DeFi
September 28, 2022
What is Token Burn and it's effects on price
An A-Z guide on token burning and how it is largely impacting the cryptocurrency industry.
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Today, cryptocurrencies are limited to those who choose to work in the web3 industry. Although the web3 space is slowly expanding, there are still many people away from the concept of cryptocurrency.
With the projects like StepN and Axie Infinity, it has become easy and interesting to get involved with cryptocurrencies and eventually be a part of the web3 space. Such projects make it possible to earn a passive income while performing daily activities such as just walking, jogging or playing games.
In this article, we are going to talk about all the possible kinds of projects which allow the monetization of daily activities. Let's categorize these projects into three simple groups.
Cryptocurrency and its applications are increasing day by day. Therefore, we can always expect projects with new ideas which will bring some fun way of monetizing our daily activities and earning cryptocurrencies passively.
As of today, there are three well-established types of crypto projects with a definite working model.
As you can see, the names of these categories pretty much describe the concept behind each of these categories. The working of projects under each of these categories might be similar but each project is different and involves its own cryptocurrency.
We will be exploring all 3 categories including their work and projects based on them. However, it is advised to check the whitepaper of the project for a complete understanding of the project before going for it.
The gaming industry is the one sector that has been highly impacted by the introduction of blockchain and cryptocurrencies. The newer blockchain-based games are not only fun to play but also create a possibility of earning a side income. Let’s see what exactly is the concept of Play2Earn.
Play2Earn is simply a concept where players get rewarded in the form of virtual assets or cryptocurrencies for playing and progressing through a game. The earnings through these games will not be limited to the game but could be exchanged for traditional money.
So far we have seen video games as a means of entertainment and entertainment only. Only the top players are able to monetize the game and earn money by participating in various tournaments held around the world.
With the Play2Earn games, each player can now play and earn profits from blockchain-based games. Let’s take a close look at how these games work.
The Play2Earn projects primarily include NFTs and one or more in-game tokens which can be used to enter a game, progress through it and do many more activities to earn rewards out of it. As most of the play2earn projects work on the same model, let’s try to understand this concept using the example of Codyfight.
Codyfight is a blockchain-based action-packed game. In order to join the game, a player first needs to buy a character as an NFT from CodyFight’s marketplace. You can then use this character to fight against other players or AI bots.
As you progress through the game, you will be rewarded with an in-game token $CTOK. You can then spend your tokens on upgrading your character’s avatar and powers which would increase the value of the character’s NFT.
This NFT can then either be sold on the marketplace for profits or some games allow two NFTs to breed together and mint the third one. You can also sell your $CTOK tokens on the crypto exchange to exchange them with USDT or any other cryptocurrency you want.
The era of Play2Earn games started with the game called Axie Infinity. It was the first-ever blockchain-based game working on the P2E model which gave a chance to earn cryptocurrencies by just playing the game for a few hours a day.
After Axie Infinity, there have been many games based on various genres. Here are some of the famous and latest P2E games.
Move2Earn isn't a new concept. There have been platforms outside of web3 that have used this concept. Although, with the crypto world now making use of this concept through dApps, it has gained a lot more popularity.
Move2Earn is simply that, you move to earn money. Moving could include anything from just walking to exercising to running, etc. This technology works based on the combination of a few things like GPS trackers that work in tandem with GameFi technologies along with NFTs and the blockchain to grant you the rewards.
It is hard to tell right now about the number of people who use the Move2Earn platforms as they are relatively new to the crypto world and that is also the reason why we cannot estimate the money this industry makes.
StepN is one of the most prominent platforms in this industry and it has had more than half a million users. The game has minted more than 420,000 Sneakers which is the in-game NFT that the users need to have to earn money in it.
There are a number of ways in which various platforms use Move2Earn. Some of them choose to make the platform so that when you exercise, it would help you make progress in the virtual world. So by doing exercises daily, you earn some rewards.
Some of these platforms even allow you to compete with your friends and other users. You could also clash against someone 1 on 1. There can even be competitions and the winners of such competitions are rewarded fairly by the platform's AI.
So the Move2Earn technology is pretty simple. You just move about or exercise in the real world and it activates your Avatar in the game and you get rewards in the form of tokens within the game.
Exercising is a good way to maintain your health but a lot of people are too lazy to do that. So when the motivation kicks in because of Move2Earn where users can earn while moving, it's a win-win for everyone. The top 5 platforms in the Move2Earn industry are:
1. StepN
2. The Dustland
3. Genopets
4. Sweatcoin
5. Step App
Learn2Earn might be the best monetization of the daily activities for the sole reason that you will be paid for learning things instead of having to pay for them yourself. You have to spend a limited amount of time reading articles and you will get a few dollars at the end of it. Let’s have a look at what exactly Learn2Earn is.
Learn2Earn has gained a lot of popularity in recent times as it is a great way of promoting crypto projects or tokens to users. It doesn’t just help the project organizations but it is also helpful to the users as they are rewarded with a decent amount of rewards or tokens as well.
Crypto projects would make an informational video or an article about a cryptocurrency, mostly their own projects, and ask you to go through them and pay attention to what is being said as it would most definitely be some information that can benefit you.
After you are done, there will be a quiz at the end of the video or article after which you will be rewarded with tokens for completing the informational material. This helps both the crypto organizations and you as they promote their coins and you learn new things.
When crypto organizations launch new coins or projects, they want to promote them. Learn2Earn is a way of doing that. Using this technology, the crypto organizations make an informational media and ask you to learn some information through them.
Completing this task would usually take around 15 to 30 minutes. You can expect something around $5 to $10 by the end of it all. Something else that these crypto projects can do to attract users is using airdrops.
The users who complete the learning tasks will get airdrops when the projects are being launched. This could help the users immensely as there is always a chance of a project growing exponentially in the future.
Learn2Earn programs can be offered by either Centralized exchanges or by Crypto project organizations. When you complete the learning task in CEX, you receive the rewards in the exchange itself. But when it comes to the crypto projects, you will receive your reward in your wallet address after the completion of the tasks.
A lot of exchanges offer Learn2Earn programs. Some exchanges might even call them Academy programs but they are both the same things. Various CEXs that offer Learn2Earn are:
1. Coinbase
2. Binance
3. KuCoin
The crypto organizations that offer Learn2Earn programs can do it directly from their website or they can use a project partner's website to do so. Some examples are:
1. Phemex
2. CoinMarketCap
In a world where people don’t have enough time to do simple things that bring them joy, these concepts of monetizing daily activities have proved to be a boon because now people would have a very valid reason for doing them as they will help them earn some actual money.
Play2Earn, Move2Earn and Learn2Earn are great ways of enjoying doing work while you earn money for it. For all the lazy or undermotivated people out there, these are the best way of being productive. And the users that don’t need incentives to earn money know what kind of boon these platforms are.
That was all about the different types of monetization technologies in the crypto world. If you need help understanding other topics in the crypto world, do contact us or browse through our site.
An A-Z guide on token burning and how it is largely impacting the cryptocurrency industry.
Whitepapers and Litepapers are both essential to research related to any crypto project. Get to know what they are and how to use them effectively.
Here is a list of crypto jobs you can apply for along with the resources to find jobs.
