Tuesday, January 25, 2022

Can you make money from dApps

So, you should think about adding it to your list of dApp monetization strategies.

How to Make Money on Your dApp: An Ultimate Guide [2021]

How to Make Money on Your dApp

Blockchain powered mobile apps – dApps have started a trend of their own.

The technology that was brought into existence for revolutionizing the finance domain has not just found a place in multiple industries but has also now started giving a plethora of use cases on the mobile landscape.

The dApp market has grown to such an extent that entrepreneurs from across the globe and from across a range of different industries have started crowding the space, looking to hire blockchain app developers and finding answers to how much does Blockchain app development cost .

All in addition to still learning their ways around the domain and finding use cases via which one can enjoy benefits of investing in blockchain applications .

While you can find the answer on how to create a dApp in our Guide to Blockchain development , you will have to know that it won’t stop there. There will be many things to know and to consider before you enter the decentralized space and offer your services more transparently and immutably.

One of the important things to consider is to find the answer, how do decentralized apps make money

igitur how you can earn money by developing dApps .

How Did I Come Up With the Idea of This Blog?

I was recently working on an app – Empire – a hotel booking app powered on Blockchain. At the time of the ideation of the application, I got this question thrown at me – How would my dApp make money?

Although, at the back of my understanding of the idea, I helped them with a few monetization models like – Subscription and Transaction fees, etc. , I realized that there are not many people who know how to make money with Blockchain-powered top dApps. So, I decided to write a blog on the same topic.

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But , before we get to that part, you can first read how non-decentralized applications make money for a better understanding.

Only after looking at how the traditional apps make money, you would fully be able to understand the impact of the different grounds that both app types stand on.

How dapps make money

Now, let us look at some of the ways your Blockchain focused application can make money in the market.

3) Decentralized wallet or app

Schedule a free demo of our DeFi crypto wallet

4) Staking

DeFi staking is equally beneficial for both stakers and staking platform owners. With DeFi staking, the users can lock up their crypto assets, earn easy income, and participate in the governance model of the protocol. As everything is controlled by smart contracts, security is not a challenge in the DeFi staking space.

Whereas for DeFi stake owners, crypto staking is a scheme where a specific number of crypto coins or tokens is locked in the platform for a specific time. In return, crypto-asset owners can earn a commission. The exchange owner gets hold on to a huge funding amount that is further used to re-invest in another industry like real estate or the stock market. This allows the exchange owners to diversify their funds and multiply their earnings.

5) Crypto Lending Platform

Crypto lending platform development is an effective way to earn revenue from the crypto market. As a crypto lending platform owner, you earn from both borrowers and lenders. In the case of lenders, you earn a specific percentage of interest earned by the lenders. Similarly, if the borrowers default on their loan, you possess the collateral deposited by them.

For those planning to enter the crypto market and generate a new revenue stream, the DeFi world does wonder for them.

The Future of Decentralized Applications

DApps will continue to grow steadily in the future. Even though it is relatively new in the market, it is witnessing fast developments in different sectors. 2021 is expected to bring lots of advancements and the expansion of blockchain technology and its applications.

If you are also planning to generate more revenue streams in the crypto world, then investing in decentralized crypto exchange development, lending platform development, or cryptocurrency wallet development is the best bet for you.

At Antier Solutions, we provide a white label DeFi crypto wallet development solution reinforced with powerful features such as a QR code scanner, multi-layer security, in-chat transactions, multi-signature support, and more. Our white label software can help you launch a DeFi wallet in just 7 days.

Schedule a free demo of our white label DeFi wallet or app development solution or connect with our blockchain experts to share your business needs.

And as opposed to other platforms, Ethlance can sustainably run efficiently with a zero percentage service fee as they will not take a cut on transactions conducted between buyers and sellers. Ethlance will ensure freelancers receive the exact amount they bided their projects for their jobs completed.

List of 7 Best Dapps To Make Money In 2022[AAVE, CryptoKitties & EOS]

The technological advancement that brought about a revolution in the financial sector and beyond has not just found an abode in other available industries but has also gained a lot of ground in ensuring users buy and sell all from the comfort of their homes.

Making money remotely by doing some pretty good tasks in today’s world can not also be exempted especially with the introduction of the smart contract (blockchain) network.

Regardless, the DApp has grown to a much larger extent with which lots of users now make use of its abounding opportunities to transact, make money by playing certain games or performing certain actions as well as trading digital assets.

There are always tons of DApps out there that offer some money-making features and the likes, however, here is an article you can follow through if you need a guide on making money through the use of decentralized applications.

1. Bounties Network

Bounties are currently changing the way we collaborate as they allow you to create projects while co-operating with other individuals to earn for doing a good job in any of your chosen fields.

This network seeks to empower individuals to self-organize and encourage users interested in freelancing to grassroots social actions and any other thing in between them.

It is a decentralized application that enables people to earn just by getting paid for any freelancing task completed online. You can create bounties online and easily transact in Ethereum or ERC-20 tokens.

Mind you, you don’t necessarily have to have hard skills before you can function effectively on this application. There are complex procedures you can complete like content translation and also soft ones like testing out of decentralized apps.

This however does require minimal effort while you still earn more money passively for yourself.

Also, an intriguing feature about the Bounties network is that the bounties created are not in any attached token. The network is token-agnostic as rewards can always be earned in any form of ERC-20 allowing users to accumulate different digital assets.

2. AAVE

AAVE is a fully open-source, decentralized, and non-custodial liquidity protocol application where users can earn interest on every deposit made and lending transaction.

It is a decentralized finance (Defi) application that is designed to empower and help people earn more money when lending and depositing digital assets that can be easily borrowed by other users of the platform.

The lending of coins and tokens does allow you as a lender to profit in almost the same way conventional banking firms do. That is, by earning interest.

Though maybe very risky to do in normal day life, AAVE presents you with a fully open-source and fully decentralized application, thereby limiting the amount of risk that do come with the lending of digital assets.

A candid reason a market like AAVE was created is to increasingly improve the conventional way of lending assets. Every Defi project does aim at eliminating the centralization of the financial institution.

AAVE is part of that great plan that can successfully be used to trade by removing intermediaries and creating an avenue for people to reach out to the market with ease.

One feature quite spectacular about this platform is its smooth flow of transactions without regulations from intermediaries. Transactions involving lending of your digital assets are permissionless while you can also always earn to your wallet on the network.

3. Augur

Augur is an open P2P decentralized exchange that allows global prediction while allowing anyone on the platform to create a market just for anything.

It very much enables transparency and universal access to its market since its community is user inhabited and operated.

It is a DApp running on an Ethereum network that allows users to stake crypto coins to make predictions of winners of elections, price of a coin, and many more attributes acquainted with the platform while paying out users for every correct prediction.

However, anyone who creates the market will also be rewarded as well as the holders of REP tokens.

Launched in 2016, Augur seems to be the most feasible prediction market currently based on the blockchain network. Unlike other betting programs that restrict their users to what they can bet on and predict, Augur is mostly community inhabited and decentralized offering users no limits on what they can bet on.

The Axie infinity borrowed insight from Pokemon to be a blockchain trading and combat game that does make use of cutting-edge technology to reward users for their active engagement.

On this decentralized application, players build up a collection, breed, battle, raise, and as well trade NFTs-(Non-fungible tokens) based characters known as Axies.

These DApps also fall into the play-to-earn game category and have ever since been gaining rounds in well notable areas of the gaming world.

Players using the application collect in-game rewards that can later be exchanged for cash. And since technology does touch people with games, whether offline or online, this application still proves to be a very durable and sound system where you can always work passively to earn.

Speaking of earning, you get started with Axie by setting up a digital wallet, Ronin most preferably. Your next step with getting started is to get the axies character, create an account, then download and play.

Ethlance developed entirely as a decentralized platform is a job market program that promises to help users earn money by freelancing while using only crypto coins as their payments form.

Quite similar to Upwork, freelancer, Fiverr, or Guru, this platform’s main difference is its blockchain technology. I.e no central authority has control over it making it accessible for everyone.

It is a peer-to-peer platform that has credible importance over conventional centralized freelancing platforms.

On Ethlance, any form of creative skill in various fields can be easily monetized. Career jobs that range from information technology, design, content writing and creation, web development, etc.

And as opposed to other platforms, Ethlance can sustainably run efficiently with a zero percentage service fee as they will not take a cut on transactions conducted between buyers and sellers. Ethlance will ensure freelancers receive the exact amount they bided their projects for their jobs completed.

Their main mode of payment is through Ether but if you are seeking to earn money through freelancing, then Ethlance is a great place to start with.

6. Opensea.io

Crowned as a leading decentralized marketplace for non-fungible tokens, this platform allows users to buy and sell these tokens on the secondary marketplace while also enabling them to create a collection of their own where they can efficiently sell on the primary marketplace.

Opensea is built on the Ethereum blockchain network and this makes you have an ethereum wallet before you can buy or sell on this platform a needed feature. A supported web3 wallet like MetaMask will still get the job done perfectly.

Smart contracts do allow users to protect their collectibles in their custody, thus offering creators work copyright. This is to ensure all assets within the marketplace are owned by Opensea users and not the platform itself.

It also supports buying NFTs making use of ETH and many other supported crypto coins. Also, Opensea has a browser page where you can easily search for tokens if you ever need one.

However, a fast one is that collectors who seek to procure varieties of these tokens can get them on Opensea. Beginners looking to learn more and experiment with digital collectibles can also earn on Opensea.

7. CryptoKitties

Developed by Canadian studios Dapper Labs, Cryptokitties make use of a decentralized network on ethereum that allows players to purchase, breed, collect, and sell virtual cats.

Cryptokitty however, is a non-fungible token that is unique and can only be owned by the user verified through the blockchain through its value can always appreciate or depreciate based on its market. It is not on the blockchain but is instead possessed by Axiom Zen.

This is a whole new level of making money online now through the NFT is not on the blockchain but can be listed on certain decentralized applications to earn money.

However, to join this game, users must purchase an Ether crypto coin to join the game and also spend it to perform each breeding and trading action in the game.

To get started on this gaming network, you can always buy some kitties for yourself by clicking the cat and hitting the buy now option or making use of offers which is a different manner of procuring cats.

You can always make a bid in ethereum for any cat within the game even if they are not up for sale. Once an offer is made, the owner can however decide to reject or accept it. But always know it does expire after three days. The breeding and selling off options are also two great ways to earn from this platform.

Can’t get through with Metamask sign up options, here are other wallets fully supported but the platform: (• Trustwallet • Coinbase • Portis • Fortmatic/Magic • Arkane • Authereum • Bitski • Dapper • Kaikas • Torus, etc)

More Than Just A Blockchain Network!

The Ethereum network in recent years has dominated the development of decentralized applications all for various reasons though there are other networks you can always use for designing DApps.

DApps are mostly built on decentralized networks and do make use of smart contracts to develop platforms that easily streamline and erase the essence of intermediaries and centralized powers democratizing entries into various industries.

Many DApps do look similar to many conventional applications in terms of front-end experience, but on the back-end, much functionality where the DApps connect to the blockchain in a decentralized form is obtained compared to routing of servers employed in normal applications.

However, with that being said, many DApps do make use of a native token that do fast-track activities conducted within the app. It is many times known as a utility token.

These tokens however do adhere to a set of rules that ensure Ethereum tokens can interact seamlessly without disturbance. And about the community that helps in monetization.

It is very well-built and decentralized and as a result, allows a larger involvement of the masses in exchanges thereby creating a robust and vast Ethereum community that allows for a good operating network infrastructure.

Alternative blockchain networks aside from Ethereum include the:

  • EOS Blockchain: mostly used within the gaming and marketplace structure,
  • NEO Blockchain: mostly used as a developer-friendly platform; and
  • TRON Blockchain: which is also used to design certain DApp.

Conclusion

You can always make a decent amount making use of decentralized applications if you are a proficient gamer, a good trader, or seemingly interested in DApps. Then if you are, we think you should check out the listed DApps and keep an eye on the space.

A copyright says that your work is your work, officially, and that whatever rules you lay down, even if it's anybody can do anything or something really weird like you must write my name on derivative work 5 times in a row has to be upheld legally or said person will be in copyright violation.

3 Answers 3

I understand where you're coming from, it's a popular situation, but fortunately you have several options.

Firstly: Protect your work

If your serious about it, then the very first step you should do is to copyright it. When people think of copyrighting they often think of some all-controlling mechanism that you buy to lock down your app so no one can touch it. This is in fact wrong.

A copyright says that your work is your work, officially, and that whatever rules you lay down, even if it's anybody can do anything or something really weird like you must write my name on derivative work 5 times in a row has to be upheld legally or said person will be in copyright violation.

Copyrights are also fairly cheap (I think like $35) and last a lifetime, literally, so copyright up. By doing this, you can set certain limits (Adhering to open source philosophy, keeping your app wonderfully open source, but also have placeholders in place that don't disrupt the open source-ness of your app but allow you to make some kind of money). If people blissfully ignore your app, and recreate it as you said how you don't want it to be used, they are in copyright violation and you have right to take action if you want to so you have legal backing.

Secondly: Think about how you want to make money

Alright so you may or may not have gotten the copyright but now how do you want to make money without ruining the open source-ness and overall enjoyment from it.

Here are many popular methods people use, you can pick any or all you like, maybe they'll also help you come up with some of your own.

  • Take donations?
    • It's a huge 2-minute freebie to just place a Bitcoin, Ethereum, or other coin address as well as maybe a PayPal address address in your README file or other page, not anywhere nagging or annoying, just somewhere off to the side but easily findable and accessible. If your app is good enough, trust me, people will look for somewhere to pay you for your efforts. I've seen this many times where people repeatedly asked the developer for a donation address because he/she didn't charge anything or provide one and was nagged enough one was finally noted somewhere.
    • This is a popular one used by many big companies although there are others ones noted below that you may find better. With this option, you allow any derivative work (which is very open-source compliant) and encourage derivative work (good for business for you if you require attribution) but disallow all derivative work to be sold for profit. The last part is a bit of a hiccup on the open source community because it means you are the sole person who can profit from it but I note it because many companies do use this
    • It's the same as above but very popular with big companies who want to open source their projects. Instead of you being the sole person ever who can make money on your project, it allows the purchase of a license setup however you want in order for said derivative to make profit. Again some companies who are serious about open source are moving away from this as there are arguably better ways to do this but it's another popular option I list here for completion sake. It also allows companies or organizations to take in your project/app or game possibly under a different set of rules that might interest them more and gain extra payout from them while you still keep control over it
    • This is based on the idea that "Your success is my success" and what some companies are moving towards. The famous Unreal Engine has also very successfully chosen this path. Essentially it's the same as above but allows you to denote a percent of profits that the derivative projects must share with you. Usually, if you choose this option, it's recommended to pick a starting amount. For example the unreal project requires this only if your project is making I think $1,000 a month or something like that giving the project at least a fighting chance to startup and become successful first.

    There are many other setups you can think about like derivatives of derivatives, or if the derivative looks different enough it should be regarded as its own project and not tied to yours (This protects you from blatant copies as you mentioned in your post where all that happens is it's free). Just brainstorm away on other ideas.

    But a copyright will give you legal backing to tackle those who ignore any set of rules you make or misuse your project in some way and give you more control down the road in many various cases. It's no problem if you don't copyright it, but then your mostly own your own if people decide to just ignore whatever license or rules you have set in place.

    This DApp is now placed on the Ethereum platform.

    DApps Trust Wallet:

    Trust wallet is a one-stop shop for all your crypto and blockchain solutions. This wallet can store all your crypto tokens, Net-fungible tokens, helps you transact in cryptocurrency, and offers a marketplace for DApps.

    The Trust Wallet can be downloaded from the app store on any major platform and functions as an independent browser. You can connect with the Binance smart chain, Decentralised finance (De-Fi) apps, as well as Etherum based DApps.

    And that is how you can view and access the Best DApps to make money from your trust wallet.

    Create bounties for any task, easily transact in ETH or ERC-2O tokens. The Bounties Network empowers humans to incentivize and self-organize, from freelancing to grassroots social action, and anything in between. The bounties network has already generated over $400,000 in total bounties.

    Coming Soon!

    The platform will allow anybody to upload predictions, stake them with NMR, and build a track record that everyone will trust. It solves the market collapse problem for prediction feeds and allows a marketplace for predictions to form.

    If you know about a live dapp on Ethereum that isn’t on this list comment below! #DeFi

    Disclaimer: The views expressed by the author above do not necessarily represent the views of Consensys AG. ConsenSys is a decentralized community with ConsenSys Media being a platform for members to freely express their diverse ideas and perspectives. To learn more about ConsenSys, Blockchain and Ethereum, please visit our website.

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