If you sell or dispose of your crypto rewards in the future, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.įor more information, check out our complete guide to crypto taxes. When you earn cryptocurrency, you’ll pay income tax based on the fair market value of your crypto at the time of receipt.
In the United States, cryptocurrency is subject to income and capital gains tax.
If you’re earning cryptocurrency using the methods above, it’s important to keep in mind that your crypto income is subject to tax. Time: Time may vary depending on the specific nature of the task. While following a project on Telegram is relatively simple, analyzing a smart contract to find bugs can take considerable effort. The reward for identifying a ‘critical’ bug is as high as $250,000.ĭifficulty: Easy to Hard - Cryptocurrencies can be very easy or very difficult depending on the specific nature of your task. Some projects like Ethereum offer bug bounties to investors who can identify issues in a project’s source code. Some cryptocurrency projects payout cryptocurrency for completing bounties on specific tasks - such as following the project on platforms like Twitter or Telegram or making a YouTube video about the project. Time: Earning cryptocurrency on a play-to-earn platform may take time - typically, you’ll need to put hours of time on the game each day to earn a substantial amount of crypto. You can also buy/sell trading cards within the in-game marketplace. You earn EXP for winning battles with other users, which you can then use to upgrade your cards. Gods Unchained : Gods Unchained is an NFT trading game similar to Magic the Gathering. While gameplay features are limited, you can send your heroes on quests to earn DFKTEARS. You can stake JEWEL, the in-game cryptocurrency, at the bank to earn rewards. To get started with Axie Infinity, you’ll need to own three Axies, which can be bought on the game’s marketplace.ĭeFi Kingdoms : DeFI Kingdoms is a game that’s made DeFi fun and accessible for users.
Play-to-Earn games are video games that allow users to earn cryptocurrency through the course of gameplay.Īxie Infinity : Axie Infinity allows users to win cryptocurrency as a reward for battling Axies (Pokemon-like creatures).
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