Despite the bear market, there are still many Ways to Earn Crypto in 2023. But there are other ways to make money besides trying to predict the market bottom or investing in Defi protocols. Join a crypto interest or savings account, vote in crypto launch polls, and play Web3 apps in GameFi and SocialFi, to name a few.
Playing Games and Earn Crypto
App fans can get ‘free crypto’ by using certain Web3 platforms, such as Play To Earn (P2E) decentralized games and Move To Earn DApps like StepN and Sweat Coin.
P2E builds on GameFi, which ‘gamifies’ finance (Defi in particular). The Sandbox, Axie Infinity, Gods Unchained, Splinterlands, Alien Worlds, My Neighbor Alice, Aavegotchi, Yield Guild Games, League of Kingdoms, Adventure Gold, and Decentraland are popular P2E games. More exist.
P2E games give you control over in-game assets and compensate players for their hard work popularizing the network. P2E became a popular sector because newbies only had to join the network and play the game to acquire the in-game token, by buying NFTs and other assets.
Return on P2E in-game assets like NFTs and native tokens relies on game and network value and activity. If your game has few DAUs, low transaction volume, and heavy sell pressure on exchanges, high ROIs are unlikely. When GameFi is busy, outside buyers boost demand for the project and its token.
Move to Earn (M2E) is a fast-growing app that rewards users for doing fitness activities like running, walking, or sprinting. StepN, a Spring 2023 app with over 500,000 DAUs, popularized this idea.
For Web3 investors who want to make money with M2E, they’ll have to buy an NFT in-game and do the task that gives them the game’s native token as a reward. In the case of StepN, the token is GST, which can be bought on the Phemex exchange. But GMT is the Steph governance token, and it can also be bought and sold on Cryptoweir.
c) Earn & Learn
Learn Crypto programs, such as the Learn & Earn platform on Cryptoweir, represent the third entertaining method by which cryptocurrency can be acquired. Learn Crypto is a platform where blockchain and cryptocurrency enthusiasts can learn and profit at the same time. So it’s like getting paid to study a new field of interest, which in the case of cryptocurrency may be a highly lucrative and strategic move.
Earn Crypto On Crypto Launchpools
A crypto launch pool lets early-stage projects crowdfund from investors, who earn token rewards when they deposit crypto into a liquidity pool. The vetting process exchanges use for crypto launchpools reduces investors’ risk of loss and fraud. Cryptoweir’s Near Protocol launch pool lets investors stake NEAR and earn interest.
Other popular ways to earn crypto
One can stake cryptocurrencies on a centralized exchange, stake the native cryptocurrency on a Proof-of-Stake (PoS) blockchain like Ethereum, and stake stablecoins on borrowing and lending protocols like Compound or Maker to generate passive revenue. Because staking is a complex method of making cryptocurrency, it is best left to more experienced traders.
b) Yield farming
Yield farming involves providing liquidity on UniSwap, earning interest on Aave, and yield farming on PancakeSwap. Beginning investors may struggle with Defi protocols. Yield farming is recommended for advanced traders who understand Defi protocols and can navigate blockchains and platforms.
Loaning crypto is another option to generate money on your crypto, but it’s a hazardous technique since many investors can’t check the party they’re loaning to. Nexo offers crypto loans for intermediate and advanced traders with a high-risk tolerance and dry powder.
In conclusion, there are several ways to acquire cryptocurrency besides the traditional methods of purchasing, selling, and trading, including the use of Play To Earn (P2E) and Move To Earn (M2E) apps, investing on an exchange like Cryptoweir by opening a savings account and staking in a crypto launch pool.