Crypto Projects Ideas To Make Money In 2023

Most people invest in cryptocurrency with the hopes of earning life-changing money. Cryptocurrency popularity rose through the roof when its price jumped from a humble $0.09 in 2010 to a whopping $68,789.63 in 2016. Not just Bitcoin, but its counterparts like Ethereum also showcased immense growth potential. However, in the recent crypto market bloodbath, investors are confronted with a stark reality—the highly volatile nature of the cryptocurrency market.

However, this is not the first time the market has taken a downturn, it has witnessed lots of ups and down in the past as well, but this time it’s different. The crypto world is realizing the market is not just influenced by the common trading patterns but by many factors like the fall of FTX, increased post-pandemic interest rates, recent cyberattacks on the Defi blockchains, Russia-Ukraine war. It is now clear that just investing and trading on the crypto trading market doesn’t guarantee good returns.

In this open-source era, it is wise to invest in learning relevant skills and working on some crypto-projects. Not only will it diversify the portfolio and reduce risks of downfall losses, but it can also help with creating a constant cash flow, unlike trading in the crypto market. In this article, we will see some of the most promising crypto projects suitable for both beginners and advanced-level traders to get started and get more profits out of the crypto markets.

Building And Monetizing a Crypto Wallet

Wait, what? Building a crypto wallet? But is’nt that job just for the extreme tech geeks? Well, not anymore, with the increasing availability of information on the internet, there are various sources from which one can learn the skills necessary for the task. One of the key skills to invest in and learn is Blockchain Developer. Blockchain is the fundamental pillar on top of which the crypto industry is standing and will be a wise idea to learn blockchain skills. Estimates states, Blockchain technology has huge potential for growth not just in the crypto domain but in every domain possible. Let’s start with the basics.

What Is A Cryptocurrency Wallet

Digital currencies like Bitcoin, Ethereum, Litecoin, and other altcoins can all be sent, received, and stored via a cryptocurrency wallet. The cryptocurrency wallet holds two types of keys called the public key and private key, which enables communication with the blockchain and managing cryptocurrency holdings.

While the public key is used to send and receive cryptocurrencies, the private key is used to sign transactions and prove ownership. Think of the public key as a bank account number which can be shared with the sender to send or receive money. While the private key is like a bank account password or debit card pin, which is used to authenticate and access bank accounts and withdrawals.

Cryptocurrency Wallet Vs Cryptocurrency Exchange

Unlike crypto wallets, crypto exchanges can be used to exchange one cryptocurrency for another, for example, from Bitcoin to Ethereum. Crypto Exchange can also be used to store, send and receive cryptocurrencies in addition to the exchange feature. Hence, every crypto exchange is a crypto wallet, but not every crypto wallet is a crypto exchange.

Types of Crypto Wallets

There can be two types of wallets as a whole, Hardware wallets (Cold wallets) and Software wallets (Hot wallets). For the sake of simplicity and availability of learning resources and monetizing options, we will take a look at software wallets.

Software Wallets:

An online-connected cryptocurrency wallet is known as a hot wallet. They are therefore practical for everyday transactions, and they are frequently used to store modest amounts of cryptocurrencies for trading or spending.

Examples of Hot Wallets are desktop wallets, mobile wallets and web wallets.

Benefits of the software Wallet project:

They are used more extensively than hardware wallets. However, they are less secure than hardware wallets due to constant cyber attacks and thefts. It’s important to critically test the security aspects of the wallet before launching it in the market.

Constant cash flow, once the wallet has acquired a user base in the market, it can generate a constant flow of money in the form of transaction fees. You can charge a transaction fee for every transaction in the wallet. Some of the most popular examples of this type of business model are the Metamask wallet and Coinbase wallet operating in the metaverse Blockchain.

Tips For The Crypto Wallet Project:

It’s not easy to start a crypto wallet project. However, with time and patience, it has huge potential to make some life-changing money and become financially independent. Some of the tips to get started:

1. Get Familiar with Blockchain Technology and the Cryptocurrency market, analyze the crypto market and get an idea of which cryptocurrency is on the rise and has good potential for the future. Understand how Blockchain works and know all about its details. Taking a good course on understanding blockchain technology and building a crypto wallet can give you useful insights into the projects and a much-needed head start.
2. Use open-source cryptocurrency libraries, cryptocurrency has an amazing community of learners and teachers and the best part is most of them are open-sourced meaning you can view the code, learn from it or even use it to create your app on top of it. Doing this will save you a lot of time in developing blockchain technology or if you are one of the DIY guys then you can use the open-source as a reference to programming your wallet. Popular examples are, Crypto++, Cryptlib etc. Popular programming languages include C++, javascript, ruby, python etc.
3. Use APIs and Cloud, there are tons of information available on useful APIs and cloud computing, uses it to your advantage for building the right wallet.
4. Extensively Test the Security of your wallet, digital wallets are prone to hacks and cyberattacks. Security should be the top priority of the wallet. You can hire proficient developers to do the job or do it yourself. However, that might take a lot of your time, effort and money as well.
5. Make the UI as simple as possible, check your potential competitors which are successful and analyze their UI and try to replicate your UI on it or even make it better. Some examples can be, using multifactor authorization, integrating a QR code scanner and support for many cryptocurrencies.

Building a Crypto wallet is not easy and the task might seem very daunting, but you can hire people for the tasks and take the project head-on with a team. The cryptocurrency market still has huge potential for crypto wallets and outstanding earnings in the future, which makes them a worthy project to consider.

NFTs

Some might say the NFT bubble has popped with the recent drop in NFT prices. However, nothing can be further than the truth. NFT is a new concept, and estimates show it has a good potential to earn some decent money now and in the future. There are various ways to earn money from NFTs, but we’ll see the most feasible ones. Basics first:

What Are NFTs:

A digital asset known as an NFT, or non-fungible token, signifies ownership of a special good or piece of material, like digital artwork, music, or videos.

NFTs are unique and cannot be replaced by another similar item, in contrast to fungible assets, such as cryptocurrencies, which are interchangeable and have a fixed value.A blockchain is a decentralized digital ledger that can store transactions and verify ownership. It is where NFTs are created and kept.

How NFTs Work:

An artist or creator must first generate a digital asset, such as a digital painting or a film, to create an NFT. Following that, they will mint the asset as an NFT by posting it to a website or online store that accepts NFTs, like OpenSea, Rarible, or Gleam.io.

As a result, a special digital token that symbolizes possession of the asset is created. The process of publishing an NFT for selling, storing or trading is known as the Minting of the NFT. If Someone buys your NFT, you are paid via a certain cryptocurrency, which later you can use to withdraw funds from a crypto wallet exchange.

Easiest Ways to Earn Money From NFTs:

1. You can produce your own NFTs and sell them on NFT platforms or markets if you’re an artist, musician, or another type of creator. Just go to one of the many popular marketplaces for selling NFTs and open the selling page or selling dashboard and upload your digital asset by clicking on the button Sell NFT.

One important thing to take note of is, the NFT marketplaces run on blockchains and therefore to sell, create or buy NFTs you have to buy a digital signature and get your operation signed by the blockchain. In other words, you have to pay a fee to trade NFT in those marketplaces. The fee charge can depend upon the cryptocurrency blockchain that is used for the marketplace workings. So do your research, on what offers suit the best to your budget.

2. Buying NFTs with the hope that their value would rise in the future is similar to making other types of investments. A considerable return on investment is possible because some NFTs have sold for millions of dollars.

3. As with traditional art or valuable things, some people purchase NFTs as a type of collection.

Later on, these NFTs can be sold for more money.

Most Popular NFT marketPlaces:

1. OpenSea.io

OpenSea is a marketplace where non-fungible tokens can be purchased, sold, and discovered (NFTs).

One of the biggest and most well-known NFT marketplaces, it enables producers and collectors to purchase, sell, and exchange a wide range of NFTs, such as digital art and collectables.

2. BinanceNFT

An online marketplace for buying, trading, and minting non-fungible tokens is called Binance NFT. It is run by Binance, one of the biggest cryptocurrency exchanges in the world.

Users of the site can buy and trade other people’s NFTs in addition to creating and selling their own NFTs.

3. Magic Eden

Users can create, purchase, sell, and trade NFTs on the blockchain-based virtual world and social platform known as MagicEden (NFTs). It is based on the Ethereum blockchain and enables NFT-based user interaction with the virtual environment.

The methods above can make money if decides to buy your asset, for more concrete earnings and stable cash flow, you would have to build an NFT marketplace itself, it’s possible. The following steps can help build an NFT marketplace.

• Research and choose a Blockchain to build your platform on, NFT market runs on blockchain technology so it is important to choose the right blockchain suited for your purpose.
• Choose the right Niche, various NFT platforms sell various types of NFTs from digital paintings to game NFTs. choosing anyone in the niche will help you narrow down your focus and save time in development.
• Hire a good front-end developer and UI/UX design expert to set up your website. Good design will lead to more customer engagements and higher chances of generating revenue. Also, a good back-end developer to set up the system and database which will power the website behind the scenes.
• Choose the base tokens for your website, NFT support various types of base tokens choose the most suitable. After that, proceed to the development of a smart contract which will facilitate the transactions of base tokens and trades. This is where you get a window of revenue generation by charging fees on every transaction and service on your website.

The total project setup can cost up to $100000+. Once implemented properly, it will yield returns many folds of the investment and constantly.

Developing And Generating Revenue From Crypto Payment Gateway API

A system known as a crypto payment gateway enables the acceptance of cryptocurrencies as a form of payment on a website or application.

It functions as a middleman between the customer’s cryptocurrency wallet and the merchant’s bank account, enabling clients to make cryptocurrency payments while the merchant receives the payments in fiat currency.

Developers can incorporate a crypto payment gateway into their website or application by following a set of programming instructions known as an API (Application Programming Interface).

Customers can make payments using the supported cryptocurrencies thanks to the API, which enables communication between the website or application and the payment gateway. There is a ton of information available regarding how to develop a crypto payment gateway API, research and choose the right information. You can develop a crypto payment gateway API and charge sturdy fees on every transaction through your API.

The most convenient way to build the API can be to build it on top of the existing blockchain payment API. Some of the popular ones are, Metamask, Circle, Ripple etc. However, considerable research and investment would be required for the job.

Conclusion:

Though the current crypto market is going through tough times, it’s showing signs of a recovery. The crypto project ideas may not be feasible for everyone on a time crunch but they offer huge returns and are definitely worth it. One of the ideas can also be to develop a crypto exchange app but with the recent trends, especially after the FTX scam and Defi hacks, I would not suggest taking up the idea of building a new crypto exchange app, not until further market proceedings are unveiled and confidence is restored.