership
Right now, all of your personal data is collected by third parties like Facebook and Google and sold to advertisers for profit. But what if you owned all of your own data and could sell it directly to marketers instead? That’s exactly what platforms like Datum does — they let users sell their personal information directly to advertisers without having to give up control over their data in the process.
Artificial intelligence algorithms
Artificial intelligence (AI) is one of the most important technologies in Web 3.0 because it enables businesses to collect data from multiple sources to make better decisions and provide better services to customers. AI algorithms can help web3 SaaS companies predict future customer behavior based on their past actions and preferences, which will help them offer better recommendations and more personalized experiences.
Virtual Reality and the Metaverse
Concerning how to make money on web 3.0, Virtual Reality (VR) is already having a major impact on entertainment industries such as film and video games, but it could also have a significant impact on how people work in offices if VR headsets become more widely available and affordable. For example, instead of having everyone in an office staring at their computer screens all day long, they could wear VR headsets and collaborate in virtual reality environments. If you considering making your own metaverse, ProCoders can help you hire a metaverse developer.
Web3 Best Practice Spotlight: Examples of Successful Startups
Web3 startups are those focused on building applications that run on the blockchain. They have no precedent and are in uncharted territory, so they have to blaze their own trail and figure out how to make money along the way. These companies provide solutions to problems that were previously solved by centralized platforms like Facebook or Google. Here are some examples:
Internxt is a blockchain-based cloud storage platform that allows users to upload their files onto its decentralized network and access them from anywhere in the world through its desktop application or mobile app. As a decentralized cloud storage platform, it allows users to rent out their unused hard drive space in exchange for INXT tokens.
The company raised more than $200,000 during its ICO and aims to compete with big players like Amazon and Google Cloud Storage by offering better security, privacy and speed at lower costs. To make money with web 3.0, the Spanish company has raised $2 million over its 7 funding rounds, having gained the attention of leading accelerators and venture capital firms.
QuickNode provides hosting services for DApp developers who want to run their applications on multiple chains at once without having to worry about setting up their own infrastructure or managing their own nodes/miners. As a cloud computing provider, it allows users to rent out their unused computing power. It also provides an API for developers to build applications on top of its decentralized network.
QuickNode has so far raised over $40 million in its five funding rounds, with the latest coming in October 2021. One of its investors for making money in web3 is the leading investment firm, Tiger Global Management.
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AlphaWallet is a cryptocurrency wallet that allows users to store, send, receive and track their cryptocurrencies easily. This startup offers a decentralized wallet with an exchange feature that allows users to trade cryptocurrencies without having to register an account or share personal information with anyone else.
It also offers cold storage for storing all your private keys offline so that they can’t be stolen by hackers or other malicious parties. According to Crunchbase, AlphaWallet has raised $2.3 million over two funding rounds.
The challenges facing Web 3.0
While some people believe that Web 3.0 is nothing more than a marketing term, the truth is, this next generation of Web technology provides opportunities like none we’ve seen before. In this section, we shall explain what challenges companies may face on the journey towards the ultimate vision of Web 3.0
The lack of universal standards
One of the biggest challenges facing Web 3.0 is the lack of universal standards. There are many protocols in place today, and each one has its own pros and cons. This leads to confusion among those who are trying to implement blockchain technology in their businesses, especially since they are often expected to implement it in combination with other technologies like AI or IoT (Internet of Things). This means that even if you have an idea for a new application or service, it may not work on every platform or device because they are not all created equal.
At ProCoders, we mitigate this by focusing on building an efficient discovery phase, where our expert developers conduct extensive and comprehensive research with affordable web 3.0 developer salary. During said phase, concerns about devices, software, and platforms where you want your app to work are addressed.
Scalability is another challenge facing web 3.0 as it has not yet been able to scale up with demand from users or companies alike who require high performance computing capabilities in order to run their applications smoothly without any hindrance whatsoever from the network itself or any other external factors like government regulations on cryptocurrencies which may affect their operations adversely at any point in time.
Lack of interoperability
This is one of the biggest challenges facing Web 3.0 today. There are currently hundreds of different blockchains available, each with their own unique set of rules and protocols. This can make moving data between different platforms difficult and costly for companies who want to use multiple platforms at once or build their own applications on top of existing ones.
In addition to this, there are hundreds of thousands of smart contracts being written every day by developers across the world, which means there are now millions upon millions of unique applications that need to work together seamlessly if we want Web 3.0 to be successful.
Uncertainty surrounding regulation
There is still no clear understanding about how regulations will be enforced and how they will affect the industry. The lack of clear legislation in many countries leaves many companies wary of investing in blockchain technology, which could slow adoption and prevent innovation from flourishing. Nevertheless, there are a lot of regulatory bodies that are still trying to understand how the internet works and what it means to them. They are trying to figure out how they can regulate it and what they need to do to keep up with the ever-changing technology.
How Can You Start Today with Web3
There are two main directions that you can go when you want to start a business today with web3 technologies. The first is to launch a startup and build a new web3 product from scratch. This is the most difficult way to do it, because it requires you to raise funding, hire web3 developers and other staff, and spend lots of time on marketing to get traction in the market.
The alternative approach is to implement web3 technologies on an existing product or service. This is much easier than launching a new product, but it also has some challenges. The first big challenge is finding a product category where there’s already demand for your solution.
In the first case, you need to start with some kind of idea before thinking about how to profit from web3. It could be just a few words or phrases that describe the problem you want to solve. Or it could be a full-fledged project description with requirements, technical specification and other details. The only thing that matters is that you have something to show in front of investors and partners.
In the second case, it is important for your company to understand what problems web3 technology can solve. For example, this could be data sharing between different systems (like between CRM system and accounting system) or cross-platform integration.
Specific ways you can start using this technology today as a business include:
- Use an existing decentralized app (dApp) such as CoinDesk or CryptoKitties
- Create your own dApp by using one of the many blockchain development frameworks available, such as Solidity or Lisk.
- Create an ICO (Initial Coin Offering) by issuing tokens on the Ethereum blockchain
- Launch your own cryptocurrency by creating your own blockchain like Bitcoin or Litecoin
How ProCoders Can Help You to Profit from Web 3.0?
At ProCoders, we have a highly skilled team of top-notch developers and designers who are well versed with the latest technologies and trends in the web development world and can help you in how to profit from web 3.0. ProCoders can deliver the right and skilled web3 developers. We also provide on-demand staff augmentation services to scale your web3 team quickly. Moreover, we provide services specifically to companies building a research and development base in web3 via offshoring or nearshoring.
ProCoders offers outstaff developer hiring, staff augmentation, and offshore development team management at cost-effective prices to our clients around the globe to help businesses make money in web 3.0. Since we are based in Estonia, we are able to access an affordable web 3.0 developer salary structure for our clients due to the low cost of living in the country.
Moreover, Estonia has highly recognized technical universities that support the continuous generation of IT talents that are well-suited to create solutions for the global marketplace.
F. A. Q.
How to capitalize on web3?
The most obvious answer is to create an app or website that runs on web3. This creates new experiences and ways for your customers to interact with the world. In return, the business will gain greater loyalty and more revenue from increased transactions and engagements. It’s also important to note that web3 is not just about selling products—it’s about creating a better experience for everyone.
Which companies are investing in Web3?
How do Web3 startups make money?
- Web 3.0 is the next generation of the internet, and it’s expected to transform technological interactivity.
- With Web 3.0, businesses will be able to monetize content even faster than before by having more real-time leads on their page and engaging customers through artificial intelligence.
- There are two main directions that you can go when you want to start a business today with web3 technologies and understand how to make money from web3. The first is to launch a startup and build a new web3 product from scratch. The alternative approach is to implement web3 technologies on an existing product or service.
- At ProCoders, we have a highly skilled team of top-notch developers and designers who are well versed with the latest technologies and trends in the web development world. We have expertise in custom application development using the latest technologies to meet your requirements.