One of the most relatable ways to understand the value of blockchain technology is by looking at the most prevalent benefit it provides - the opportunity for literally anyone to earn.
Unlike before where one's earning capability is generally limited to those who had the money to pay for education, training, and experience, blockchain technology has revolutionized today's financial landscape and has leveled the playing field.
Blockchain has democratized access to earning and investment opportunities, giving everyone the means to earn and grow their hard-earned money to uplift their financial status in ways that used to be unimaginable.
Today, we look at different ways to earn that are have been made possible because of blockchain technology, specifically through cryptocurrencies, non-fungible tokens (NFTs), and the metaverse.
The birth of blockchain heralded the existence of cryptocurrencies - first in the form of Bitcoin and immediately in the countless altcoins that followed thereafter.
Depending on your goal and time horizon, here are several ways to earn from cryptocurrencies.
Spot Trading - Trading is one of the most common ways to earn from cryptocurrencies, and perhaps one of the most dramatic ones due to how highly volatile the market is. That It goes without saying that the higher the returns, the higher the risks, so make sure you understand first what you're getting into before taking your first step in cryptocurrency trading. To get started, you need to sign up with a reputable exchange where the cryptocurrency that you want to trade is supported. For example, Bitcoin is available on most exchanges, while RFOX's own token, $RFOX, is currently available on KuCcoin, Bittrex, Liquid, and Gate.io.
HODLing - HODL started as a misspelling made by a drunk Bitcoin owner lamenting about his paper hands at keeping the said asset. The term stuck, which eventually came to mean the act of holding on (or investing) to a cryptocurrency long-term with the expectation that it will increase in value over time. Case in point - a single Bitcoin was worth around $1 back in 2011, but today, that same Bitcoin will set you back roughly $40k to $60k.
Staking - Staking cryptocurrencies is another way to earn from them. This is the process of locking your cryptocurrency holdings for a specific period so it would earn interest, which is a good alternative of putting your asset to work instead of letting it collect dust if it stays dormant in your crypto wallet. However, not all cryptocurrencies can be staked, so if you want to take advantage of them this way, go for a cryptocurrency that allows this.
Yield Farming - Yield farming is another popular way of generating returns on your crypto assets and involves locking in your cryptocurrencies in liquidity pools based on smart contracts. In essence, you are temporarily lending your cryptocurrencies to a DeFi platform to boost its liquidity and as a reward, you earn a portion of the platform fees.
Futures Trading - If you find cryptocurrency spot trading intense, you can think of crypto futures trading as the next-level version of that - except you don't have to hold the underlying cryptocurrency. For example, you can invest in Bitcoin futures without holding any BTC, which basically involves speculating on the future price of Bitcoin. While futures trading is not for everyone and is not ideal if you're just getting familiar with cryptocurrencies due to its higher-than-normal risks, it serves a different purpose for different kinds of investors in the industry, such as a means of locking in prices to ensure a return on their mining investment.
An NFT or non-fungible token as a blockchain-based programmable deed of ownership to an asset. This means that NFTs can be anything as they merely represent ownership, but things get more exciting when you take into consideration ownership over assets that are in high demand but with low supply i.e., those available only for a limited time, via exclusive drops, or with special features.
If you've been following the news, you might have heard about how a digital artist named Beeple was able to sell his virtual artwork as an NFT for a whoopingwhopping $69.3 million.
While it's a bit of a stretch to say that every NFT will sell for such staggering amounts, there is a market out there to make a lot of money. Here are some examples of how:
Content Creator - If you're a content creator, NFTs maybe your best friend as it allows you to monetize your work while ensuring that all authenticity-related issues are addressed because its record and metadata will be on the blockchain. Platforms like OpenSea and SuperRare allow users to sell their own NFTs.
Collector - As a collector, you can find your niche in NFTs as numerous collection drops are happening all the time, including ones that are released for FREE like the latest Reebook NFT collection drop done in partnership with RFOX. NFTs, especially limited or very rare ones, can fetch pretty sums on secondary markets like OpenSea, Rarible, and AtomicMarket.
Play-to-Earn Games - Play-to-earn games are undoubtedly the hottest commodity in the gaming world today. They reinvented the typical gaming model into one that incentivizes players with real-world value while enabling them to have true ownership over the assets they earned in-game because they're all NFTs. In its simplest sense, play-to-earn games allow players to earn cryptocurrencies while playing. At the same time, they also allow players to bring the in-game assets that they earn such as weapons and accessories out of the game and sell them on secondary markets or another gaming platform for-profit - and blockchain technology made all of that possible. Here are some play-to-earn games that are worth checking out:
1. KOGs: SLAM! - Brought to you by RFOX Games, KOGs: SLAM! is a mobile app version of the popular 90s game that involves giving your slammer a good smash to upturn as many KOGs as you can. The more you win, the more chances of earning $RFOX, and with each KOG being an NFT that you can collect and sell, your ability to earn from the game is unquestionable. KOGs: SLAM is currently on its Open Beta phase and is available for download from Apple App Store and Google Play Store.
2. Axie Infinity - Axie Infinity is by far one of the most popular play-to-earn games in the world and we have its unbelievably massive adoption in countries like the Philippines to thank for that. With the global pandemic affecting the jobs and livelihood of many of the population, Axie Infinity leveled the earning opportunities for everyone, upended the typical way of making a living, and provided a light at the end of the tunnel for those who have been greatly affected by the pandemic.
3. Wolf Game - Wolf Game is the newest NFT game that brings together NFTs and Defi on the Ethereum blockchain. Unlike other NFT games that introduce passive ways to earn income, Wolf Game takes it another notch and introduces "protocol-level risk", which basically means players' in-game decision will directly impact their staking rewards and the fate of their NFTs. You can check out The Defiant's in-depth article about it here.
The metaverse is no doubt the hottest buzzword on the block right now and for good reasons. You can think of it as the next iteration of the Internet where interaction is not just limited to social media but in a shared 3D environment where the best of virtual reality (VR) and augmented reality (AR) work their magic.
The result? An immersive experience with infinite possibilities - and that includes earning from it. Here are some ways of how you can do that:
Landowner - Just like owning a property in the real world, owning a place in the metaverse, which comes in the form of an NFT, can grant you rights and privileges that are exclusive to being a landowner. You can use your virtual property yourself, rent it out to a tenant, or even resell it on secondary markets for profits. To get a good look at how land ownership is being acquired in the metaverse, you can check out how RFOX is conducting its land sales. Prior to launching the RFOX VALT metaverse, RFOX will conduct four different rounds of public auctions for the numerous shops available in its different quarters. That means anyone can bid for a shop once they become available, and if they're the winning bidder, they can exercise their rights over it as owner, as well as the perks that come with it that they can use in RFOX VALT including exclusive access to new features and events.
Business Tenant - Conducting business on the metaverse may be more normal than most people think, including renting out a property for commercial purposes. If you're a business owner who wants to open your own shop in the metaverse but doesn't want to deal with the complexities of being a landowner, you can be a tenant instead. Of course, the arrangement will vary depending on several factors such as what platform you're in, how valuable the area is, etc.
Quartermaster - While this position is exclusively available on the RFOX VALT, similar roles may also be up in other companies building their own piece of the metaverse. In RFOX VALT, the Quartermaster will play a crucial role in ensuring that everything is working and functioning as it should within the quarter they are assigned. They are also responsible for running, managing, and maintaining their respective quarter.
The world is changing and with blockchain in the picture, earning and investment opportunities have opened up as well. This time, accessibility is the name of the game - regardless of experience, background, and economic status. It's just a matter of finding the right opportunity for you and taking advantage of it.
At RFOX, we understand this firsthand as a venture-builder that has been building its own metaverse in the form of the RFOX VALT for almost two years now, and which we will be launching soon. In addition to the retail metaverse that everyone can enjoy, we are also developing an ecosystem of interoperable products and services to bring more value to everyone's metaverse experience.
To learn more about RFOX, please visit our website.
In this article, we will discuss the formation and evolution of RFOX Finance, as well as its various products and services.
The movie Ready Player One conveys the power and potential of a standalone virtual world similar to what a metaverse like RFOX VALT is capable of providing in the realms of entertainment, arts, gaming, virtual commerce, and digital identity.
The metaverse does not replace physical reality, but it can be an effective platform to cultivate deeper real-world connections, to experience moments, and to interact with each other - just like how the Internet revolutionized the way we communicate.