Top 10 Ways To Make Money Using Web3

The entire globe is currently waiting for the internet to transition into a decentralized form since it has more security, is resistant to censorship and its infrastructure is such that the users are the ones who have complete control of their data. This means that users will have to spend time learning how they can earn money with the help of the new web.  The web in its current state is able to make users earn a daily living through the internet. Here we look at one way that can be used in making money with the help of a decentralized internet.  

Decentralized Internet – Web 3.0 

The main difference between the web in its current form and the web of the next generation is decentralization, although several other differences also exist. Web3 is the term commonly used to refer to a decentralized internet. Some of its characteristics are: 

• Permissionless 
• Self-governing
• Verifiable
• Trustless 
• Censorship-resistant 

Decentralized internet has built applications and has blockchain or networks that are decentralized deployed for peer-to-peer servers. This is done instead of single servers of databases that we have in use today. Applications that are generally built for Web3 internet are known as decentralized applications. The applications thus developed are robust and offer more security compared to regular applications. 

As there is progress being made by decentralized applications, participants in networks and developers are having more incentive to stabilize and bring high quality to the users of their networks. Generally, tokens of cryptocurrency can be viewed as financial incentives that are offered to the participants who create, govern or improve the network in any form. 

Cryptocurrency and blockchain serve as the building blocks of Web3 rather than big data, machine learning or artificial intelligence. Even though artificial intelligence and machine learning have the capability of playing a vital role in the making of websites and applications such that they are user-friendly and efficient, faster and have a better process for decision making, cryptocurrency and blockchain are capable of handling decentralized forms of the internet.

10 Ways To Earn Money On Web3 

Listed below are some of the most effective ways of making money as a consumer of the decentralized internet. 

1. Content Creation

Since distribution of information will also be a main focus of the decentralized internet, users can make an earning with this on Web3. Creation and sharing of information should be seamless and efficient, this means that content creators capable of delivering high quality and optimized content for the decentralized web will be able to earn money with their skill.    

2. Working on a Decentralized Autonomous Organization (DAO)

This is an entity that is collectively owned as well as managed by the members. In a decentralized autonomous organization, the decision making follows a bottom-up approach and there is no central leadership. Those who are working on a decentralized autonomous organization are given incentives for contributing and participating for the purpose of improving the organization. 

Such decentralized autonomous organizations are predicted to grow in popularity on the decentralized internet in various communities who may organize their organizations and have rules that will be enforced on their blockchain. A decentralized autonomous organization has treasures built-in that are accessible only to the members who are authorized. Group votes and collective proposals are used for making decisions in a decentralized autonomous organization. Users of various networks can also gather their resources for subscribing to softwares, for making donations or sponsoring charities.

3. Freelancing

A freelancer is generally a contract based professional, an individual who provides services from multiple clients at the same time. With decentralized internet freelancers can earn money through the internet with the help of their skills as well as their experience in solving problems for others. Freelancers can also make use of decentralized autonomous organizations for working on different assignments or tasks, earning money without having to have only one employer. In general, freelancers earn based on how many tasks they can work on. 

4. Blogging

There has been a thrive in blogging with the current version of the web. Numerous users of the internet earn their living with the help of blogging, and it seems that this is going to continue to be a source of money for those who are interested in working on the decentralized internet. The decentralized internet will continue to be useful for hers for creating their space on it, catering to their audience and publishing their content for others. The more consistent a user is in their blogging, the more they can earn in this field. 

5. Online Surveys

The decentralized internet will allow users to continue making money by conducting surveys online. This also includes testing and fact checking. Web3 will contain many opportunities beyond what is currently comprehensible, but that will require consistency as well as open mindedness to realize them. Online surveys have become quite popular today and they may continue to remain popular with the introduction of the blockchain technology. Most surveys taken online are structured as questionnaires that target and give incentives to people who fill them out. 

6. Cloud Mining

This is a useful mechanism for the mining of cryptocurrency like bitcoin by renting the power of cloud computing. This is a mechanism of mining which can be done without having to directly install or run any hardware components or even software directly. With the help of blockchain applications that have been specifically designed for enhancing cloud based computing, those working as cloud miners will be able to earn and gather assets of digital kind without much previous experience in the field. 

7. Cryptocurrency Trading

Trade has been a source of income for numerous users of the internet. This is predicted to see continuous growth so those users will be able to earn money even on the decentralized internet. Usage of applications based on blockchain as well as cryptocurrency will allow users to earn on the decentralized internet by blockchain trading as well as trading of digital assets such as bitcoin, ethereum etc.   

8. DeFi Staking

With advancements in decentralized finance, numerous internet users will be earning their money with DeFi staking with the help of Web3. DeFi staking gives users the ability to lick their tokens into a smart contract and later earn returns on these locked tokens. This is an effective reward based mechanism that will encourage the users of the decentralized internet to increase their interactions with blockchain technology.  

9. DeFi Yield Farming

An essential feature of decentralized finance is yield farming. This is where enthusiasts of cryptocurrency and blockchain will be able to earn. Yield farming will see more adaptation in Web3, liquidity providers will be able to earn by receiving tokens on pool share. The rewards that are earned are either in the form of the same cryptocurrency token or a token from an entirely different cryptocurrency. 

10. Community Management

This has been a major source of income for numerous users if the web, and decentralized internet will have more projects of blockchain that will need the community managers to surface and take charge. This also means more earning opportunities for internet users. 

Earning through the internet has become a major source of livelihood for a large part of the global population in the past few years. The next generation internet, Web3 will also be bringing new opportunities for users than currently available.