“Monetize” cryptocurrency: a Web 3.0 event

“Monetize” cryptocurrency: a Web 3.0 event

One of the biggest crypto events in 2021 is the growth of tokens from the play-to-earn segment.

Numerous people and businesses were established around its biggest exponent, Axis Infinity. In countries like Thailand and even Brazil, there was no shortage of reports of people earning more than $ 1,000 a month.

The idea behind Axie, a game similar to Pokémon, is that when your Axie fights or reproduces, you get more tokens and the “little monster” itself becomes more valuable in the secondary market. . The game also involves the sale of “land” that can be purchased and earn a future income.

The business model behind this is that the more time you spend playing the game, the more battles and axis play you get, and the more tokens and value you get, because all of these things can be converted into tokens that you can exchange. . By any other crypto or even Fiat.

Although the hype with Axie has waned a bit and the token has reflected this in its price, it is still one of the 100 most valuable cryptos out of the current 20,000 crypto.

With a small change, the model is giving way to “move-to-earn”. You get tokens by tracking your movement, walking, running, etc. data. The more you walk, the more tokens you earn.

One of the main reasons for this movement is STEPN, an application of Solana Network which started gaining traction 2 months ago. Due to the huge demand, they are controlling the number of new daily users through passwords and I and many others are still in the queue.

I love cycling so I use STRAVA. This app helps me to keep track of my cycling goals, find new ways and it also includes a social network.

But in that case, I get nothing for the data I upload. Instead, I have to pay a subscription, and of course it uses the data of numerous other users, including my own, to extract value from this information.

The model is already being tested in which it is great to know that I will be paid for the data I provide and this is one of the main pillars of Web 3.0 being developed. It shouldn’t take long for similar models to follow apps like Waze, Moovit, Google Maps and others, as these STEPN move-to-earn models have many similarities.

The question is what will be the next “earnings”? Would you like to post on Instagram or TickTock for monetization?

On these two platforms, users can only monetize through third parties (promotions and advertisements) as they become relevant in terms of followers and interactions, which is for some people. And yet with a lot of friction.

In the post-to-earn model it will be much easier and less friction. This is the big surprise of Web 3.0.

And what is the answer to earnings for answering surveys? And apply learning in schools? And to get votes to vote in the upcoming elections in countries where voting is not mandatory? Or even a competition involving digital and real participants in a treasure hunt to monetize a particular city?

In this new Web 3.0 these are just some of the business models that can and some are already being implemented, where payments are already rooted on the platform. A significant change that could disrupt the myriad companies and business models created 20 years ago and dominate our lives today.

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Podcasts: Fintech and new investments

Links used in this article and for those who want to continue:

Axie Infinity: How It Works and What the Risks of Gambling with Cryptocurrency and NFT Are

Let’s get sneaker NFTs and craze

Web 3.0 and power migration for the user

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