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Dear nation without a bank,
Let’s say this is the 2018 crypto bear market.
What investment opportunities would we have?
There was no DeFi. No NFT projects. No DAO with freelance opportunities.
The silver lining in 2022 is that despite the current bearish market conditions, market opportunities are everywhere if you are willing to put in the effort.
Today, William shows us where some of these opportunities lie in the NFT industry and how to seize them.
– Team without bank
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Writer without bank: William M. PeasterContributor without bank & Metaverse writer
In a bear market, crypto prices fall from their all-time highs.
However, these downturns don’t have to be times when your ETH earning opportunities also drop. This Bankless tactic will walk you through five different ways to use or build around NFTs to win during a bear.
Many contemporary Legendary NFTers began experimenting with NFTs years ago. They didn’t have all the answers back then, but they were curious and they created. And now many of them in all sorts of styles are celebrated as pioneers because they persevered and their works became highly sought after by digital collectors as a result.
So let’s say you’re curious and also want to create with NFTs. Your NFT work can also be celebrated one day as a pioneer, but first you need to start publishing pieces to build your work. The good news is that you may not have to wait years to gain interest like the OG NFTers did. There’s so much attention on NFTs now that you could win your first serious collectors in no time! But you won’t know until you put yourself out there.
To that end, you’re in luck because there are now more than a few NFT tools that make it easier than ever to show up with NFTs. Ny’s favorite creative tools include:
Zora — The most web3 NFT marketplace protocol! This hyperstructure provides all kinds of do-it-yourself NFT mechanismslike an auction house system, edit variants, string SVGs, etc.
Collector – The best Web3 infrastructure to create your own creator-controlled NFT smart contracts. Want your own smart contract that you have full control over? Manifold Studio is where it’s at and it offers support for a range of file types and updating metadata.
Bueno — Bueno offers a suite of no-code tools that allow you to customize art from large PFP NFT collections and deploy custom smart contracts for such projects. Bueno also offers a DIY micro metaverse builder for NFT projects to create fun activities for their communities.
Let’s say you’re not very interested in creating your own NFTs, but you enjoy surfing and analyzing other people’s creations. A side hustle to consider is Zora’s chain search fee system.
Here’s how it works. Head toward zora.coLog in with your wallet, then start browsing available NFTs.
Once you find a piece that you think is awesome, click on it, after which you will come to the Zora dashboard of the piece. If the NFT has a search fee set, click the “copy” button and share the link widely – you’ll earn the percentage, say 1% in ETH – of any subsequent primary sale.
This year the mint free meta took over the NFT ecosystem. In other words, projects are increasingly allowing people to claim their NFTs for free (less gas costs) and then optimizing secondary sales royalties.
Some of these projects, like goblintown.wtf, have gone on to make incredible returns to their early owners. However, it’s no exaggeration to say that most free mint NFT projects aren’t going anywhere these days, so you definitely don’t want to get into one of those endeavors.
That said, the stakes for joining these projects are very low as the typing is essentially free, so it’s probably worth taking a few shots once in a while in case one of these projects shines. The bets here are asymmetrical: spend a little to start with, and in rare cases spend a lot later.
If you are interested, projects like mint.fun make it easy to browse new free mints.
Write messages, create songs or record videos! Whatever your approach to creating content, realize that it’s valuable and you can build an audience if you work on it over time.
To that end, don’t underestimate how many people are interested in discovering and experimenting with NFTs and consuming content around these digital objects right now. And if you keep creating content, over time you’ll be surprised how many people will contact you with great job opportunities because you’ve become something of an authority.
You’d rather be part of a tight-knit NFT team that makes a big difference than be a lone freelancer. Luckily, there are all sorts of up-and-coming NFT projects currently hiring for all sorts of positions, so the choice is yours.
Want to be a professional shitposter? An NFT advisor or consultant? A community manager or a designer? A wide range of NFT projects are currently hiring for a wide variety of skills, so if you raise your hand out of interest, several projects may be keen to hire you.
Target where you think you would be a natural fit and get your shot.
Decentralized NFT Marketplace NFTX offers users an innovative solution NFT inventory staking system. This mechanic allows you to earn passive returns on your ground NFTs without having to deal with impermanent losses. As such, it’s a way to get auto-compounded returns on your NFTs in a user-friendly way.
Will the 2022 crypto bear market be short-lived? That remains to be seen. But the good news is that thanks to the smart contract-enabled world of DeFi, there are a variety of interesting ways to try and earn ETH via NFTs if things get even more bearish from here.
Granted, NFTs aren’t a one-size-fits-all solution to everyone’s finances, but they do offer some unique types of income opportunities that you simply can’t find anywhere else right now.
William M. Peaster is a professional writer and creator of Metaverse—a new Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He has also recently contributed content to Bankless, JPG and beyond!
why it matters: Sales jump after Magic Eden launches Ethereum NFTs, indicating fiercer competition ahead for Opensea as a de facto NFT market.
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No financial or tax advice. This newsletter is strictly educational and does not constitute investment advice or a solicitation to buy or sell assets or to make financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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