How to Make Money with Web3
The internet is evolving from the way we pay, invest, and own.
In the past people would pay exorbitant fees to do simple money transfers, however thanks to the evolution of blockchain technology we are now able to send money instantly for less than a dollar.
Web2 which in the past meant companies were in control is now being revolutionized, thanks to the freedom that Web3 provides.
Internet users can be confident in all the data and applications they use on the Ethereum network.
Users won't have to be concerned about being censored, having an app out of service, or your money not being accepted.
Thanks to the decentralized internet, users will be able to make money with web 3.0 without the approval of big banks.
If you create content or provide services, getting into Web 3.0 early will be important for you to become more comfortable with the decentralized web.
Let's discuss some ways you can get involved and make some money with web 3.0!
Creating Content
When you create content on Web 3.0 you have a variety of options on how you can monetize.
If you're an artist, it maybe best to create digital artwork and list it as an NFT on OpenSea or Looksrare. These two NFT marketplaces are where the majority of sales take place.
What is an NFT? NFT stands for Non fungible tokens, basically no-one can own the digital assets or art that you already own. Yes, anyone can right-click save the picture, but the original token verifies ownership of the NFT.
Another option if you write blogs is to monetize your content by creating an NFT of your blog post on Mirror, which is one of the best decentralized apps to create content.
Say for example, you write a blog post, you then can turn it into an NFT and if someone enjoys your content they can purchase it with Ethereum!
This is a good example of how to make money in web3 while also providing valuable information for users!
Also, the content you create is on the Arweave blockchain which is a global data storage solution to retain valuable data forever.
Play to Earn with a Blockchain game!
Blockchain gaming will most likely be the path for new web 3.0 users. By playing games users will be able to earn money with these digital assets. A good example is Gods Unchained.
Gods Unchained is a game built on the Ethereum blockchain technology. It allows users to own trading cards that are NFT's, that can be sold for cryptocurrencies like Ethereum.
Gods Unchained was one of the first blockchain games to implement NFT trading cards.
It allowed users to compete every weekend for a share of GODS tokens.
Each week users would create decks with they own cards and compete. Top players are awarded NFT card packs which would come in a variety of rarities, most NFT collections use rarities in their projects today!
The cards collected from these packs would be immediately tradeable on the Immutable X blockchain in exchange for digital assets like Ethereum.
This technology is only growing, many games are being built.
One of the most hyped games is Parallel, which has seen NFT sales surpass thousands of Ethereum in volume! This game has stunning art and has a fantastic team!
Parallel Masterpiece // Alpha // Ashes to Ashes
Parallel Masterpieces - Alpha Set - Shroud: Ashes to Ashes // Art by Oscar Mar // 2021
In the future traditional gaming studios will start incorporating NFT's into their business model.
Although these games are business model based, they provide new ways for users to make more money. One of the best ways is by receiving Airdrops.
Airdrops: Rewarding real users.
If you've ever used a new startups services or app and it eventually became popular, for example, Facebook in its early days.
Wouldn't it be great to receive some shares in the company for being an early user of the platform?
Well, the decentralized blockchain network offers this in the form of Airdrops!
Airdrops are a new way for companies or products to reward users for being early or meeting the criteria for early user. These airdrops come in the form of crypto tokens built on it's native blockchain. For example, Gods Unchained is built on Ethereum.
Airdrops are usually random, but many apps or protocols have some idea of how they want to exit. Airdrops are fantastic for both users and companies so that they both have financial incentives.
The more applications and blockchain protocols you use, the better your chances of becoming eligible for airdrops.
Now how much can you earn? Well, this is variable, but I've seen them range from a thousand to a couple of thousand dollars, depending on how big the app or how important the services they offer are judged.
These tokens can then be traded to USDC, which is US dollar coin. You then can withdraw it to Coinbase and lastly, directly to your bank account.
Related: How to get started in Crypto!
I'd recommend getting comfortable with wallets and how these blockchains work before using smart contracts.
Another option to make money with web 3.0 is to join a team or startup!
Help grow Web 3.0!
Joining a startup or project can be extremely rewarding! Working with people who are focused on creating the new generation of internet users while also growing the decentralized internet!
Some examples of opportunities available are Community managers, Full stack engineers, Social media managers, Content leads, and many more opportunities!
For a full list check out this job board!
Related: How to become a community manager in Crypto!
If you are interested in crypto, joining a team will improve your understanding of Crypto. A better understanding of blockchain technology and applications will present opportunities for you to take advantage of.
Another added benefit is building friendships with people who are interested in this exciting and innovating space!
It's always interesting how network effects work in Crypto, on Twitter you may come across a friend of a friend who is interested in the same topics as you!
The opportunities in Web3 are underrated. Recently, World of Women a very popular NFT project, added a fantastic addition to their team.
Shannon Snow, the COO of Meta's head of entertainment joined the World of Women as the COO full time!
It's absolutely incredible to see how NFT projects are becoming recognized by individuals in big corporations!
Working for a company isn't the only way to get a job in Crypto, say hello to DAO's.
DAO's the future of global employment.
DAO's or formally known as decentralized autonomous organization, is a group of user owned communities without any centralized leadership.
DAO's are governed through a smart contract and require users of the community to vote on changes to be implemented, which require majority vote.
The vast majority of DAO's are located on the Ethereum network, which is the leader in hosting decentralized applications.
DAO's are an interesting concept because users can pick something they are good at and find a opening in a good project.
One of the most famous DAO's is Olympus DAO, this cryptocurrency $OHM grew it's DAO to hundreds of members who are working on taking it's own currency to the next level.
As more people make money with web 3.0, access to DAO's will become easier to join.
One of the most exciting outcomes I believe will come from a content creator, think of Mr. Beast who's amassed a enormous following in the attention economy and now translating video's into multiple languages.
If he creates DAO's for each channel, he could grow his platform to enable users to generate more revenue. This is just an idea, I'm sure we will see more services and ways to incorporate DAO's.
Ready for some alpha? Remember back when domain names were selling for thousands of dollars? Well, Web 3.0 is offering another opportunity to earn money with Ethereum!
ENS, Domain's 3.0
ENS which stands for Ethereum name service is service that allows you to own a name of your choice that can be used a wallet address.
Check out ENS domains!
For example, my ENS is MasonCapital.eth, if you type my name into Etherscan the leading Ethereum transaction explorer.
You will see my wallet associated with this ENS name.
As you can see above, my wallet has the ENS name in my wallet as an NFT.
This NFT represents the ENS name MasonCapital.eth and no-one will be able to use that name other than me.
How can you make money?
Register a popular company, product, or services name as an ENS and list it on a NFT marketplace.
To register go to ENS Domains, search for the name you want, check if it's available and register it!
You will need Ethereum and a wallet to complete this transaction.
My favorite exchange is FTX to purchase Ethereum.
Please note, you will need a wallet, my favorite is the Ledger Nano S.
Here's proof of sales!
Chipotle, the leading fast food franchise in the United States, offered 10 ETH ($20,000) to purchase Chipotle.eth!
However, the owner of the wallet hasn't done a transaction in a while. He either lost his wallet or forgot he owned these names.
Although, this ENS didn't sell, they're many other that have. You can see some of the most recent sales here.
Currently, Puma and Budweiser both have ENS names displayed on their public Twitter accounts.
Whether or not people agree with this way of making money its definitely an option.
I personally have no opinion on this matter. I do understand that as Ethereum continues to grow, the integration of blockchain applications and ENS will become increasingly valuable.
Web users should also be prepared for the incoming innovation of data and networks. Network participants will be offered new ways to own data about themselves and ENS is just one of the ways users can express themselves.
ENS is amazing, but how about earning crypto for completing tasks?
Earn Crypto in the new world!
Layer3 is a new online gig platform that offers users to earn crypto by completing bounties, competing in contests, or joining a project.
These bounties are quite easy, for example put your ENS in your Twitter name or set an NFT as your Twitter profile photo. Simple, but hey free crypto!
Contests allow users to earn large amounts of money by providing services such as research, reviews, or creating content.
The Layer3 platform is new and growing its task list. I expect to see more opportunities arise from this application to offer internet users with another way to earn money or crypto.
This just one of the business models that are offering tasks to users on the blockchain.
Once again, you will need a wallet and Ethereum to use these services.
Earn $25 in Bitcoin by signing up with Voyager at this link! (You can convert the Bitcoin into Ethereum!)
The best part about using the decentralized internet is that you no longer need a login, you can just connect your wallet and receive credit for completing jobs or tasks!
Another popular way of earning money in Web 3.0 is by staking tokens on a decentralized finance application.
Staking: Earn Interest on your favorite Coins Passively.
Staking tokens earn money for holders in the currency or token that it was originally staked as.
Let's say you have $500, you can take that $500 USD and convert it to USDC, put it on Voyager and earn 9% in USDC, paid monthly.
What is USDC? USDC stands for U.S. Dollar Coin. This is backed $1 to $1, when you own USDC you know it's always worth $1.
Please note, the minimum amount to start accruing interest is $100.
I've personally done this in the past and still do with other coins, specifically in decentralized finance protocols.
Staking isn't just for the dollar, many coins offer staking. Ethereum for example, is offering 3.76%, but if you use an exchange they offer similar yields. Best of all, you get paid in Ethereum!
Once again, my suggestion if you want to stake is to use Voyager. They're a public company that has NO locks on your coins, unlike Coinbase and other exchanges. If other companies offered access to your money immediately, I would've recommended them as well.
Related: Passive Income - Staking Crypto!
Staking is once again, another way to earn money. If you are new to Web 3.o, no problem. There is plenty of content to help learn!
Final thoughts
Crypto is providing real value for users and companies. I will continue to document the ways to earn more money with Web 3.0, and crypto in general.
The revenue generated through these apps and protocols are real. A smart contract is being used to monitor the money being paid out. These contracts process data to ensure there's nothing malicious happening.
My dream is for a decentralized autonomous organization to be the norm for many clubs, groups, and leagues. We all can work together and build our dreams.
Thanks for reading, I hope you enjoyed the content!
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