The cryptocurrency booms the past decade can only be compared to that of the dot com bubble. However, they do have a noticeable difference. When internet stocks were spiking, only institutional investors had access to buy, leaving retail traders with nothing. With crypto trading, it is the opposite, regular people have access to buy any cryptocurrency with the use of a mobile phone and an internet connection. This inclusivity has seen some cryptocurrencies sky rocket in recent years, but is it possible to catch a gem and 100X your capital? Well yes.
Bitcoin of course gets all the headlines for its monumental rise but there are other currencies that have posted much higher Year to Date (YTD) returns. Meme coins such as Dogecoin or Shiba Inu have made people millionaires in less than a year. The latter as an example grew from a $410m market cap protocol in 2020 to a $30bn coin a year later. And this is not the only example of a cryptocurrency price moving exponentially.
There are many ways to make money in crypto, not just buying the coin and hoping it increases in value. This has become apparent in the past two years with 2 major revolutions in the web3 space: Non Fungible Tokens (NFTs) and Decentralised Finance (DeFi).
An NFT is a unique and noninterchangeable piece of data on the blockchain. It allows images to be owned and verified and has become popularised with digital art and collectibles. During the first NFT craze, digital artist Beeple sold his Opus collection made over 5000 days for a price of $69m. There are many marketplaces to buy and sell NFTs such as OpenSea, and if you know what you are doing you can double or even triple your investment. Learning what to look for in NFTs is the difficult part; knowing what is unique and in demand, buying it cheap, and selling it high.
NFTs remain a part of crypto where there is money to be made. Big sports teams/stars are now releasing their own NFT collections such as the NBA or heavyweight champion Tyson Fury. With Facebook’s recent name change to Meta and with so much optimism about the Metaverse; NFTs play an important role in virtual reality. Currently, major virtual projects like Decentraland (using the currency $MANA) is an online game where players can buy and sell virtual real estate. Some of the prices have gone pretty crazy with the record piece of a land plot going sold for $2.43m. The Metaverse and NFT space within crypto look as if it is growing exponentially and records will be broken year on year.
Crypto has a plethora of categories all competing for greater relevance. Specific types of coins such as privacy coins might spike for a while then money will be poured into a different type of crypto like a gambling coin. The truth is blockchain has the potential to disrupt every industry, from banking to online casinos. However due to scalable issues, this is not the case, and perhaps just a pipe dream for many blockchain developers. A major trend a few years ago was prediction markets but has since lost optimism. In the betting niche, crypto protocols can provide a fairer product, taking away the house edge. Players today can play at trustworthy online operators and should use comparison sites that check all the best online casinos. Taking time to go to an online gambling portal helps with understanding what casino bonuses are available, how to claim bonuses, and bonus terms and conditions. In the future, especially with the Metaverse, the experience is bound to change.
One way that can make money is by trading Bitcoin because you can earn if the asset goes up or down. There are many benefits to Bitcoin trading but it should be done carefully, having a strategy and not using the money you cannot afford to lose. Overall, there are still many ways to make money from crypto, so remember to always do your own research. Furthermore, you should educate yourself and dive into the wonderful and weird world of crypto as soon as possible.