The crypto market has been in a sustained dip since November 2021; as a result, crypto holders have lost several billions of dollars in the value of their cryptocurrency. At this time, it may be difficult to profit from the market by holding, or trading, because of the market direction; hence, many crypto enthusiasts are left hapless, without a way to make money in the bear market.
However, the bear market is the best time to earn cryptocurrency, to get a massive profit when the bull season resumes. For example, 1 ETH is currently around $1,500; when the Bull season peaks, 1 ETH could rise again to its former all-time high of $4,900 and beyond – giving you a 300% profit. This reality birthed the common phrase “buy the dip.” However, to profit off the low prices in the bear season, you may not necessarily “buy the dip,” there are several other methods to earn cryptocurrency without purchasing new tokens. This article describes alternative options to earn cryptocurrency ahead of the next bull run.
1. Explore Other Ecosystems: Typically, many crypto enthusiasts only engage in trading and holding tokens. However, blockchain technology has been saturated with new economic models that allow you to earn tokens without having to buy from the spot market; examples are:
- Play-to-Earn (P2E) ecosystem: Here, you can earn tokens by playing blockchain games; most P2E games require playing with money; however, some are free to play. You can engage in free or low-cost games and accrue some tokens for the future.
- Move-to-Earn (M2E) ecosystem: Here, you can earn tokens for participating in physical exercises, like running and walking. Like Play-to-Earn, some M2E platforms require an initial investment, while others are free.
- Rent-to-Earn (R2E) ecosystem: Rent-to-Earn allows you to lease your digital assets to other Metaverse users for a fee. If you have NFT assets that can be leased, you can participate in the R2E ecosystem to make some extra bucks before the new bull season.
2. Free mint NFT flipping: NFT flipping is one of the many ways to make money in the NFT ecosystem. Although they typically involve a minting fee, some NFTs are free to mint. You can profit from these free mint NFTs by selling them for a fee.
N.B.: Ensure that you conduct adequate research when hunting for free mint NFTs, as many free projects are fraudulent.
3. Staking: If you already have tokens you intend to hold for an extended period, staking is a good option to earn more cryptocurrency. Basically, staking works like keeping money in a fixed deposit account to accrue interest. In cryptocurrency, staking helps to maintain a proof-of-Stake (PoS) blockchain by validating transactions and securing the network; as a result, stakers are rewarded with tokens. If you don’t have enough tokens to meet the staking requirement of any blockchain, you may join a staking pool.
You may also participate in liquid staking, which also locks up your assets in a fixed deposit but with more flexibility. When you engage in liquid staking, you may loan back your assets to engage in other DeFi transactions and profit from two ends.
4. Yield Farming: Like Staking, Yield farming is a viable way to earn new cryptocurrency using tokens you already own. To participate in yield farming, you may be a
- Liquidity Provider: Here, you are required to provide assets in a liquidity pool, where you will earn a share of the profits of all transactions made in that pool. Your share of the profits is in proportion to your liquidity share; i.e., if you provided 5% of the liquidity, you will earn 5% of the profits.
- Crypto Lending & Borrowing: You may lend your assets to others who intend to trade with them. The borrower will submit crypto collateral to protect you (the lender), and you will also get interests like a traditional loan.
5. Airdrops & Giveaways: Airdrops and giveaways are a standard way of getting free tokens, whether in a bear or bull market. You may watch out for blockchain forks, newly created tokens, new partnerships, community rewards, and other remarkable events in the crypto community. All these are sometimes accompanied by giveaways, and you could earn a few tokens.
You can check out a giveaway currently live on the CCTIP Giveaway page
6. Get a Crypto/Blockchain Job: If you have skillsets that can be utilized in the web3/blockchain space, then you can deliver services with the incentive of being paid in cryptocurrency, helping you accrue assets during the dip.
It is important to take lower risks during the bear market and look towards accruing assets at lower prices; the above methods are proven, tested, and trusted ways of earning extra crypto during the dip. There are riskier methods such as margin trading and derivative trading; however, those could put you in a worse position. Hence, you should only participate in them if you are emotionally and mentally balanced.