Adoption

Which world leaders have made big promises on crypto?

From Nayib Bukele to Donald Trump, many current and former heads of state across the globe have used crypto and blockchain as political tools.

Few world leaders have been openly supportive of digital assets while in office or while they were campaigning. Though the technology is relatively young and untested as a political issue, many candidates have staked their reputations on crypto and blockchain.

Now the former president of El Salvador as he campaigns for his next term in office, Nayib Bukele is arguably the most outspoken head of state in the world on cryptocurrency. He pioneered a legislative path to make Bitcoin (BTC) legal tender in El Salvador in 2021. He directly tied his presidency to the cryptocurrency, periodically boasting about buys on X — formerly Twitter.

Under Bukele, BTC kiosks have been installed across El Salvador, and the president reported in December that the country’s Bitcoin investments were profitable after the crypto market downturn of 2022. In 2024, El Salvador’s Ministry of Education plans to introduce a Bitcoin education program for public schools.

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Binance, crypto firms optimistic about UAE amid potential US regulatory shift

Ghaf Capital managing partner Feras Al Sadek argued that the UAE’s “regulation by education” sets it apart from other jurisdictions.

Binance and other cryptocurrency firms based in the United Arab Emirates are optimistic that the country will remain a hotspot for virtual assets despite a potential shift to the United States should the Western superpower become a more crypto-friendly jurisdiction.

The “regulation by enforcement” regime in the U.S. has pushed global crypto firms to move to locations such as the UAE, the United Kingdom, Switzerland, and Singapore. However, the idea that companies could potentially return to the U.S. should there be a change in direction was floated during a panel discussion on Dec. 11 at the Global Blockchain Congress event in Dubai.

Highlighting the UAE’s approach toward technology and innovation, Alex Chehade, Binance’s general manager for the Middle East and North Africa, said the local government has built infrastructures around numerous initiatives that encompass not just AI but also Web3, sustainability, and other verticals:

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Web3 can benefit from adopting Web2 optimization: NBX Berlin

User experience remains a barrier to entry for the world of Web3 and industry builders believe the solution lies in onboarding Web2 functionality.

Web3 products and services could benefit from the streamlined user experiences that have been mastered by Web2, according to several industry builders who attended Next Block Expo in Berlin.

Speaking to Cointelegraph at the event, Web3Auth senior cryptography engineer Matthias Geihs said Web3 services continue to be hamstrung by clunky login features and the associated responsibility and technicality of wallet and private key management.

During his presentation, Geihs cited data that suggests 20% of Bitcoin lost by users is a result of poor wallet management. At the same time, many Web3 services suffer significant drop-off rates of potential users at the sign-up stage on their websites and platforms.

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Bitcoin ETFs, user experience will drive adoption — eToro CEO

Yoni Assia told Cointelegraph that products like Bitcoin ETFs align with institutions’ existing modes of operation, making it easier for them to enter the market.

While grassroots cryptocurrency adoption went stale after last year’s implosions in the industry, trading platform eToro’s chief executive believes that the appeal of exchange-traded funds (ETFs) for institutions and ease of investing through various platforms for non-professionals could further drive Bitcoin (BTC) adoption.

EToro CEO Yoni Assia told Cointelegraph at the recent Abu Dhabi Finance Week that institutions typically have rigid systems and prefer not to build new infrastructure for each asset class.

“[Bitcoin] ETFs could be a significant driver of adoption [because] institutions work in a very rigid way. […] They’re looking for the same infrastructure, and ETF, in many cases, is that infrastructure to enable institutional demand to those who don’t want to self-custody.”

Assia added that the availability of a Bitcoin ETF would likely bolster Bitcoin’s legitimacy in the eyes of institutional investors and, in turn, could support the asset’s price, as it represents a familiar and institutionalized form of investment.

Assia (left) with Cointelegraph Arabic reporter Hermi De Ramos. Source: Cointelegraph

Bitcoin surpassed $35,000 in October, a price not seen since May 2021, partly due to excitement around spot ETF approvals.

Related: Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered

Meanwhile, according to Assia, the ease of investing in Bitcoin through user-friendly platforms and its integrations into diverse investment portfolios are crucial to onboarding more retail users into the market.

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Privacy, scaling drives use cases for zero-knowledge technology

Zero-knowledge technology has seen significant growth in adoption within the blockchain space in 2023, according to an inaugural quarterly report published by ZKValidator.

A quarterly report focused on zero-knowledge (ZK) technology indicates that privacy, scaling and identity solutions are significant drivers of adoption in the blockchain space.

Validator service provider ZKValidator’s report titled “The State of ZK” explores insights from the zero-knowledge space, highlighting major and emerging use cases, research, product launches and notable investment rounds.

The key takeaway focuses on use cases of zero-knowledge proofs (ZK-proofs). The cryptographic method allows one party to verify data or a statement without exposing the information. Privacy stands out as the industry’s most significant driver of adoption at 12.9%. Scaling is the second most prominent use case for zero-knowledge technology, with 9.46%.

Identity solutions and new zero-knowledge use cases rank third and fourth, indicating that the blockchain ecosystem is interested in exploring how zero-knowledge technology can be applied in identity management and other novel applications. Zero-knowledge machine learning (ZK-ML) was also identified as the space’s most attractive new use case.

Insights were driven by the company’s work with industry participants, including ZK Hack, zkSummit, rhino.fi, Geometry and University College London. ZKValidator also gleaned data and information working with participants in the production and management of the Zero Knowledge Summit 9 in Lisbon on April 4.

The launch of Polygon and zkSync’s zero-knowledge Ethereum Virtual Machine’s (zkEVM) was also highlighted in zkValidator’s report, with key data from the two Ethereum scaling protocols.

A comparison of zkSync Era and Polygon zkEVM users and total value locked since their mainnet launches in March 2023. Source: The State of ZK: Q1 2023

Having launched over a month ago, zkSync Era has attracted more daily active users than Polygon’s zkEVM. The report speculates that rumors of a possible zkSync airdrop later in 2023 may be a reason for the gulf in user numbers between the two zkEVMs.

Related: Polygon’s ‘holy grail’ Ethereum-scaling zkEVM beta hits mainnet

The report also covers the development of new products, including Geometry’s Semacaulk, a new zero-knowledge set membership protocol that offers gas savings over Merkle-tree constructions, while ensuring proofs can be generated quickly and verified for roughly the same gas cost.

2022’s $7 million ZPrize competition helped drive innovation of ZK technology, with multiscalar multiplication (MSM) on Android mobile devices stemming from the development competition aimed at fostering ZK solutions. According to ZKValidator’s report, MSM improved proof generation time from 2.4 seconds to around half a second, making mobile payments in ZK easier.

Related: Zero-knowledge proofs coming to Bitcoin, overhauling network state validation

The report also mentioned a paper proposing a fast GPU-accelerated zero-knowledge proof system that reduces proof generation time in ZK-proofs by leveraging hardware similarities of GPUs. Graphics processing units (GPUs) have become highly useful hardware for cryptocurrency miners, given its ability to process data simultaneously, and its use for machine learning, video editing and gaming.

Various other zero-knowledge projects were also identified in the fields of decentralized identity, interoperability and payments within the Ethereum and Polkadot ecosystems in 2023.

This includes Telepathy, a Zero-Knowledge Succinct Non-interactive Argument of Knowledge (zk-SNARK) interoperability protocol for Ethereum. The protocol allows users to read Ethereum state on any chain while retaining the security of Ethereum’s light client protocol.

Sismo Connect was also mentioned, which is a privacy-preserving single sign-on method for applications on both Web2 and Web3. The technology allows developers to implement ZK technology in their applications.

Lastly, the Manta Network also expanded its ZK capabilities, allowing for privacy support for nonfungible tokens and soul-bound tokens.

Investments were also highlighted, with Ethereum research and development firm The =nil; Foundation raising $22 million to continue the development of the Proof Marketplace. The solution allows layer-1 and layer-2 blockchains to outsource the production of ZK-proofs.

Zk-proof developer Proven raised $15.8 million in a seed round, while Polyhedra Network raised $10 million for its blockchain interoperability infrastructure platform.

Zero-knowledge rollups have been in the spotlight throughout the first quarter of 2023. Polygon released its open-source zkEVM Ethereum scaling technology to mainnet on March 27, while several Ethereum decentralized finance protocols have adopted zkSync since its alpha launch in March 2023.

Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder

Ethereum price turns bullish ahead of next week’s Shanghai and Capella upgrades

ETH price found news bullish momentum as traders gear up for next week’s major network upgrades.

With one week to go until the Ethereum Shanghai and Capella upgrades on April 12, all eyes are on Ether(ETH). The second-largest cryptocurrency by market capitalization shrugged off rumors and regulatory action against exchanges to hit a seven-month high of $1,922 on April 5. 

Ether price has momentum, and here are three strong reasons why.

Multiple positive price achievements

According to data from Cointelegraph Markets Pro and TradingView, Ether price has posted gains on the seven-day, one-month and three-month timeframes despite market volatility. Ether price gains are also notable from the year-to-date perspective, showing 59% growth.

ETH/USD price chart. Source: Cointelegraph Markets Pro

Ether’s ability to break resistance levels is leading some analysts to believe a $3,000 price target is on the horizon in Q2 2023. The trend shows that whale accumulation remains strong, growing by 0.5% in March, according to data from analytics provider Santiment.

The bullish buying activity may prove on-chain data correct that Ether sell pressure after the Shanghai hardfork will be a non-event.

Related: US enforcement agencies are turning up the heat on crypto-related crime

The uptick in proof-of-stake validation by placing Ether in staking contracts is bullish for the Ethereum ecosystem. Since launching on Aug. 4, 2021, the Ethereum network has witnessed over 18 million ETH staked on the blockchain.

Total Ether staked. Source: TradingView

The emergence of liquid staking derivatives has reduced the barrier to entry to participate in Ether staking. Lido, the leader in LSDs and the largest single entity by value, has close to one-third of all staked EtTH. Including interest received, Lido contracts hold 5.9 million ETH from 137,000 unique depositors.

Lido Ether deposits overview. Source: Nansen

Ethereum network TVL surges

The total value locked in the Ethereum network is also rising, partially as a result of Lido’s protocol comprising 22.4% of the TVL on the Ethereum network. Despite the TVL starting to drop on March 10 due to regulatory and macro headwinds, the decentralized finance market seems to be recovering.

Related: 3 key Ethereum price metrics cast doubt on the strength of ETH’s recent rally

On April 5, TVL reached $50.8 billion, nearly reaching the yearly high of $51.4 billion from Feb. 21.

TVL dashboard. Source: DefiLlama

The strength of Ether price ahead of the Shanghai and Capella upgrades is visible on-chain through increased usage, whale accumulation and a steady uptick in staking. With only seven days remaining until the upgrade, traders expect continued volatility in Ether price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

89% still trust centralized custodians despite 2022’s collapses: Survey

A January survey from Paxos found that 89% of respondents still trusted “intermediaries” to hold their crypto, despite the collapses and bankruptcies last year.

American crypto users haven’t lost their trust in “intermediaries” to hold their crypto, with a January survey from Paxos suggesting a majority of United States crypto hodlers still trust banks, exchanges and mobile payment apps to custody their assets.

An annual online survey published on March 7 by the stablecoin issuer conducted on Jan. 5 and Jan. 6 sought to understand how the crypto winter and “large industry fallouts” in 2022 — including the bankruptcies of FTX and Alameda Research — impacted consumer behavior and confidence in the crypto ecosystem. Paxos noted:

“2022 was a rollercoaster year for the crypto industry.”

“Ranging from some of the highest Bitcoin prices ever to some of the lowest, largescale industry fallouts from companies like Terra, FTX, Alameda Research, and more — it was a volatile and potentially confidence-testing year for the ecosystem,” Paxos added.

However, the survey found that of those that heard and followed the FTX saga, more than half (57%) of respondents either planned to buy more crypto or simply do nothing as a result of the news.

It also found that 89% of respondents still trusted “intermediaries” such as “banks, crypto exchanges and/or mobile payment apps” to hold their crypto, stating:

“In fact, despite the high-profile collapses and underlying poor risk management practices seen in several crypto companies, crypto owners still trust intermediaries to hold crypto on their behalf.”

The survey also found more desire from consumers to be able to buy Bitcoin (BTC), Ether (ETH) and other digital assets from household or traditional banks, with 75% of respondents indicating they were “likely or very likely” to purchase crypto from their “primary bank” if it were offered, a 12 percentage point increase from the year before.

Graph showing respondents who indicated they were likely to purchase crypto from their primary bank. Source: Paxos

“Additionally, 45% of respondents reported they would be encouraged to invest more in crypto if there was more mainstream adoption by banks and other financial institutions,” Paxos added. 

It said a “significant untapped opportunity” existed for banks if they expanded offerings to digital assets. “Not only would these services satisfy increasing demand, but they would also result in higher engagement,” Paxos claimed.

Related: Paxos is engaged in ‘constructive discussions’ with SEC: Report

Respondents qualified for the survey if they lived in the United States, were over 18 years of age, had a total household income greater than $50,000 and purchased cryptocurrency sometime within the last three years. The survey recruited 5,000 participants.

75% of respondents continued to be confident in the future of crypto. Source: Paxos

“Despite the volatile 2022 crypto landscape, consumers didn’t lose faith in their crypto investments. This number was unchanged from the previous year’s report, underlining the long-term confidence of those participating in crypto markets,” wrote Paxos. 

The timing of the survey, however, means that the gleaned results did not take into account more recent crypto headwinds, such as the bankruptcy of crypto lender Genesis, the crackdown on Binance USD (BUSD) involving Paxos and the financial uncertainty of crypto bank Silvergate Capital.

Why didn’t crypto walk the walk at ETHDenver?

Blockchain enthusiasts want other people to use blockchain technology, but Julien Genestoux points out that they were still using Eventbrite at ETHDenver.

Last week’s ETHDenver conference highlighted a disturbing trend in the crypto industry. While not unique to blockchain, the trend of not using the products our industry creates is something that the crypto community needs to grapple with. In more mature industries, this “dogfooding” is enforced. Microsoft employees must use Outlook, Word and so on. But in early industries such as blockchain, this dynamic is still being worked through.

Why doesn’t the Web3 community walk our talk when it comes to utilizing our own technology? We say we are building better versions of existing internet experiences with the value propositions of privacy, transparency and more compelling interconnected experiences for users — and we are. Yet I keep seeing projects across the ecosystem falling back on the very technologies we aim to (and have already) replaced.

This problem has followed us every step of the way through this journey. We prize decentralization, but most financial crypto transactions occur on centralized exchanges. We prize transparency, yet entrust assets to opaque companies like FTX. We prize innovation, yet most of the side events around the upcoming ETHDenver conference run their ticketing through legacy systems like Eventbrite — when better Web3 ticketing options are available.

Related: Most blockchain advocates haven’t even used Bitcoin

There are many reasons for these dynamics, and many of them are valid and a natural part of the building and adoption process. However, I think that we as a community are due for a reminder that we need to be the first adopters of the exciting new tech we’re building. If not us, then who? It’s on us to show the world that these things work and are the better choice compared to the Web2 alternatives. This trend is not unique to blockchain and even seems to be a regular growing pain for almost every industry at some point in its maturation.

Crypto events and conferences are the perfect places to apply the use case for nonfungible token (NFT) ticketing, yet Web2 platforms, such as Eventbrite, remain the staple for a majority of our ticketing needs. The explosion of Eventbrite links for the many (awesome) side events at ETHDenver was truly astonishing, but also disappointing. Our community has built better versions of this technology that has the values we all care so much about built into its DNA, so why don’t we, the Buidlers of this stuff, use it?

Another obvious place for us to eat our dog food is replacing the endless stream of business cards being exchanged at booths and around events. Instead of exchanging pieces of paper that will inevitably be lost, people can simply scan QR codes, get NFTs minted that can remind each other of when and where this interaction happened while creating an additional, ongoing touchpoint for future interactions. Using NFT “link trees” it is also possible to share social media handles and tons of other information. So, for instance, when a potential customer interacts with a business by scanning their QR code, that interaction could be recorded as an NFT and then utilized for promotions, coupons, emails, Telegram handles and more. That sure is a more valuable experience than a paper business card.

As early adopters in the industry, it’s our responsibility to walk along the roads we have built and forge the path for others to join. It’s our duty to show that this stuff not only works but works better than the existing paradigm. For us to do our best work, we need to dog food what we’re building. In doing so, we find friction points and areas where we can iterate. We set the wheels in motion to dream up new and better ways to implement the tech or create new features and use cases. We are the ones responsible for the task of demonstrating a new way forward to the world, so walking the walk is something we all must be constantly reminded about.

Related: Regulation stole the show at Barcelona’s European Blockchain Convention

This is new, there’s a learning curve, old habits die hard, etc. But at some point, we as a community have to draw the line and make a change — as many industries have done before us. The strides this technology has made even in the last few months have been enormous, so perhaps people are waiting until it’s fully baked and seamless. This makes sense, but let’s be clear on what these standards are and make a conscious effort as a community to choose when, where and how we want to start showing the world that we’ve built new ways of doing things that hold our values.

It’s no secret that this technology exists, yet our community seems stuck in its old habits of using the tools we as an industry are working to improve. It seems if there was ever an audience that would want to use this technology, it would be the attendees of one of the largest crypto conferences in the world, right? This is a natural part of any new technology, and it won’t happen overnight, but it has to start somewhere. So, let’s walk the walk by actually using the solutions we are asking others to use. Anything less is hypocrisy.

Julien Genestoux is the founder and CEO of Unlock Protocol. He previously founded SuperFeedr, which became one of the leading real-time web APIs, received funding from Mark Cuban and Betaworks, and was later acquired by Medium. At Medium, Julien led the company’s SEO efforts and quadrupled the share of traffic Medium receives from searches. He created his first company, Jobetudiant, while still in school.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin price enters ‘transitional phase’ according to BTC on-chain analysis

BTC has struggled to overcome the $25,000 level, but on-chain analysis suggests that the pushback at the key price level is part of the transition out of the bear market.

The hopeful optimism of Bitcoin (BTC) traders seemed to dissipate in the first week of March as key on-chain metrics provided resistance.

Now Bitcoin is threatening a retest of the $22,000 level, and a wave of short sellers would stand to profit if that occurred. If the short sellers’ strike price hits, some analysts believe Bitcoin could drop as low as $19,000.

Bitcoin options by strike price. Source: Coinglass

A handful of analysts still project BTC to hit $25,000 in the short-term, on-chain data highlighting a few reasons for price resistance at higher levels.

Realized price metric highlights profit-taking

Market participants’ concern over the Federal Reserve’s interest rate hikes and high inflation are heavy macro headwinds facing Bitcoin and this has investors weighing the time value of money (TVM) of BTC investments. To measure TVM on-chain, Bitcoin holders can be put into groups based on the amount of time they held BTC and average the acquisition cost.

Investors that purchased BTC within the last six months benefited from the early bear market conditions and have an average realized price of $21,000, which places them in profit. The average market realized price across all BTC holders is $19,800, also currently in profit.

Conversely, BTC held for over six months has a higher realized price than the rest of the market groups at $23,500. When Bitcoin reaches above $23,500, the holders that have seen little TVM return for over six months potentially put pressure on a breakout as they get antsy to lock in profits.

Bitcoin supply cost basis by time held. Source: Glassnode

Liquidity inflows increase but pale in comparision to 2022

Bitcoin price is highly reactive to interest rates and the U.S. Dollar Index (DXY), which puts a strain on risk assets. The negative impact of these factors is great for short sellers but bad for Bitcoin. The best way for Bitcoin to withstand short-seller pressure is for new long liquidity and spot buyers to enter the market.

Analyzing exchange net flows is a good way to measure new liquidity and currently this metric reflects a 34% uptick since the start of 2023, but it lags behind the yearly daily average of $1.6 billion.

Bitcoin exchange volume. Source: Glassnode

Currently, the general consensus among analysts is that the ability to onboard new liquidity into the crypto market has been hindered by a crackdown on banks that support crypto-oriented businesses.

The uptick in unrealized Bitcoin profits mirrors previous cycles

While some Bitcoin investors were realizing profit, positive on-chain signals appear when looking at the Net Unrealized Profit / Loss metric (NUPL). The NUPL metric shows the difference between unrealized Bitcoin profit and unrealized loss within the BTC supply.

According to Glassnode, NUPL metrics on March 6 show:

“Since mid-January, the weekly average of NUPL has shifted from a state of net unrealized loss to a positive condition. This indicates that the average Bitcoin holder is now holding a net unrealized profit of magnitude of approximately 15% of the market cap. This pattern resembles a market structure equivalent to transition phases in previous bear markets.”

Bitcoin NUPL. Source: Glassnode

While Bitcoin’s 2023 momentum may have paused in mid-February and many headwinds remain, there are positive signs that the transition out of the deepest phase of thbear market is near.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

How to build a crypto portfolio without spending any money or time trading

Some say “it takes money to make money,” but this isn’t true in crypto. Here’s a few free ways to start building a portfolio.

Starting to invest in cryptocurrency does not necessarily require connecting with a bank account or spending fiat to purchase Bitcoin (BTC) and Ether (ETH). Another way to earn cryptocurrency and build a portfolio is to complete a variety of tasks on various Web3 platforms.

Using decentralized applications and decentralized finance (DeFi) platforms, users can earn cryptocurrency and then swap, sell or hold it in centralized or decentralized wallets without even having to spend money.

Let’s look at a few ways to build a crypto portfolio without connecting a bank account.

Interact with Web3 browsers

A person without cryptocurrency knowledge might be intimidated by the process of downloading wallets and performing on-chain transactions. An alternative is simply interacting with technology, and currently, there are multiple ways to experiment with different crypto platforms. One is replacing Web2 technology with a Web3 counterpart browser.

Google dominates the web browser and search engine space, making money off users by selling data to advertisers. The Brave browser is an alternative platform where users earn Basic Attention Token (BAT) and fully own their data while searching. Users earn from their activity on advertisers’ websites, and Brave does not sponsor search engine posts, which provides users with a more decentralized search experience.

Currently, Brave shares 70% of its advertising revenue, and some users choose to sell their earned BAT on centralized exchanges or through Web3 wallets like MetaMask.

Social media content creation and free NFT mints

NFTs continue to grow in popularity, and potential crypto investors can use a variety of free software to analyze the wallet addresses of successful NFT investors that minted high-value NFTs and also try to find free NFT minting and whitelist opportunities.

AI Birds minting overview with notable groups. Source: DegenMint

Colin Helm, CEO of a free-to-play metaverse platform Caesarverse, noted the importance of free NFTs in the space:

“If users follow social media and community channels closely, they can always find very generous raffles, gain some assets that improve their gameplay experience and build their crypto portfolio just from playing games they may enjoy.”

Some users that have worked the free minting system have generated NFTs that eventually reached a 10 ETH floor.

Related: How to do mobile cryptocurrency mining?

Similar to how NFTs require a social media base for advertising, new blockchains and protocols also require immense amounts of testing and a user base in order to ensure sustainable growth at launch.

Some blockchains like Arbitrum do not have a token, but the hint of an eventual airdrop tends to attract users to the protocols within the Arbitrum ecosystem.

On Sept. 6, 2022, 1inch users on Optimism received an airdrop of 300,000 OP for their prelaunch usage of the blockchain.

For users without the technical knowledge to use new blockchains, social activity-based airdrops could be an easier way to earn cryptocurrency. With social airdrops, users may have to follow, like and share certain accounts on social media. Users will most likely need to use a decentralized wallet like MetaMask in order to receive social airdrops.

Bug bounties and beta tests

Many crypto and DeFi projects have set tokens aside for marketing, bug finding, beta testing and content creation tasks. Many crypto investors earn tokens by auditing, testing, and creating brand designs, marketing materials, music and other content. Lending one’s skills to crypto projects is a perfect way to get started.

Jenny “DJen” Schorsch, founder of GlamJam, shared her experience regarding how she built a brand and started in crypto without upfront costs:

“Start by creating value for the community for free first. After you have your community, you start generating profit and assets with them. I started using NFTs for ticketing and allowed Web3 companies sponsorships for my favorite projects. Before I knew it, people were offering me crypto for participation in events.”

While most users think that a bank account and fiat currency are necessary for interacting with blockchains and cryptocurrency, this is not the case.

With a little effort, aspiring crypto investors can earn cryptocurrency and NFTs without any upfront cost, other than time.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.