Taking up a side hustle to earn some extra cash is not uncommon, and technology is making it easier than ever.
This is also true with cryptocurrency, and there are various ways to use crypto as a side hustle to earn extra income or cryptocurrencies. Here are some ways you can earn extra income:
1. Stake and farm
The first way to earn extra income is basically for you to look around for new liquidity pools and be early in providing liquidity to the pool.
As new automated market maker or decentralized exchanges launch, they will need crypto users to provide liquidity to their liquidity pool. In order to incentivize this, they usually offer a high reward in the form of their native tokens for investors to put their token inside their liquidity pool.
It is therefore not uncommon to see liquidity pools providing four or five digit yields for you to move your token inside.
As more and more people come into the pool, the yield will drop, hence to earn extra income, you need to diligently discover new yield farms and move your assets in before others join in.
2. Play-to-earn games like Axie Infinity
Another way to earn crypto is by playing play to earn games such as Axie Infinity.
If you are unfamiliar with Axie Infinity, it is a blockchain game where players earn rewards in a form of cryptocurrency tokens, which can then be exchanged for real money.
There are few ways you can earn from Axie Infinity:
- Farming SLP and selling them for real money
- Breeding and selling Axies
- Starting your own scholarship
- Investing in Lunacia Land
- Trading SLP and AXS
There are reports of people earning thousands of dollars a month in in-game token SLP playing Axie Infinity.
Several other play-to-earn games such as Ember Sword and Star Atlas are also slated to launch next year.
Also Read: Axie Infinity Generated Over $800 Million In Revenue In August 2021
3. Minting NFTs and selling them
The third way to earn cryptocurrencies is by minting popular new NFTs which are high in demand. As NFTs are all the rage now, it is common for popular NFT collection to increase by 10 to 20 times the price you mint it for.
You can try to mint these NFT collections when they are available for public launch. As they operate on a first come first serve basis, you may be able to get a popular NFT and can either choose to sell it or hold it for long.
4. Trading cryptocurrencies
Another way to use crypto as a side hustle and earn extra income is by trading cryptocurrencies. Cryptocurrencies have a high volume, and are operational everyday, so you can trade cryptocurrencies anytime you want.
If you are familiar with technical analysis and charting patterns, cryptocurrencies may prove to be a valuable trading playground for you.
5. Testing out new protocols
As there are blockchain protocols being launched everyday, it is not uncommon to see them giving out incentives for users to try their protocols. If you are diligent and have a curious mind, you can try out new protocols which gives out incentives.
There are also protocols that will airdrop future new tokens to you if you stay with them long enough by staking your cryptocurrencies with them.
For example, if you move your asset into the Avalanche network via the official bridge, you will receive a small token Avalanche:
Arweave for example, gives out 0.02 AR for you to just download their wallet and start using their decentralized permaweb service.
Finally, another way to earn extra income is by writing for us!
At Chain Debrief, we are on a mission to educate and onboard the next billion non-crypto natives to the crypto world. We are looking for writers, developers and community managers to help us create more educational content. We truly believe that crypto and blockchain technology will be the most important technology in the next 5 years.
If you are interested, do drop us an email at [email protected] to find out what we are building or join our Telegram Community here.
Featured Image Credit: The Pool
Also Read: How You Can Use No-Loss Lottery In DeFi As A Gamified Savings Account