Last week’s FTX collapse has highlighted the importance of keeping things on-chain. Many crypto investors will now turn to self-custody and DeFi in favor of holding their funds on centralized exchanges. 

Moving forward, your on-chain activity will become much more valuable and important. The best part is that it will also most likely be rewarded.

Learn to Earn

RabbitHole is a crypto service that rewards users with tokens and NFTs for interacting with various projects and completing crypto-focused courses.

For example, in September, RabbitHole users could win a free NFT and 40 DYDX tokens (currently worth around $100) from dYdX for interacting with the exchange. 

You can now earn soulbound NFT credentials on RabbitHole for completing courses on DeFi, NFTs, Layer 2s, and DAOs. Earning these credentials will unlock a lot of earning opportunities.

RabbitHole has partnered with leading DeFi projects like Uniswap and RocketPool (Source: rabbithole.gg)

It’s safe to assume that DeFi and NFT projects will eventually start checking wallets for credentials before rewarding their users with airdrops or giving them early access to their products. So, some rewards might come your way later in the future.

After using RabbitHole, I suggest visiting earn.fi to check your wallet for airdrops in case a project has decided to reward you for your credentials.

Paper Trade NFTs For Freebies

Have you ever wanted to gain exposure to some NFT collection because you were certain its prices would surge, but couldn’t because the NFTs were simply too expensive? 

A new NFT trading platform called nftperp allows you to do just that and more. With nftperp, you can bet on and against various NFT collections, including expensive ones like CryptoPunks and Bored Apes Yacht Club, without having to own the NFTs. 

The technical details of how perpetual futures contracts work are quite complex, but you can learn more about them here. But the gist is nftperp lets you go long or short on the floor price of an NFT collection with as little as $5 in ETH.

You can also earn money by testing the beta version of the app. The team will do an airdrop to select participants of nftperp’s paper trading competition. 

To enroll, visit this website and claim the NFT badge for participation. Then, go to nftperp and click “Paper Trading.” Then click the “Get Mock WETH” button. 

Source: nftperp

Finally, click “Start to trade,” and you’ll be taken to the exchange’s interface, which is similar to Uniswap. 

To open a position, select an NFT collection, choose whether you want to go long or short (bet that the price will go up or down, respectively), select your bet size in the “Collateral” section, move the slider to select your leverage, and then click “Open Position.” To close a position, click “My Positions” and “Close.”

High leverage can increase your profitability but also amplifies your risk of getting liquidated. Playing around with mock ETH is a good way to learn how leverage works (Source: nftperp interface)

To maximize your chances of getting the airdrop you need to move up in the trading competition’s ranks. You will need to either be active, lucky, or knowledgeable about particular collections. Good luck!

Shopping Time

Just because NFT prices have plunged across the board, it doesn’t mean that all of the projects are bad or destined for failure. It might be a good time to look for attractive deals.

Tribo Flameys is a promising NFT collection of 2,000 fiery characters released by Tribo Games, a leading gaming studio whose team members have previously worked on classics like Angry Birds, Candy Crush Saga, Crash Bandicoot, and Final Fantasy. 

Flameys NFTs will be at the center of many upcoming games built by Tribo, the first of which is set to be revealed soon. The team closed a €1.2 million funding round in October 2022. They plan to do a big marketing campaign for their first game and drive value to Flamey holders. Once this campaign starts, hype around the collection should surge.

Another promising collection is Anybodies, which is building a Metaverse clothing brand backed by physical merchandise. RTFKT has already proven the product market fit for this concept with its top collection trading at a 13 ETH price floor. 

Anybodies is a smaller brand with much cheaper NFTs but significant upside potential. It recently partnered with Toys“R”Us, showing its business development prowess. If the team secures a partnership with one of the top clothing brands or artists like Puma or Adidas, Anybodies could hit it off big.

Good luck and stay strong.