Over the last decade, the world has gradually shifted from traditional methods of earning money to a gig economy. The COVID-19 pandemic accelerated this shift as people looked to Web3 for alternative sources of income.
But, even as we continue normalizing remote work, a new future is taking shape: crypto, decentralization, and DAOs take center stage. The x-to-earn model is shaping GameFi’s new future, and it has the potential to change the way we work, play, socialize, create, and learn.
Nonetheless, even as we continue normalizing remote work, a new future is taking shape, one in which crypto, decentralization, and DAOs will be at the forefront. GameFi’s new future is shaped by the x-to-earn paradigm, which may change how we work, play, socialize, create, and learn.
The digital movement’s origins can be traced back to play-to-earn programs like Axie Infinity and Sandbox. However, within a few years, it had branched out into several subdivisions, giving people more ways to earn money by doing simple things like playing games or taking online classes. This article will look at some of the current x-to-earn models.
The movement began with play-to-earn projects like Axie Infinity and Sandbox. It quickly expanded into various subsets, providing people with new ways to earn money for performing simple tasks.
This article will look at these x-to-earn models and some amazing projects.
Move-to-earn
P2E game success has ushered in new and inventive ways to incentivize participation in almost any daily activity. For example, another x-to-earn model, move-to-earn, is a new GameFi segment in which applications allow users to earn a monetary reward by staying fit and healthy.
The most prominent app for this x-to-earn model is “Stepn”, which allows users to earn tokens by running, walking, or jogging outside. In addition, pacer, a revolutionary super-app in the wellness category, is unfolding. It’s a wellness-to-earn app developed by Hooga Gaming and backed by FTX, with a model based on rewarding healthy habits like getting enough sleep and exercising regularly.
Create-to-earn
Established brands and public figures embracing NFT technology have increased exponentially in the last few years. In addition, because of the popularity of NFTs, a new x-to-earn framework for making money has emerged. Create-to-earn platforms enable digital artists to sell their work in the form of an NFT or digital asset.
You may be wondering how it differs from the traditional method of selling your work for cash. The most noticeable difference is that you can use the numerous NFT marketplaces to reach a larger audience. Furthermore, NFTs enable you to earn royalties even on secondary sales.
You can create your NFT and sell it on a platform like Rarible. Here’s how to monetize your NFT through Rarible without any technical knowledge.
Play-to-earn
You earn rewards by playing online games and completing quests or objectives in the x-to-earn model, Play-to-earn (P2E). In addition, players will receive gaming or metaverse tokens, which can be exchanged for fiat currency on most exchanges.
Axie Infinity, for example, allows players to breed digital pets and battle other pets in an arena to win SLP (Small Love Potion). SLP is an ERC20 token used in-game that can be converted to ETH or a real-world currency.
Participate-to-earn
In the participate-to-earn model, users can hold a certain number of tokens in a network or Web3 ecosystem to become eligible to join its DAO or Decentralized Autonomous Organization.
A DAO is responsible for planning the project’s future and allocating token supply. Simply owning a stake in the platform entitles you to exclusive benefits and voting rights. You get to share in the game’s future success because you have an active stake in it.
Users will be rewarded for performing daily tasks in this new x-to-earn concept.
Stake-to-earn
Stake-to-earn is one of the oldest x-to-earn methods for earning cryptocurrency. It’s a sleep-earning mechanism that only requires you to HODL your coins in your wallet for a set period.
When you stake your coins on a platform like Binance or Solana, you lock in the coins for a set period.
You will be unable to use the coins while they are locked in, but you will retain full ownership of the coins. In addition, the platform will use your coins to help secure the network. How? When you stake your coins, they are assigned to validators, who ensure the integrity of the blockchain by validating transactions.
Learn-to-earn
Learn-to-earn platforms are also becoming more common on Web3. The L2E model, in contrast to the traditional approach in which individuals pay to learn, incentivizes education. For example, most L2E services reward users for completing tasks such as watching Coinbase training videos or performing RabbitHole on-chain actions.
Proof-of-Learn, a Web3 education platform that allows you to earn cryptocurrency rewards by learning essential Web3 skills, is another excellent example of an L2E platform.
Work-to-earn
With all these x-to-earn crypto economies on the rise, it’s difficult to ignore the concepts’ further development and potential.
Work-to-earn tokenomics entails performing assigned tasks from 9-5 daily and earning monthly tokens that can be exchanged for other currencies. With the current market situation and the economic turmoils of fiat money, this new concept should be something to watch out for very shortly. In the coming years, this could be the future of work. With the impending arrival of Metaverse and web3, work-to-earn will undoubtedly attract talent.
Invest in Metalpha snowball
One other way users can earn via crypto is by investing in Metalpha snowball. The developers are known to be the first to create Crypto Snowball product in the crypto asset management industry. Referred to as a yield enhancement product, it also yields rewards in the form of coupons as well.
Users can then convert their reward into target cryptocurrency via a discount on the product’s current price. It is a joint venture between Antpool Holdings, a mining pool company and US-listed Long Yun International Holdings Limited.
Conclusion
By establishing a token economy, the project and the product are linked to the player’s actions in order to develop an economic relationship and facilitate the operation of the product. Players contribute to the development by playing, moving, learning, and other activities while generating the revenue through the product innovation.
In essence, various versions of x-to-earn are systems in which players build value for items through various behaviors while also receiving rewards. It’s just that the players’ behavior is different. As a result, the x-to-earn variable is X, a distinct but similar action whose goal is to participate and earn, earning digital cash through various activities.
