The 2024 crypto revolution has begun and everyone is scrambling to find their place in this intensely competitive realm. Soaring Bitcoin prices, NFTs, and income generation prospects with crypto wallets have become a topic of discussion among enthusiasts. The reality is that wallets do more than just store your precious digital assets and offer lucrative revenue streams.
The crypto segment is complicated and exciting. It doesn’t guarantee ways to get rich quickly but with meticulous planning and the right tactics, you can earn as much as you want. This blog unravels the powerful secrets to boost revenue with crypto wallet development in 2024:
Every crypto wallet has its way of generating profits. Certain businesses concentrate on one form of revenue generation while others adopt multiple approaches. Let us explore these approaches one by one in detail:
1 : Staking Pools
Staking pools can also bring in some revenue for wallet providers. This revenue comes not really from operating the wallet, but more from the revenue generated by the staking pool. The wallet here functions basically as a mere marketing tool for the staking pool as a business.
Staking pools are also a lucrative money-making opportunity for wallet owners. The Total Value Staked (TVL) was over $196.86b and has grown significantly, with a CAGR of over 100% in the past year. Thus, The users can stake assets within the wallets and earn rewards while the provider earns percentage fees as profit.
Staking pools offer advantages to enterprises and users alike. Let us discover them in detail :
Small entities get the chance to fulfill minimum stake requirements and compete for validation rewards that are impossible to access individually.
Enterprises can increase network security by expanding the validator set making it difficult for attackers to access it. Furthermore, Users can spread their stakes across multiple pools eliminating risks linked with individual validator performance or downtime.
Related: How to Earn Passive Income from Crypto Wallet Staking?
2 : In-Wallet Trading
In-wallet trading is another simple and effective way to generate passive income. The provider gets a fee for facilitating trading on the platform. You need to choose a crypto wallet development solution with trading support.
Wallet trading offers several benefits to enterprises and owners highlighted below :
3 : Crypto Investing
Crypto investing is the process of holding and buying assets for value appreciation. Investors can benefit from it by selling these cryptos at higher prices than the acquiring cost offering financial gain. To succeed in this approach you need to be patient, strong belief in underlying technology, and tolerance for market volatility.
It’s time to unravel the lucrative benefits offered by crypto investing :
4 : Referrals
Crypto wallet referrals are an easy way to earn money. All you need to do is invite people, they sign up and you earn rewards. It is just a way to convince people to join the platform and connect with the like-minded crypto community.
5 : Play to Earn Games
Play to Earn has taken the gaming segment by storm. It is a perfect blend of entertainment and generates decent income. Before diving into the landscape it is essential to navigate the intricacies of the landscape, choose a reliable crypto wallet development services, explore potential rewards, and risks involved.
Play-to-earn games offer their own set of advantages discussed below :
6 : Crypto Mining
Crypto mining is a traditional method to make money using crypto wallets. It uses specialized computers to solve mathematical puzzles that secure the network and process the transactions. In return, miners get newly minted coins and transaction fees. The process demands huge investment and electricity costs. It offers a steady source of income to those having resources.
Let us explore how crypto mining can be advantageous to enterprises and users :
7 : Crypto Airdrops and Forks
Airdrops and Forks help you receive new digital assets. New tokens are given to the current holders to boost engagement or earn loyalty rewards. Forks happen when a blockchain diverges into two paths, potentially granting holders of the original currency an equivalent amount of the new one. These assets can be held for value appreciation or sold for profit, maximizing income.
Purpose of Crypto Airdrops & Forks :-
Let us shed light on the advantages of crypto Airdrops and Forks :
The crypto segment is constantly growing and the business models of today won’t be similar tomorrow. Wallets would extend their capabilities beyond their existing functionality. These things include:
On-chain referral bonus will be introduced for DeFi protocols. Thus, Switching between DeFi and wallets becomes a simple task and provides new revenue streams to the wallet owners. As a provider, you can earn a small share of transaction fees as profit. It would operate as an extra hidden fees.
Another way to generate profits is by making the wallet a paid product. It can taken as a one-time payment or subscription. A paid model offers a sustainable revenue model. As most wallets in the market are free there is a need to find ways to get a competitive edge.
In 2023, the crypto wallet segment holds a market size of USD 8.42 billion which is expected to grow at a CAGR of 24.8% between 2023-2030. This means there is never been a better time to select and buy cryptocurrency wallet solutions. All you need is a cryptocurrency wallet development services provider like Antier with vast domain knowledge with a knack for transforming the crypto space with their customizable crypto wallet solutions. With a team size of over 700, we have tailored over 150+ wallets with 1 Million+ users registered on the platform. Our solutions support activities like in-wallet trading, staking, investing, play-to-earn games, and more to maximize investment returns. Connect with the experts to obtain a personalized quote based on your needs.
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