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The battle for the Internet has begun, and it's only the beginning. You may generate money in Web 3.0 in one of two ways: by spotting opportunities and investing in them, or by actually constructing in Web 3.0. Those that contributed to the construction of this space and were able to get in on the bottom level will be awarded the most.
This might be as easy as providing a service, such as content production, or as complex as developing your own app that could benefit millions of people. It is entirely up to you to choose your route. So today we're going to talk about some of the biggest opportunities in Web 3.0.
What is Web 3.0?
Experts appear to use this as a catch-all phrase for anything related to blockchain technology, NFTs, DeFi, the Metaverse, and DAOs without actually defining it. The major subject appears to be Internet decentralization, which would eliminate intermediaries, give users ownership over their own data, increase transparency, and empower small enterprises to compete with the existing Web 2.0 Empire's tech giants. And the concepts are gaining on.
So, for my personal benefit and, of course, yours, I wanted to look for and break down the best opportunities in the space.
So how do you set up your Web3 business?
You may set them up just like any other business. Make an LLC and fill out some papers. Another trending topic is The DAO, which is best defined as an online community with a common bank account.
You've undoubtedly heard a lot about staking and lending DAOs with high APYs like Spartacus DAO and Olympus DAO by now. These aren't the projects I'm talking about. A DAO is a decentralized autonomous organization (DAO) that uses blockchain technology to manage assets, create a portfolio, and allow all DAO members to vote on the community's future.
And, as long as the SEC does not decide to prohibit it, I believe this will produce an altogether new approach for money management and people management. In 10 minutes, you may start a DAO using a service like Morales or Aragon.
This will enable you to build your organization on top of an existing blockchain and begin making choices based on tokenized participation.
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You'll need an Ethereum node, MetaMask, and Rinkbey Test Ethereum for this. QuickNode provides wonderful step-by-step instructions for creating your own DAO with Aragon.
Benefits of Having a DAO
But the final effect is that you can use your new DAO to start investing in NFTs, digital assets, and even physical assets, which can provide you with a lot more rewards than if you went ahead and invested solo.
The more members you get into your DAO, the more funds you'll have to work with, which means your investment group will have more opportunities to gain assets. With voting rights awarded based on contribution size. This has the potential to create a whole new kind of hedge fund manager, and it's shockingly inexpensive to get started.
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Maintaining an Ethereum node can cost as low as $0.20 per hour, but your capital and subsequent possibilities will ultimately be determined by the contributions of the DAO's members. PleasrDAO is one famous example, having paid $4 million for the Wu-Tang Clan album "Once Upon a Time in Shaolin."
You may not have $4 million, but you can always start with tiny sums of money and work your way up from there with smaller investments like NFTs. You could even do something similar with your friends with a group chat and see where it leads.
To become a millionaire using this, you may need to manage assets, discover a high-yielding investment, or even figure out how to assist current DAOs with their personnel management. People management is difficult, and DAOs will require this. I wouldn't be shocked if DAO community managers become more popular in the future.
Web 3 Opportunity 1
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The first opportunity is in play-to-earn games. Developers from all over the world have been drawn to the crypto world by games like Axie Infinity and The Sandbox, and generating money through NFT games might be a lot more fun than simply waiting for an investment to rise.
However, for some, the entrance hurdle may be too high. For example, simply buying your first Axie NFTs may cost over $1,000, and that's before you contemplate paying extra to power up and breed your axies.
You may now start your own NFT renting cooperative, which is also known as a scholarship program. This allows you to generate passive revenue from NFTs you already possess by assisting those who cannot yet afford to enter the market.
So, what are the requirements for getting started? It generally starts with some form of admittance ticket, such as purchasing a unique NFT. This can be compared to the cost of entrance. reNFT is one of the leading players in the market. They allow long-term investors to get particular benefits by renting their assets to a smart contract for a set rental charge and time duration.
It's a project that just received investment from Animoca Brands, but if the crypto gaming business continues to flourish in 2022, as one of Reddit's co-founders appears to predict, it might be worth a lot more. So there are two key prospects with NFT games right now.
The first step is to find the finest investment prospects in the area, and the second is to actually construct anything within it. There's so much money streaming into this right now, but so few functional or even enjoyable games, that there's a tremendous gap between money and what's actually there, and becoming a millionaire in this field is simply a question of assessing the demand.
This might be developer tools or social media management for NFT initiatives. Perhaps it's a more favorable market. The idea is that in a brand-new $100 billion market, you don't need a huge part of the pie to make a million or $10 million.
Web 3 Opportunity 2
Next, we'll look at one of Web 3.0's most significant potential disruptions: how content creators make money. Most web 2.0 creators must operate in what is known as the attention economy, in which, in order to generate money, they must attract as many viewers to their content as possible in order to get that sweet ad income.
And if you've been around for the previous 10 years, you'll know those creators will do just about anything for those eyeballs for that attention. Content creators must currently follow each platform's terms of service in order to monetize their work. And they're severely limited by the terms of service and algorithms that power these apps.
Creators will be able to use peer-to-peer technology to obtain direct payment for their work in Web 3.0. A few platforms are already putting this to the test. Creators may publish videos to platforms like Flixxo or Theta and receive tokens for each watch or share.
As a consequence, a content economy emerges in which authors and users share incentives. This is especially true in the case of Theta. To improve the video experience for all viewers, the network employs blockchain technology to distribute surplus bandwidth.
Although it is still early in its development, these platforms are currently accepting new sign-ups from enthusiastic content producers who want to test it out and be among the first to use this new technology. And, once again, this is a two-fold chance.
You could either create content to be at the vanguard of this new wave, or you could assist in the development of technologies to aid in the transition. This might be in the form of creative tools, wallets, or a more user-friendly viewing system. The possibilities are truly unlimited here. Even something as basic as content creation has the potential to turn you into a millionaire.
Few tips that have to help you to grow an audience
The first step is to concentrate on value. People will always keep an eye on you if you're giving genuine value. And I don't mean merely viewing five videos on a topic and copying the material; I mean truly doing the effort to uncover solutions that others haven't found or aren't talking about.
The second step is to consider the long term. You will notice development if you put the audience first for a long time. I've seen far too many content producers achieve some success and then allow greed to destroy their work. Finally, be prepared to fail repeatedly.
Web 3 Opportunity 3
Let's go on to the next opportunity, which is marketing. Advertising is a giant of a business. Take a peek at Google and Facebook's advertising income. In 2021, just two companies, along with Alibaba, TikTok, and Amazon, accounted for roughly half of all worldwide advertising revenue, totaling a whopping $296 billion.
For at least the next five years, it appears like the tech oligarchs will maintain their dominance over the rest of the advertising industry. However, blockchain technology is on its way to upending the way businesses are conducted.
In the previous year, companies such as Taco Bell, McDonald's, and ASICS have all released their own NFTs. These NFTs also come with tangible benefits for holders, such as electronic gift cards or actual objects related to the NFTs they buy.
If you market yourself successfully, you might be able to reach out to firms and get your NFT ideas picked up for a good price. You also wouldn't have to start off big like McDonald's.
You could approach a local business that you want to promote, produce a collection of NFTs that accurately reflect the brand, and then have your client design a comprehensive campaign around that art, which is then related to real-world value, which makes a lot more sense for NFTs than a static JPEG.
In the long run, there must be some concrete benefit. So, one method would be to construct a gamified campaign in which participants are rewarded for reaching particular milestones. So think of it as a scavenger hunt using NFTs.
In terms of cost, if you mint your NFTs on Ethereum, you should anticipate paying roughly $70 in gas fees. However, pricing varies depending on the scale of the project, and alternative blockchains are less expensive than Ethereum.
You might also take a more ambitious approach and try to build a platform that helps NFT initiatives link with real-world value, similar to an NFT liaison. I believe there is a great possibility in that sector, giving genuine value to NFTs, if you partner with firms ready to collaborate with NFTs and generate that real-world value, such as exclusive tickets or exclusive discounts.
Web 3 Opportunity 4
Now, if you truly want to shake up the Web 3.0 arena, artificial intelligence is another option, and the good news is that there are a variety of low-cost options available right now. The cost of using and creating your own AI is at an all-time low right now.
If this is your first time here, I recommend getting to know machine storytelling because it will be a big part of how video games are made in the future. The open-world games of Web 3.0 will not be generated in the same way as your favorite RPGs, where authors, developers, and artists work together to create a whole 40-hour experience for you to play on your PlayStation.
Instead, you could see games that evolve over time based on user input and involvement. Roguelike games, for example, are all on completing stages and dungeons that are produced at random.
In other words, in-game environments that only happen once, never to be repeated, this kind of unique, spontaneous creation will be the norm in Web 3.0, and we're already seeing it with projects like Epic's MetaHumans, where hyper-realistic CGI characters that are pretty freaky are generated in minutes, rather than the months it would take to handcraft one.
With a service called ShortlyAI, you can even try it out for yourself. There is, of course, a learning curve here, especially if you aren't already familiar with programming. However, now is as good a moment as any to begin.
And, in any case, the possibilities with this technology are limitless. You might use it for content creation or storytelling, or you could go even further and aid businesses with supply chain management or the development of AI-powered DeFi services. In all of these sectors, there will be leaders, and now is the moment to seize the market and make it your own.
Final Words
Web 3.0 is unquestionably altering the Internet's basic fabric, and it's intriguing to consider how your own company may fit into this new environment. Beyond crypto tokens, DeFi derivatives, and even NFTs in your wallet, it's still a bit of a gap as to whether or not this new Web 3.0 thing will genuinely bring in the best use cases that haven't even been imagined yet.
It's practically difficult to forecast what will happen next, but if history is any guide, the early adopters will define what Web3 will become. And the goal of this post is to get you thinking about how you might profit directly from this fundamental shift. Ask yourself, "What skills do I have or can I gain that could be used to Web3?"
