How lucrative is the crypto space

As we have noticed the crypto movements, it’s advisable that we make money from the trending movement.

Some people are shortsighted thinking that it is only when you trade in the crypto industry that you can get huge profits. That’s a big lie. You can make money from several movements in the crypto industry.

This article will reveal some lucrative opportunities in the crypto industry that are profitable

Lucrative areas of Crypto

1. HODLING(HOLDING)
2. STAKING
3. NFTS
4. TRADING
5. GIVING LIQUIDITY

NB: There are so many ways to make money from the crypto industry but we selected these five methods.

HODLING

This method is underrated or normally seen as stressful method, because of a lack of holding patience. Holding is a method of buying and storing cryptocurrencies and then selling at a point in time when it hits a particular price of your choice. When it comes to holding a coin, you have to be among the early birds that buy the coin. You also have to display huge patience at times. As at 2021, It was recorded that a crypto holder invested $8,000 buying SHIBA INU around 2020 and in 2021 his $8000 grew to $5.7 billion. What a huge profit made from just storing a coin.

what to check before HOLDING a coin

It is not all held coins that bring profit. Some coins can be held for 20 years and still won’t bring anything to your table. So it’s important you know the things to look out for before thinking of Holding a particular COIN.

• Check the market capitalization of the coin: This tells you how much has been invested into the coin. And it is a secret that tells you if a coin will do well or not. A market cap above 100,000$ is good to hold before it gets to a $1b market cap. You can check the market caps of coins on coinmarketcap, coingecko, etc.
• Check the use case of the coin: What problem is it solving? if it doesn’t solve any problem. Then it will need hype and a good community to increase in price. example meme coins.
• Check sponsors and investors backing the coin: When a coin is launched, a number of investors trip in. If they are renowned investors from a previous project. It’s possible that the new project will also do well in the future.

STAKING

Staking is the act of committing an amount of a bagged coin to a platform and in turn, receiving rewards till the staking duration elapses.

You might ask what’s the gain of the platform, the reason behind staking is to reduce rapid sales or whale impacts so as to increase holders of the particular coin.

During the staking period, you can earn huge profits by just staking your coins instead of just holding them in your wallets. But you can’t stake all coins.

Some benefits of staking include:

• Interest from coins
• It doesn’t require equipment or mining
• It doesn’t consume energy like mining
• You should give yourself credit for supporting the blockchain technology

NFT’S

We discussed a lot on NFTs in our previous articles. As we said it’s a lucrative business currently.

Non-fungible tokens are pieces of digital content (images or graphics) that are unique and then linked to a blockchain. These NFTs can be sold to get huge profits. As you can see all big companies are tripping into the NFT world. Even Samsung made a post about it lately.

If creating NFTs and selling them is hard for you, you can buy at a minting price and sell at a floor price to make huge amounts of profits.

For example, BrightPalz an ADA blockchain NFT was sold at a minting price of 45ada, and currently one Brightpals NFT is on a floor price of 1500ADA. what a huge gain of additional 1000plus ADA tokens.

TRADING

This is where people run away from because of the high skill required to trade.

If you can’t learn trading with technical and fundamental analysis, there are other opportunities available for you which we have discussed here.

We have two types of crypto trading which are the SPOTS and the FUTURES trading.

GIVING LIQUIDITY

Giving liquidity is just like STAKING but it’s on different platforms and for different reasons.

Liquidity is done by choosing a current pair of crypto that people swap more often and committing a reasonable amount of it to get good returns when people swap that particular pair.

For example, in pancakeswap you can give liquidity there. The pairs where you add liquidity to its called FARM.

Crypto Gaming

Nonfungible tokens and the metaverse is still making rounds to date. NFT and the metaverse relates together, especially in gaming. The metaverse offers gamers the chance to do what they love and also get paid. Metaverse Gaming like Sandbox gives you that enticing metaverse sensation as you earn rewards when you play. You can also own a metaverse land, build on it and create your virtual land too. Also, Axie infinity is another game-shaking banger, that uses NFTs for gaming and rewards. It’s also play-earn gaming where fantasy creatures called Axies are collected, battled, and traded in the game. Rewards are in form of SLP(smooth love portion). The two games have their own cryptocurrencies, with Axie infinity owning AXS and the sandbox owning SAND coin. All the coins are doing well with an amazing market capitalization. Axie Infinity gaming boosted the AXS coin to the moon to date.

So you can run along to the crypto space to play and earn funds. There are so many crypto gaming platforms, so make your research.

CONCLUSION

From the above ways to make money from crypto, you no longer have any excuse for not venturing into the crypto space, because the crypto industry is very large and it have a lot of lucrative business opportunities for one to fit in and start smiling to the banks from his or her convenience.