Is there going to be a day when Hive could be the primary income provider for millions of people?
This is obviously a question that requires some forecasting since we operate in thousands when it comes to users. However, with expansion, we can try to predict how things could unfold.
Web 3.0 is forming its foundation. In my mind, Hive is at the epicenter of this. We have a number of features that are unmatched thus far in the cryptocurrency world. So, while other blockchains have a great deal more hype, Hive is full of builders. In fact, everyone within the ecosystem is a builder of some type.
One of the reasons why the Hive economy can expand is because businesses are required. For an economy to flourish, it needs thriving businesses. With Hive, one of the biggest advantages is that everyone on the blockchain can be viewed as a business.
This is a fundamental difference as compared to Web 2.0. There, users are nothing more than products. They generate wealth through their activities yet it is enjoyed by someone else. Those who are behind (and own) the platforms are the ones financially benefitting.
With Hive, it is a completely different story. Each account on Hive has value simply because it provides access to a continually expanding ecosystem. This means that those who seek to take advantage by engaging with the different games and applications are going to be the beneficiaries.
Ultimately, it will come down to the activity that takes place.
Expanding Opportunities
This week we received an update via video about the opportunities with Ragnarok. This is a game that many are excited about.
The reason why this is brought up is because it shows the potential of gaming as a major part of the Hive economy. This is a project that is going to be community based. The airdrop has involved everyone who is holding Hive. Most are not going to be playing the game but, for those that do, it is holds enormous potential. The idea is to keep having increasing pools where those who rank in the top 100 are well rewarded.
What makes this interesting is the goal to expand those who participate beyond the actual players. Here is where we can see the ability to "buy into" the success of another. Imagine being able to garner an income stream simply by staking on a player in the game.
Would this alone provide someone with the financial resources required to meet his or her needs? This will likely depend on many factors including location. However, even if it is not, it could be a piece of the puzzle.
One simply is not limited to this option.
Hive is becoming a mecca for content creators. Over the last year, we saw a number of applications developed that really provide a nice array of options. Between the long form content, we are now seeing LeoThreads, Liketu, 3Speak, CTPX, Veews and DBuzz all expanding in ways that enable people to share Hive based content.
This not only will help individuals but the ecosystem as a whole. Here is where the true impact can be felt.
Billions Of Dollars Worth Of Activity
Hive, like most other aspects of cryptocurrency, is focused upon industries that are worth billions. Each of them is able to generate large profits, again for their shareholders. Web 3.0 seeks to change this.
Here is a brief list of some of the markets Hive is targeting:
- gaming
- information
- broadcast/streaming
- social media
- commerce
- finance and banking
It is easy to see how value capture tokens can be worth a great deal if even a small sliver of these different industries are accessed.
What makes the Web 3.0 model viable as a means of income generation is the idea of staking. This could become the new middle class "job".
As rewards are distributed, in whatever fashion they might be, people usually have the option of staking them for further returns. This can be done to provide access as is the case with Hive Power. It could be a financial transaction akin to savings. Or perhaps it is part of the gaming/betting community whereby one is putting his or her "chips" on a particular player.
Over the next few years, there are going to be a lot of tokens being created. These will be applicable to different projects. Many of these will end up as nothing, not arriving at a great deal of success. Some, however, could end up excelling, turning into a major windfall.
Here is where people will be offered an opportunity. The return on one or two of these could, in the end, provide the income stream through staking rewards that are required to meet their needs. Again, this will depend upon the individual but what happens if a particular token is worth $1. If it pays out 50 per day, this could be what is needed in many areas of the world.
We got a glimpse of this with Splinterlands. There was a time, during the last bull market, that things went crazy for those involved in that game. There were many who were sitting on valuable decks, something that was leveraged through rentals and other options.
This is something that is expanding on Hive. Right now, we are in the early stages. That said, if a couple of applications or games take off, the entire ecosystem will benefit. It could have a direct financial impact upon many who are on Hive daily. The stream of payments that results, in one's native currency, could reach levels that meets the needs of most people on here.
It also is the point that many could start to be what is offered on Hive and the numbers start to flow in.
All of this is a part of growing the Hive economy. Eventually, it could provide a living for millions of people.
If you found this article informative, please give an upvote and rehive.
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Hive is a life changer. That's for sure!
There are some #P2E video games in production at #Hive that could cause the hype (and profits for gamers) that #Splinterlands had in its heyday:
#WOO
#Psyberx
#GLG
What do you think about this? Which one seems to have the best economics? !LUV
I dont follow them close enough but I will say the PsyberX team has big plans which is always the starting point.
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@taskmaster4450, @avidez(1/1) sent you LUV. | tools | discord | community | HiveWiki |
NFT | <>< daily
So much potentials on one platform..
Not a day goes by without me thanking God and my brother for linking me to hive.
Hive will really make waves in the whole world
Primary income provider? I can see it as supplementary income, but primary... Wouldn't there be a lot more supply than demand?
How do you figure that?
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My thought is that if millions of people relied on the blockchain for their primary income, to maintain a decent standard of living they would have to consistently sell for HIVE for some sort of currency they can pay the bills with, so the price of HIVE would decrease and users would have to sell more to make up the difference. The reason HIVE works is because of investing and staking, which requires buying and investing - not selling.
If HIVE were $100, and posts earned $400 - $1000, I could see many many people getting on board, posting and the standard of content would be highly scrutinized (like back in the steem days), which could have a positive effect on reputation. But it would also attract a lot of get-rich-quick people, only blogging with the intent of selling as soon as the liquid token is within their reach. If millions of people did this, $100 hive would not last very long. This is what I was getting at with supply and demand.
Yes the blockchain could potentially support millions, but the motive behind those millions would determine the value and stability of HIVE. IF their motive is to earn and sell, it would kill the whole thing, if their motive is long term investments (like many old-timers here), then it can continue to build and build. Many people associate crypto-currency with buy low / sell high = LAMBO.
I've been posting almost daily since 2017 and very rarely sell. At some point I will sell, but not until my time investment was worth it. Right now with current prices, I'm on track to make 4.2K/year. It's taken YEARS to get to this point. Hive would have to 5x before I would even consider cashing out. I can see $3.00 HIVE someday in the future... but by then the cost of living may be way higher and it's only a drop in the bucket, so to speak.
If that were true, stocks would not go up long term. The idea of selling depressing the price from those earning and sending it down is only looking at one side of the equation.
Markets have both buyers and sellers. the idea that people selling is a bad thing and could only send a market down is only looking at a piece of the equation. What about those who want to buy and stake?
Finally, sellers are required for buyers, such as applications, to access the blockchain. Isnt Hive required for resource credits. As activity increases, we see this as requiring more.
There is another problem with the thinking protrayed in your comment. Where does this imply that we are talking about $HIVE only. You immediately jumped to that conclusion.
What about people making a living (or partial) from HBD? Do you disagree that this could be a major part of the economy?
Hive is value capture for what is taking place within the ecosystem. To focus only on that one coin is a mindset that needs to change.
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I see hive as a world of its own and it is one reason why we will just have to keep making necessary changes and improvements as the case may be. Hive jumping more into the economy aspect will do a lot of good to it's users and I think that's the major focus as time goes on.
Games are one of the most incredible ways to achieve our goals because a lot of people enjoy doing something fun and coupled with the fact that they can earn as they play, it makes it more incredible.
Thank you so much for this beautiful analysis you've given about hive and it's plans to keep growing.
This is an eye opener to everyone who will dare take his or her time to read carefully.
I'm rather new to HIVE and I'm already hooked in. I think it has a great future.
Not for millions. For thousands of people it is very likely.
I'm planning Hive to be my retirement job, I figure my government pensions will be worthless by the time I get there.
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Very informative and well written post. Any newcomer to Hive should read this.
As you mention be the one that gives that financial freedom would be hard and depends on the economy where the person live, where I live is expensive so it would very very hard but if someone is single, no responsibilities just himself then I think its possible, been on too many projects at the same time could be exhausting, using multiple dapps already takes time plus creating content, my point is that been on too many things at once can make capital too thin but it provides options, one can game, others can blog, create videos, it doesnt fix ppl into one single platform, been versatile will be key for Hive
There are a lot of targets but it's still going to take time to see whether or not the applications will be successful. I do think they have a serious chance because the infrastructure to support everything is here on Hive as it is and it will all be up to the apps.
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The game aspect of Hive is one part that i haven't explored and honestly i think i have been too reluctant to try it out but not this year!
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Hive can be all that you mention, but it still has a long way to go. Let's keep working and hope for the best.
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I agree with you that HIVE and Web3 could be a massive gamechanger for many to earn wages while using social media. I think if not in this cycle, but the next bull-run cycle we're going to see a massive adoption wave of Web3 social media as hundreds of millions of people begin to realize the value behind social media that rewards you. Early adopters such as us will benefit the most from this wave of adoption, and with massive user incorporation comes massive value, look at how Facebook had a total market cap of a trillion dollars at one point. However, I do believe it is important to never be content for just one income source and to understand that if you truly want financial peace and freedom that cryptocurrency and investing should still be viewed as a side hustle. In my opinion I don't see myself leaving my profession for at least another decade as I enjoy doing what I do and being inside all day would make be pretty bored. But that is the beauty of Web3 is that it will give us the opportunity to monetize our idle time that we spend on social media which is amazing! The best formula for success I believe is to acquire real world wages and use your spare time to grow yourself on Web3 allowing you to increase your capital dramatically rather than putting all your eggs into one basket regarding Web3. Combine that with another side hustle, maybe designing digital products like coffee mugs and selling them, and I think you will find that in the long-run you were greatly rewarded for your efforts! Just my two cents though I just believe that having multiple sources of income by acquiring a real-world skill in which you learn to provide a necessary service such as cooking, building, shipping, some sort of trade will allow you to always ensure that you can provide whatever necesseties you need for yourself.
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