7 Different way to Earn in DEFI Space
Hey everyone, welcome to today's post and I am very glad to have you here. Today have a topic to discuss which would be the main reason for you to be coming to the crypto market and probably for the rest 99.99% of other people as well the reason is probably many of you have already guessed, yes THAT'S MONEY!
Money in Defi
There are many many ways to earn in Defi right now and they keep increasing over time, yes many of them also just vanishing because either they are bad or they do not have the power and strength to stay in this Defi world but today we will be discussing the way with which you can earn money, yes YOU!
everything would be divided into points for your better understanding so let us start!
Ways to earn in Defi!
How do banks earn money in the real world? The interest people pay on the loans, right? This is how the bank gets funds for functioning similarly, you can stake your crypto means putting it in your wallet or exchange which offers staking services. What is staking?
It is you lock your assets for a certain period and what that locking does is helps the network to do the transactions, therefore, for the working of the blockchain network there is a need for assets to stake just like a bank use your money to function in the same way network uses your money to function but here is a catch between the two and that is YOUR EARNING.
Banks gonna give you a very low return on your money compared to what Defi staking gives you. It ranges from 10% annually to even 100s of percent annually although there are many scams there are legitimate projects where you can stake the assets and earn 50-100% annually, for example, in CUB DEFI. There are pools available where you can stake your CUB with another coin (this is called Defi staking you can learn about it later but for now just have an idea that it is similar to staking) and you can earn 40% annual interest on your money/assets.
This is the thing you would see most people failing and making huge losses some even losing all the money they have as capital so this is a very very risky way but this does not mean you cannot here. Learning heavily and with a lot of experience can surely make you a good trader and earn profits but again this takes a lot of years to master and be profitable, I am not joking this might sound easy, and also learning here is quick but more than anything else here the most important thing is an experience which comes with time and you cannot make time fast.
This is why it is very risky but YOU CAN MAKE MONEY HERE IF DONE WITH HIGH KNOWLEDGE, LEARNING, AND EXPERIENCE.
Trading, the previous point which I shared is a subset of this. What is trading? Although many of already be knowing that and also I should have famed this question above in simple words, trading is you buy X amount of coin and then you sell it for a profit (X + y) 'y' here is your either profit or loss.
There are several types of trading, the most popular ones are the following 2:
- Day trading
- Swing Trading
We will dig deep into this later but for an ideal day trading you buy X amount of coin and you sell the coin for either a profit (X + y) or a loss (X - y) in a day.
Swing trading is the same thing but instead of in a day, you hold it for a few days or weeks and sometimes months.
Rather than doing this and having stress, you can just put your money into the project you like for years like you feel a project with the name A is good and have a rising potential then in that case you could be putting money in A for like 2 years and after 2 years if your study of the price going up goes right, you sell the tokens and have a profit. You can do 3,4 or even 10 it depends on you.
One negative aspect is that it won't give you quick money WHICH IN REALITY IS A POSITIVE ASPECT. You can earn money this way.
4. Writing Blogs
Yes just like this one you can write content and earn money. If you are reading this on refinance and are familiar with let finance works then must not require annexation regarding this.
For new users, you can post your content on for instance HIVE blockchain using any handle like Hive. blog itself or Leofinance.io or peakd.com and if your post/content is really good and should be appreciable then you would be getting curations on your posts.
Not just this here some contests are organized regularly so apart from the post-curation, you can take part in contests and win a native token like HIVE or LEO.
5. Posting Videos
Yes, you can earn money on youtube as well by posting your content there but if you see how much youtube personally pays to the curators then you will conclude that it is very hard for some now youtube to stay in the competition there but still if you post good you can rise there.
In DEFI the monetization system is completely different. Here just like I shared how you can earn from writing blogs, you can also post videos on the HIVE blockchain for instance take the platform Threespeak (3Speak), here if your video is good and the same as blogs should get appreciation and people do like it then you would be getting curation leading you with some money and similarly contests do happen as well.
One de merit right now of using such a service is that as f now the viewership there is very incredibly low which is normal as we all are still evolving and it would be taking us time to rise if a project like this has the capability then they would be surely rising with more viewership and more people posting.
6. NFT Investment/Trading
One thing is you trade "tokens which are referred to as cryptocurrencies" but another thing you found here is NFT which stands for Non-Fungible Token. Just like tokens, you can buy some NFT that you find with more utility and invest in it by purchasing it from the artist on various marketplaces. The other is trading, this is kind of complicated in the case of NFTs because NFTs are even riskier than cryptocurrencies like you must have heard this news which got viral some days ago
So with the same intentions as day trading crypto, you buy an NFT with the thought in your mind to sell it quickly with a profit. The problem rises when you do not find a buyer and you are not able to sell it but rather just hold it which also has benefits like many projects reward their NFT holder's token example BAYC with their coin $APE but still it becomes insanely risky in these scenarios.
P2E stands for Play 2 earn, which means here rather than playing the game and paying the developers, you earn by playing the game. These types of games usually work on NFT technology and compromise with cryptocurrencies. For example take a very popular game in the web3 space which is from our HIVE ecosystem, Splinterlands. It is like a normal card game which you can probably find easily on the play store or AppStore but the difference here is that here you would be selling your cards as NFTs and also for REAL MONEY, yes I know it is crypto but in end, you can convert it to real money.
This is another source of earning and this compared with other sources require kind of less as an investment sometimes. The case becomes different language if you play a game like Sandbox or axie Infinity where even if you spent 1000s of Bucks, that is nothing like buying a piece of land in Sandbox can even cost you more than $100000!
Risk must be here managed just like with anything else. THE MAIN THING TO STAY IN THE MARKET IS MANAGING THE RISK.
Thank you everyone for your reading and I hope you must have attained value from it. One thing before closing is that this is not any kind of financial advice and rather just for entertainment purposes. Again a big thanks for reaching out to down the post and rest I wish you have fun with an amazing rest of your day!
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So far, I haven't delve into NFTs yet. I have YT but I will try to syndicate my existing videos to 3Speak soon to make it profitable in a way since I don't have much following on web2.
Nice compilation btw, keep it up!
— @oniemaniego from the HiveHealth Team
It might be worth spending time uploading videos on web3 platforms and I also wanted to get deep into NFTs and keenly learn about them. Thank you for also sharing my post in your reading list.
Have a good day!