How to make money in Web 3.0?What are the ways to make money in Web 3?
The future of the Internet is here, and Web 3.0 is the next generation of the Internet that promises to change the way we interact with technology and with each other. In fact, many people and businesses are looking for ways to profit from Web 3.0. Below, the editor of shiliannft.com discusses with you ways to make money in Web 3.0 and discover the business opportunities hidden in Web 3.0.
How to make money in Web 3.0?
What is Web3?
Web3 is a more user-centric internet where you own more of your own data and applications are built on decentralised protocols.
Using blockchain technology, Web3 also enables a more secure internet, with no need for intermediaries to verify transactions.
This means users can interact directly without the need for a third party.
It also means that the investment opportunities are endless for those who want to invest more wisely in the right digital assets.
However, it is important to note that not all digital assets are created equal.
Web 3 has evolved from web 1.0 and web 2.0 and is an exciting space for businesses with all sorts of opportunities to make money through decentralised advertising, NFTs, crypto tokens and more. These incredible opportunities are why investors continue to up the ante on the success of web3 startups. In the future, we expect factors such as telecommuting, digitisation, and globalisation to lead the world towards a world where internet 3.0 is the norm.
Best Ways to Make Money with Web 3.0
Below we several ways we can make money with Web 3.0.
- Make money in Web 3.0 by paying for adverts
Thanks to the use of blockchain technology, you can get paid in a very interesting way, and it is probably also one of the oldest methods - through different types of adverts on your browser. We all know that when we watch movies, watch videos and read blogs online using our web browsers and in the traditional way, we all see different types of ads that are optimised for what we do online under the power of cookies and other truckers.
This method of making money actually follows the same logic, the difference being that instead of the profit being generated and credited to the person who generated the advert, it is credited to the user in a shared way. One organisation taking advantage of this is the Brave Browser, the most popular browser utilising Blockchain Web 3.0.
This Web browser has a token, also known as a BAT (Basic Attention Token). In a similar way to any other browser, you will see adverts when you use it, with the difference that for four time periods, BAT tokens are authorised in your personal cryptocurrency wallet controlled by Brave. Depending on your activity in the blockchain and your contributions, the value of your wallet will only go up, and you can then make money by trading these BAT tokens in the crypto market.
- Using crypto tokens as currency
Another way to make money for your business through web3 is to use crypto tokens as their own currency. Crypto tokens are similar to cryptocurrencies, but they are specifically designed for use in a gaming environment. Notably, experts expect gaming revenues to exceed $185 billion by 2022 and 3.9 billion players by 2026.
They are also used in virtual worlds such as Ether, allowing users to buy assets such as houses or cars from other users through smart contracts rather than fiat currencies such as dollars or euros.
- Making money in Web 3.0 by creating and selling virtual products like 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 Ether, as they represent unique items that cannot be easily copied or duplicated due to their inherent nature. For example, you can use NFTs to purchase exclusive access to the content of your favourite artist or athlete, or even buy tickets to an event directly from the performer.
This makes them an ideal way for artists and athletes to profit from their online work without relying on a third party.
- Distributed Ownership
Another way for companies to make money in web3 is to create distributed ownership models that allow people to own their favourite brands through digital tokens (e.g., crypto coins). By giving people ownership of a brand or company, it allows them to be more invested in its success, and they are more likely to fund you because they feel like they have some stake in the whole process.
- The creator economy
An interesting development in recent years has been the creator economy, where content creators are paid directly by their fans, rather than a third party taking most of the profits from them. The creator economy has been around for years, but only recently has it begun to receive more attention from businesses looking to capitalise on its growth potential.
The creator economy refers to an ecosystem in which creators can monetise their work without having to rely on big brands and publishers for distribution. As the internet becomes more decentralised, there is no longer a need for centralised platforms that take a large cut of your profits or content creation efforts.
- Profit by turning your blog content into NFTs
Another very interesting service that has been created to incorporate blockchain technology in order to monetise is called Mirror.xyz. If you have a personal blog with daily readers, this platform will be very useful. The main reason for this is that it helps you monetise your blog by converting every piece of content you create into NFTs.
Doing so allows you to link your posts to your wallet and lets you retain full ownership, allowing you to move it between platforms. You can make money by converting block content into NFTs in the following ways:
Charging a subscription fee for access to your content.
Getting your readers to contribute to your work and then offering them a percentage of the profits.
Negotiate with other businesses and brands and allow them the opportunity to advertise your content at a promotional price.
- Make Money in Web 3.0 with Airdrops
Another very effective way you can quickly collect some revenue in Web 3.0 is to take advantage of different kinds of airdrops. Because Web 3.0 is still in the early stages of development and there are a ton of new projects out there, a lot of people are looking to gather new contributors and users on their platform and reward newcomers with free tokens. This is an opportunity for any newcomer to profit out of thin air as the project becomes so popular that the price of these tokens could rise.
Of course, there is always a trick. To gain acceptance into a new project, your wallet must meet specific requirements, depending on the organisation that is offering you airdrops. Typically, most new projects want you to make an exchange or pay a one-time fee to start participating in their agreement. Others simply want your wallet to meet specific conditions in order to accept their tokens.
There are many different kinds of airdrops out there, and you should keep them in mind and pay close attention to them. One example is the ENS airdrop, worth about $500 million in tokens, which sources report are offered to contributors, with top contributors getting up to 1,000 ENS tokens.
- Make money with Web 3.0 video games
Another very unique and innovative way you can profit from the early stages of Web 3.0 is to use platforms that reward you for simply using them. Such platforms include video games, which are quite an interesting way to generate income.
One such game is called Axie Infinity, a strategy orientated game hosted on the blockchain. It rewards users with unique tokens by playing virtual characters.
To start using it, you need to buy a character, with the cheapest characters starting at over $60 a piece. Once you get a character, you can upgrade them to increase their value. The game runs on the ethereum blockchain and by playing the game you can earn tokens for the game, also known as Axie Infinity Shards or AXS. Shares allow you to make money with the game as they can be used to make money. Hundreds of millions of dollars have been sent and received in "Axies" so far as proof of this.
This is a working example of a blockchain-based video game that allows users to make money. Keep an eye on you and start games that are getting more and more popular, because the sooner you start such a project, the more money you can make if it becomes popular worldwide.
- Make money by buying and selling land in the Metaverse
If you want to make money in Web 3.0 by becoming a Metaverse real estate agent, then be warned - it's an expensive venture, but it's worth it. A year ago, a piece of land in the Metaverse, known as Decentraland, used to cost less than $1,000, and now that same piece of land is worth tens of thousands of dollars. But how does it work?
Well, firstly, you need to select the metaverse in which you want to trade land. Older meta-universes like Decentraland have already purchased most of the premium land, so if you don't have the resources to buy land there, it's best to avoid it. Instead, look for newer and up-and-coming virtual worlds where land is still cheap, but where you see promising projects.
The main strategy for purchasing such land is to get a good location in the first place. A more central location attracts more user traffic, for example a central street on a land map will have more value as more people will see the virtual products created on this land.
How businesses are taking advantage of Web 3.0
Businesses are expanding their online horizons in an effort to understand how to make money from Web 3.0, as well as stay relevant and easily attainable through the next technological advancement. This equates to businesses taking advantage of Web 3.0, which will help them increase their revenue and strengthen their online presence. In this article, we'll cover what Web 3.0 is and how your business can make the most of it.
Blockchain-based transactions
Blockchain technology has many applications beyond cryptocurrencies. Blockchain is a decentralised public ledger that records transactions between two parties in a verifiable and permanent way. Businesses can use this technology to create smart contracts, automate business processes, verify the authenticity of products, and store sensitive data such as medical records in an immutable form.
Decentralised storage systems
With centralised 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 decentralised storage systems like Filecoin and Storj, you can store your files on multiple computers around the world at the same time, at a lower cost than traditional providers. This is another example of how to make money in web 3.0.
Personal Data Ownership
Currently, all your personal data is collected by third parties like Facebook and Google and sold to advertisers for profit. But what if you owned all your data and could sell it directly to marketers? That's exactly what platforms like Datum do - they let users sell their personal information directly to advertisers without having to give up control of 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 organisations to collect data from multiple sources to make better decisions and provide better service to their customers. Artificial intelligence algorithms can help web3 SaaS companies predict future customer behaviour based on their past behaviour and preferences, which will help them provide better recommendations and a more personalised experience.
Virtual Reality and Metaverse
Regarding how to make money on web 3.0, virtual reality (VR) is already having a major impact on the entertainment industry, such as movies and video games, but if VR headsets become more widely used, it could also have a major impact on the way people work in the office available and affordable. For example, instead of having everyone in the office staring at a computer screen all day, you could put on a VR headset and collaborate in a virtual reality environment. If you're considering making your own metaverse, ProCoders can help you hire a metaverse developer.
Business Opportunities Hidden in Web 3.0
SaaS (Software as a Service)
This business model based on generating revenue through software subscriptions is nothing new. Many traditional businesses have already made money on the Internet in this way: charging a subscription fee to another business, organisation or entity for access to specific software that is critical to their operations. However, one of the opportunities web3 has created is blockchain, or in other words, hosting a crypto wallet for another business can be a service that businesses can charge for.
Are there any old-fashioned dry cleaners in your area interested in the ability to accept cryptocurrencies from their customers? Thanks to the EIP1337 upgrade on Ethereum, which eliminates private key authorisation for blockchain transactions, it's easier than ever for your web 3.0 business to host the company's crypto wallet, paying a monthly fee for - you guessed it - the cryptocurrency.
Online Advertising
At this point, we're well aware that our browsers are watching our every move online, showing us adverts paid for by companies large and small, and that browser algorithms determine what we're interested in based on our online behaviour. The problem is that in this case, all the revenue generated by the adverts goes to the company that owns the browser. What if that money could be shared between the advertiser, the browser, and you (the entity that creates value solely by existing on the Internet)?
In a web 3.0 world, this would be possible, and one company that is already taking advantage of this is the Brave web browser, which offers what's called a BAT, or Basic Attention Token. Here's how they work. Just like any other browser, advertisers pay Brave, and Brave then shows ads to its users, tailored to their online behaviour on the browser.
What's different about Brave, though, is that the revenue generated by that advert is shared equally between Brave, the advertiser, and you - the consumer using a cryptocurrency called BAT - which is issued and controlled by Brave - the advertiser, the advertiser, and you. -shared equally. At the end of the day, the value created by your attention in the attention economy will be partially owned by you.
Gainsharing and Decentralised Finance (DeFi)
The whole blockchain and token economics system is also reshaping the financial industry from the ground up, allowing loans to be made free of fractional reserve lending and ultimately allowing consumer credit to be issued at scale. In this particular example, what's old is new again. defi What it's doing is allowing certain web3 startups like Celsius and Compound Finance to encourage savings in stablecoins that offer up to 10 per cent or higher interest rates as an incentive, with annual yields between 5 per cent and 7 per cent, to be issued in saved assets.
The reason for this is that under fractional reserve banking, financial institutions can lend more than they have on hand as long as they keep a small portion of their ledgers liquid, betting that as consumers make their monthly payments, the vaults will be replenished sufficiently to allow them to lend again.
Once interest rates would incentivise consumers to save with a particular bank, fractional reserve banking kept those rates very low - usually around 0.6%. defi What it did was restore lending to the days before fractional reserve banking: as more and more people deposited their money into particular tokens, the more money could be lent, and the more money that could be lent. The return is calculated as the interest rate on the loan. As a result, higher interest rates can be applied to saved assets, benefiting everyone.
BaaS (sometimes called MBaaS or Backend as a Service)
This is another area of revenue generation that web 3.0 has greatly opened up. Traditional baaS services might include providing web hosting or data storage to third-party companies 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 entirely new purposes.
A prime example is supporting the authenticity of certain high-end products such as sports shoes and watches. With the transparency of blockchain, consumers can be confident that they are buying the real thing, and web3 baas manages the blockchain aspect for manufacturers so they can focus on their products.
Some of the companies that have made significant strides in this area include Dragonchain, which offer their own tokens and provide hybrid blockchain platform solutions for small and independent developers. There's also TrustFi, which specialises in defi, decentralised financial support, as well as crypto-asset assurance, liquidity management and DAO governance, offering a blockchain that maintains company protocols.
So what does this all mean for you? Are you an independent entrepreneur, or perhaps an artist or content creator wondering how to make money with web3? We're going to conclude our article on how to make money with Web 3.0 with some real-life examples of how to turn a bunch of technical jargon into a reliable income.
The above content describes the ways we make money in Web 3.0. There are two main directions you can go when you want to start a business using web 3 technology and learn how to make money from web 3. The first is to start a startup company and build a new web3 product from scratch. The other way is to implement web3 technology into an existing product or service (e.g. NFT and metaverse).