Letter #19: Profitable Pathways
On ways to make a living in web3
Is it Possible to Make a Living in Web3?
That’s the question that’s on the mind of everyone in crypto and NFTs today. And the answer to that question? It’s a resounding YES.
Ok that’s it. Thank you for coming to our Ted Talk—we’ll see you next time! 😆
Seriously though, what has driven the space forward since the beginning of web3 has been an implicit understanding that people can leverage decentralization and technological advancements to take control of their lives. The driving motivation for many has always been to take one’s talents and insights and hone it in such a way that is both fulfilling and financially sustainable.
For many of our readers, that first came in the form of NFTs, as a wave of artists and creators began to capitalize on this digital, decentralized future.
So today, we’re going to share 8 ways that people are focusing their talents and sustaining themselves partially or entirely from web3 means.
If you stick around to the end, we’ll even share a simple tip for how you can earn a cool $2000 USD 😍
1. Launch a NFT Collection
The quintessential method of starting to make a living in web3, allowing individuals with shared passions and objectives to come together and launch a collection. Web3 enables people sharing the same passions, goals, and objectives to band together, and launch a collection.
As many have learned, NFT collections often serve as the genesis for a great deal of startups in the space. But if you’re completely new to the process and don’t know where to begin, check out How to Start an NFT Collection on our HeyMint blog.
The best part? Unlike a year or two ago, launching a collection today can be done on a shoestring budget and cost you nearly nothing.
2. Start a Newsletter
While many web3 options have begun hitting the market (Mirror and Beehiiv to name two), Substack remains the safest bet for newsletters, for now. Although it’s true that many of Substack’s competitors already offer a variety of web3 integrations, Substack’s sheer market dominance and in-platform recommendations should not be overlooked.
As for monetization opportunities with newsletters, they are often tethered to the size and passion of your subscribers. With a large enough audience, Substack (and its competitors) can be a lucrative pursuit. A proven technique which we’ve seen time and time again is to offer both free and paid-only content. This allows you to monetize your newsletter, engage in cross-platform promotion, and get sponsored ads and articles, all the while still building your audience.
Lenny Rachitsky, Bankless, and NFT God are three thriving examples of Substacks which feature at least some of their content behind a paywall.
So how many subscribers is enough before monetization becomes viable?
Well, depending on who you ask, the sweet spot seems to be somewhere between 5,000 - 10,000 subscribers. You should only take this as a guide rather than a hard and fast rule, however, as that number may vary wildly depending on the type of content you are generating, what niche it fills, and what your audience is willing to pay.
Another good indication is to check your amount of pledges. Substack allows readers to tell the author what they’re willing to pay, should they choose to charge; that amount then activates if/when the author enables a paid newsletter. So, if you’re seeing a lot of willing pledges, that’s a good sign that you should consider monetizing your space.
3. Start a Podcast
Podcasts are another affordable option to start building your userbase. Much like newsletters, they do best if you’re consistent, and provide a unique point of view that differentiates yourself from the rest. Similar to newsletters, most of your monetization attempts will be constrained and determined by the amount of subscribers you have.
New to NFT & Crypto podcasts? Study from some of the best. You can’t go wrong with Overpriced JPEGs, Bankless, and Two Bored Apes.
4. Launch or Join a DAO
DAOs (decentralized autonomous organizations) are a shifting and mercurial thing, and admittedly require more research and knowledge to properly execute than the previous three options.
DAO governance is facilitated through the use of tokens or NFTs which typically grant voting powers. Proposals (possible pathways for the future of the DAO) are brought before the community, who may use their governing tokens to vote on proposals and guide the decision-making process however the community deems best.
While DAOs are often launched with heavy financial goals and reward incentives, they can be so much more, becoming their own form of community and identity. Some move to preserve art; others, to advance tech. Some are in it for their bags, others, for charity. Sometimes a DAO is built on the back of nothing more than memes and a willful spirit. In many cases, a DAO can incorporate all of these ideas, and more. Much like NFT collections, DAOs come in all shapes and sizes, and can differ greatly depending on the community.
Some notable DAOs in the space today include SquiggleDAO, Grailers DAO, Illuvium DAO, Seizer DAO, FlamingoDAO, & Nouns DAO.
5. Pursue a Vital Web3 Job
These include everything from programming and design, to analytics, AI, and more. Stay tuned for our next Substack (which will be coming much sooner than usual) as we explore some of those in-demand occupations.
6. Become a Professional Trader
One could argue that this is the most challenging option on our list. Successful traders require not only the proper skills, tools, and resources, but also a great deal of luck, and good timing.
When successful, it can be an incredibly potent means of making money, with some traders making ungodly sums. The caveat? Most won’t. Additionally, being a professional trader generally requires a significant time investment, and your options and earning potential will always be stunted by the funds you have at your disposal. But for the biggest risk takers, it’s hard to deny the allure to trading and flipping one’s way to profits.
7. Be a NFT Artist
While not a walk in the park these days, (with the added injustice of many NFT markets cratering creator royalties to near 0), being a NFT artist has still managed to ignite the careers of many artistically-inclined creators in the space.
This will always remain in some capacity, as even outside the competitive landscape and any monetary speculation, many people seek out art purely for art’s sake.
8. Use Referral Programs to Your Advantage
By far the option with the least time-investment required, referral programs allow anyone to earn an income, simply through good old-fashioned word of mouth. Whether you read your way to this point or simply scrolled down in the hopes of making $2000 USD, we thank you either way.
Our team at HeyMint has launched a new way for anyone to make an income in web3, even if they aren’t artists or creators themselves. In fact, all of this is possible while still supporting the NFT ecosystem and creators in the space.
Launchpad is the most comprehensive and user-friendly no-code NFT toolbox on the market today. Creators can effortlessly generate NFT art, tailor their smart contracts with all the top-tier features they’ve seen in their favorite NFT projects, and design a mint page or mint button embed – entirely free of charge.
You may have already seen the tweet we put out explaining how it works.
Or, maybe you saw Zeneca’s thread about HeyMint and Launchpad:
The TL;DR version is this: for every user you refer to Launchpad whose collection mints, you get paid!
How the Launchpad Referral System Works
As you may know, our Launchpad platform is free for creators, but following the current meta of platform sustainability, we have a small fee when a collector mints from a collection made with Launchpad (0.0007 ETH per mint on Ethereum). While incredibly small on an individual collector level, these fees, in aggregate, go a long way to helping us remain profitable and continue to develop tools for the web3 space.
And that’s where you come in— by simply referring someone to use Launchpad to mint their collection, you’ll receive 20% of the collected fees. For instance, when a standard 10k collection mints out, we at HeyMint make around $10,000. At a 20% reward rate, that would mean a tidy $2000~ in your pocket—and all it takes is referring them to Launchpad!
And, for a select group of early supporters, that reward percentage is even higher, at 25%. Consider it our way of saying thanks for sticking with us all this time.
Whether you have a massive audience, or are simply sharing among your friends, we’ve found a way for anyone to benefit themselves while also helping grow the space, by making it easy for people to launch the NFT collection of their dreams.
✨ Generate income by promoting the most versatile and cutting-edge NFT toolkit available on the market today. See our site for full details and to get your own referral code! ✨
And that’s it! We’ll be back shortly with our next letter, so keep your eyes open. But before we go, a little housekeeping about our NFT Launch Club, and the latest from HeyMint!
NFT Launch Club
We’d love to help you launch your NFT project!
The same team that launched Curious Addys & sold out in nearly 24 hours, bringing in $1.7M overnight, is opening a new program for creators! NFT Launch Club is a 1 month long program designed to fully support creators as you create & launch your NFT project on Launchpad.
This program includes one on one help, marketing feedback, walkthroughs on how to customize your smart contract & art generation, smart contract review, office hours, guest speakers, free access to amazing analytics tools, and so much more! This experience & all our tools are 100% free for creators.
Click here if you’re interested in applying!
🍬 Highlights from Our HeyMint Blog 🍬
How to Create an ERC-721A NFT Collection With Launchpad: a complete, step-by-step walkthrough for making your NFT collection.
How On-Chain NFT Royalties Enforcement Works: a detailed explanation of the battle to enforce on-chain royalties, and how artists can protect their royalties today.
Written by: Brad Jaeger
Director of Content @ Curious Addys (say hi on Twitter or LinkedIn!)