GameFi and SocialFi are some of the popular trends in web3 blockchain technology. These two trends have many money-making opportunities for everyone who uses the internet. You can earn steady passive income from various SocialFi and GameFi projects. Web3 money-making concepts, such as: play-to-earn, move-to-earn, watch-to-earn, create-to-earn, build-to-earn, interact-to-earn, learn-to-earn, etc. emanated from GameFi and SocialFi. This section will guide you on how to make money (cryptocurrencies and NFTs) from web3 projects, especially GameFi and SocialFi.
What is GameFi?
GameFi (Game Finance) emanated from the integration of Decentralized Finance (DeFi) and the Gaming industry, which makes it possible for games to earn rewards for playing games via web3 decentralized apps (dApps). In play-to-earn games, gamers are rewarded with tokens (both fungible and non-fungible tokens) for performing certain in-game tasks. The fungible tokens can be exchanged for cryptocurrencies, real cash or even used to purchase in-game items.
GameFi also makes tokenization of game contents possible. With NFTs, gamers full rights and proof of ownership of in-game items they earned, which can be transferred to friends in the same game, or even to other play-to-earn games.
What is SocialFi?
SocialFi (Social Finance) also emanated from the integration of DeFi and the Social Media Networks, which makes it possible for content creators to earn rewards from the contents the create and share in social media.
How to Make Money from Web3 Projects (GameFi and SocialFi)
1. Participate to Earn
You can earn free cryptocurrencies and NFTs (non-fungible tokens) by simply participating in the various categories of web3 projects. Some of these categories include: Play2Earn, Move2Earn, Watch2Earn, Build2Earn, Create2Earn, Interact2Earn, Learn2Earn, etc.
For play2earn you play blockchain games and earn rewards in cryptocurrencies and NFTs. For move2earn, you are rewarded for just moving your body or routine participation in various exercises, such as: walking, jogging, running, swimming, driving, cycling, sleeping, riding, etc. For watch2earn, you are rewarded for watching videos in some video platforms like YouTube. For example, when you watch YouTube videos with XCAD plugin (created by XCAD Network), you will earn various cryptocurrencies.
Create2earn, build2earn, interact2earn fall mainly under SocialFi. Here, you are rewarded for performing various tasks in various online communities, especially in web3 social media networks. Some of these tasks include: interacting with other users, creating and sharing useful contents in the community (social network).
These GameFi and SocialFi projects also integrate other web3 features like: Metaverse, Virtual Reality (VR) and Augmented Reality (AR).
NOTE: You need to connect a web3-enabled private crypto wallet (such as Metamask wallet, Trust wallet, etc.) to the decentralized apps (dApps) of these web3 projects before you can interact with them and earn money. Some of these web3 projects have in-app wallets where you can store the tokens you earned. So for such projects, you might not need to connect your private, web3-enabled wallet, unless you wish to move out your earned tokens to a more secure and private wallet.
Check:
- 7 Legit Watch-to-Earn Platforms that Pay you in Cryptocurrencies
- 30+ Best Blockchain Play-to-Earn Games & How to Play them
2. Trading the NFTs you Earned for Cryptocurrencies or Even Fiat Currencies
Most web3 projects that reward their users with exclusive NFTs usually have in-app (built-in) NFT marketplaces where users can trade (buy and sell) these NFTs they earned for other cryptocurrencies or even for fiat currencies.
3. Trading the In-App Tokens and Governance Tokens of these Web3 Projects in Crypto Exchanges
Some web3 projects (especially play2earn and move2earn projects) usually have dual tokens: in-app token and governance token. The in-app token is used for rewarding users who participated in the various activities of the project. While the governance token is used for voting and project-level decision making, and also powers the entire project ecosystem.
Some of these web3 project tokens are listed in some popular exchanges like: Pancakeswap, MEXC Global, Gate.io, KuCoin, or even Binance. You can trade these tokens for profit. The idea is to buy them at a cheap price and then sell them when their prices go up.
4. Staking and Farming your Earned Tokens to Earn more Passive Income
Various web3 projects (especially play2earn and move2earn projects that have in-app exchanges) have staking and farming sections in their app. Users can earn extra income by staking the tokens they earned for performing various tasks in the app. For web3 projects that offer yield farming as well, you can commit your liquidity tokens and earn more passive income.
Other Easy Ways to Money from Web3.0
- Flipping Blockchain Domains for Profit.
- Turning your Website into NFTs and Monetizing them.
- Buying and Selling Lands in the Metaverse.
- Taking Lucrative Web3 Jobs.
- Becoming an Affiliate for Web3 Projects.
You can learn more about these tips from this guide.
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Conclusion
These are some of the ways to earn passive income from web3 projects, with or without investing money. You will notice that for the money-making opportunities where you don’t invest your money, you must invest your time to earn money. For example, to earn from move-to-earn, play-to-earn and watch-to-earn web3 projects, you need to spend some time routine participation in some exercises, playing games, watching online videos, as the case may be. To make money by trading the in-app tokens and governance tokens of these web3 projects in exchanges, you need to invest money.
But you can also raise your trading capital by first performing some tasks to earn free cryptocurrencies or NFTs. Then you trade these NFTs in the in-built NFT marketplaces of these web3 projects for more cryptocurrencies. Finally, you can now transfer these cryptocurrencies from the in-app wallet to crypto exchanges where you can conveniently trade other tokens for profit. So the choice is all yours.
