I recently bought some SAND crypto because I saw that Facebook has announced their investments in the Metaverse. The same goes for Microsoft and even Nike. With these big names, there’s a big chance that other brands would follow suit. I’m checking out other NFT related coins but do you guys also have plans to get in on this?
Interesting read about this, I think.
Call me old-fashioned but I wouldn’t touch crypto with a barge pole.
I think it is a very interesting area to explore but not something I’d go all in on. I will be aportioning a small % or my portfolio to metaverse projects as they have huge potential for growth. No need to go in hard and expose yourself to high risk. Others may disagree but that’s my approach.
Yes, in buckets and spades. It seems like an epoch ago since the crypto lightbulb came on in my head in May 2020 after a chance conversation with a classmate of my younger son.
I don’t think you have to be a technologist to understand the enormity of the cryptoverse that has now morphed (thanks to Zuckerberg) into “Meta”.
It took me about 2 hours to “get it” about the crypto world, and I have spent about 10% or more of my total time learning more deeply about crypto since May 2020.
Now I also actively ignored buzz words like DAO, DeFi, NFT, gamification … until last month.
Another colleague of my younger son was excited to tell us last month that he had created a user forum for a specific DeFi instance on a relatively new platform. He had had a conversation out of the blue from someone who purported to be one of the founders of the platform, and “gifted” our friend tokens to the tune of “about $1,000 in value” and asked him to use them in game play and comment on them on his forum. In four weeks, he “gamified” his $1,000 into $4,000 of tokens.
Someone asked recently if members would consider “playing games” to earn crypto. At the time of the ask, I was in the “definitely not” camp. However, having just got to $100 total “earnings” with my Chia farm, and looking forward to achieving the end of year target of “$200 per month”, I have dropped the pursuit of the next target (which was Helium mining - or HNT) in favour of accelerating my understanding of gamified DeFi, DEX and the like. After all, I did (and still do) have a Runescape character that I played with my sons since the younger was about six years old, and like the internet (or Web1), not much changes. The new DeFi games look like a 30 years backwards copy of Runescape.
In summary, yes I am pursuing gaming as a potential second “income stream” from crypto currencies. Our friend’s efforts have already netted him $10K from nothing six weeks ago. Of course, he is a software engineer, but has only been so for a year.
Ignore Web3 at your peril, oh you disbelievers
Holy crap this as the one who was gifted tokens??
Yes, doesn’t it make you sick? Anyway, somebody is going to have to pay the taxes for my retirement, so I am very pleased to see young people making lots of money. It means they may pay me a retirement pension, that won’t cover my electric, gas, water and council tax bills. I will need to find the other 90% of income to live the life of Riley. Poor me!
I’m starting to learn about it now. Pretty crazy stuff. I’m not a fan of that at all. But, I understand that its potential for growth is huge. I’m learning more about it now.
I have a book about conventional financial instruments: options, commodities, etc. I had the option to start reading that or learn about this metaverse thing.
I opted for the metaverse because it’s brand new and way more interesting than commodities.
I could learn about trading oil but, I kinda wanna do something that’s different from technical analysis, and more fundamental.
I stare at charts and trendlines enough; I want something else.
Thankfully we are spoilt for choice, and faced with the choice of going backwards to learn about an industry that is in decline (energy is all about renewables and medium term cost implications, not about oil and gas any more) or one that is in its infancy, this answers for you the What and Why of strategic direction.
What? is “investigate new trends in crypto that are potential income streams” - nothing to do with trading the cryptos, but more about whether time and effort spent learning can produce permanent and increasing income streams. And the Why? is “to diversify sources of income to be less reliant on current stream(s) of income”.
For my own sins, I set a target of being able to earn £5,000 per year (after costs) from such pursuits at a cost of less than £20,000 capital invested. That is a 25% return, and is an achievable and realistic target.
The first element of this strategy is (was) the plan to farm Chia tokens. That is ongoing but is taking a lot more of my time whilst I build plots than I had originally envisaged.
The second element was to participate in Helium mining - with the hotspot miners that consume about 15W of electricity - hardly breaking the bank on costs. That one is on hold because there is still a lead time of 20 weeks on hardware, and I’d rather put money to use earlier instead of having it tied up for six months or more.
The third element I have just started and right now I am looking at Harmony (ONE) protocol and specifically at DeFi Kingdoms as a starting point.
This will sound really stupid, but I have spent well over 12 hours trying to figure out how to start by registering a character in the game. You need some ONE tokens to send to start playing. So I bought some Harmony (ONE) in my Crypto.com exchange, and tried to send them to a Metamask account I created, but the transaction was rejected and (thankfully) my 100 ONE tokens ended up back in my Crypto.com account. I ask people I know for help but nobody seems to be brave enough to admit it is all Greek to them too.
My Metamask says "(site currently on screen). MetaMask is not connected to this site. To connect to a web3 site, find and click the connect button.
I don’t know if I am supposed to find a connect button in Metamask or on the destination site (site currently on screen).
If any one can guide me to a link about how to “connect” a metamask account to a new service I would be ever so grateful
That’s interesting. But I respect it. I understand that some people are still not fully sold on cryptos. But I hear a lot of people saying it’s the currency of the future. What do you think about this?
That’s a pretty reasonable way to go about it. It’s just starting out so it’s normal for people to want to observe some more.
I love the enthusiasm! Hahaha. And I also got hyped up reading your post. And I was actually the one who asked whether members would consider playing games to earn crypto. As we discover more, we’re always free to change our minds, I think. I would love to stay updated with your next crypto plans since things are getting very exciting. Haha.
That might turn out to be true but obviously there can be no evidence for the conclusion as it hasn’t happened yet and there is no pre-arranged mechanism for crypto to replace any true currency.
If it becomes a currency I shall be delighted to use it in exchange for goods and service, same as when I go to France I am delighted to buy EUR to take with me and all the shops and restaurants are delighted to exchange my EUR for food and lodging. But that’s because the French state and the ECB and the EU back the EUR so there is no risk of finding I’m carrying worthless coloured paper.
Until then, crypto is good only for traders to speculate on. I don’t trade crypto for the same reasons I don’t trade wine or antiques or art.
I just think people have got used to the idea of going all in on things after seeing how the dot com bubble went and social media. Then with cryptos people hear the success stories but not the countless flops. In such a new area, a small investment with low exposure COULD do very well. But if it doesn’t then you can brush it off. Not assuming about you of course but I think a lot of sense has gone out the way with investors now and many who think they are investing are just flat gambling.
I have created a thread called Mondeoman crypto trading journal if you want a distraction. But please don’t follow what I have bought. Example - they are all down 10% today.
Build a robust plan that makes sense to you, back test it for the past 2 years or more, then decide whether the trades are worth the risk.
This should be in the game or app. May I ask the name of the game in question?
Yes, it is DeFi kingdom on the Harmony network
Ah, that is the name. Silly me, I thought that was a defi token you were mentioning.
No, I managed to buy some Harmony tokens (ONE) on Crypto.com exchange and can’t send them to my metamask wallet. ONE is needed to “play” the game that requires ONE to covert to Jewel tokens that you put on deposit at the bank or buy “hero” cards with who go farming to create tears with. Bad explanation, but it looks to me like Runescape that I used to play with my sons a decade ago.
The APYs are in the region of thousands of percent, not unlike a lot of other DeFi things I see these days. Those APYs are the annual compounded and are not linearly related to daily interest, but nevertheless they are scary and worth a couple of pints to play with, methinks.
Good gosh this sentence. Crypto sentences barely make any sense these days. “Yes, so you buy two doge and two shiba” We’ve not even gotten to things like wonderland or time or memories. WHY do they give them such funny names lol