-
The world has witnessed various development in the blockchain world, from DeFi to the metaverse. Every new technology in this digital world has given different advantages to businesses as well as users. One such new concept is sleep-to-earn non-fungible token (NFT) platforms.
The concept is similar to other NFT development solutions like play-to-earn and move-to-earn games. With this platform, users can earn NFTs while sleeping. The main focus of a sleep-to-earn NFT platform is to promote a healthy lifestyle among users.
Explore how this newly emerging concept works and how it can benefit a business with this article.
What is a Sleep-to-Earn NFT Platform
A sleep-to-earn NFT platform is a platform that rewards users with NFTs for every night of proper sleep. Users can sell their rewards (NFTs) in the marketplace for cryptocurrencies.
These platforms also have their native tokens to enable smooth digital transactions. Users can purchase these tokens to participate in sleep-to-earn platforms.
See AlsoWhat is residual income?Such platforms encourage people to go for a proper sleeping schedule to improve their overall health. They use advanced sleep technology to determine the sleeping routine of users.
The Working of a Sleep-to-Earn NFT Platform
Sleep-to-earn NFT platforms work similarly to popular crypto exchanges. Firstly, users need to sign up to access the sleep-to-earn NFT ecosystem. Also, they have to connect their crypto wallet with the platform.
This platform offers a variety of bed options along with their specific duration of sleeping hours. People have to purchase a bed that represents their sleeping hours for participation. Users have to use the native token of the platform to buy beds or add features to their beds.
They also have to use sleeping accessories so the platform can determine their sleeping patterns. Once the participants complete their sleep, the platform will give them NFTs.
Also, Read |NFT Smart Contracts | Applications You Must Know
Why Develop a Sleep-to-Earn NFT Platform
Developing a sleep-to-earn NFT platform gives various business advantages. They can generate revenue by adding features to their platforms.
Below is an explainer of how businesses can make profits with the platform:
Sleep Tokens
Every sleep-to-earn NFT platform has its native token for transactions. Users have to purchase these tokens to buy beds and other devices to check the sleep duration.
Sleeping Accessories
Firms have to provide some sleeping accessories to their users. These accessories track every detail of users' movements during their sleeping hours. Thus, people have to use these accessories to earn NFTs.
Sleeping accessories are the backbone of any sleep-to-earn NFT platform since they prevent users from deceiving the platform.
Assistance Charges
People participating in a sleep-to-earn NFT platform can improve their sleep cycle with the help of a sleeping assistant. Businesses can provide assistants that monitor users' sleep and help them get maximum sleep. Platforms can charge fees for availing of such assistants.
Commission on NFT Reselling
People who earn NFTs by sleeping can either keep them or sell them using different methods like auctions. Also, they can sell their collected NFTs as a whole or in parts to buyers. Businesses will get a commission in all these selling methods.
Also, Read | NFT Launchpad Development | A New Means of Crowdfunding
Sleep-to-Earn NFT Platform Development
You can develop a sleep-to-earn NFT platform from scratch. From planning and designing to developing and deploying, you have to take care of all the steps.
However, you can skip this process by opting for white-label solutions. You can easily customize the platform according to your requirements.
Conclusion
Sleep-to-earn NFT platforms can offer numerous possibilities and can have a promising future with several growth opportunities. Additionally, blockchain technology increases the security of these platforms. So, businesses can enter this market by launching their platforms.
If you are someone new to this field, then take assistance from a blockchain service provider like Oodles Blockchain. Our NFT developers have years of experience in developing such platforms. Contact us to avail of our services.
FAQs
Understanding a Sleep-to-Earn NFT Platform? ›
A sleep-to-earn NFT platform is a platform that rewards users with NFTs for every night of proper sleep. Users can sell their rewards (NFTs) in the marketplace for cryptocurrencies. These platforms also have their native tokens to enable smooth digital transactions.
Is it hard to earn money with NFT? ›The most direct way to make money with NFTs is by creating and selling them. As an artist or content creator, you can tokenize your work, turning it into a unique, tradeable asset on the blockchain. Creating NFTs for profit is easy — here's how you can get started: Choose your art medium.
What is sleep future sleep to earn? ›Sleep Future (SLEEPEE)
In the app, you'll get a sleep score after your daily sleep is monitored by cutting-edge technology. Based on your score, you'll earn tokens that can be converted to buy products or services in their SleepStore.
A case in point is the fact that NFT creators can earn royalties even after they've sold their art. Passive income is generated by the royalty fees whenever the creator's NFT is traded in the secondary market. These royalties are decided by the NFT creator themselves.
How does NFT platform work? ›How NFTs Work. NFTs are created through a process called minting, in which the asset's information is encrypted and recorded on a blockchain. At a high level, the minting process entails a new block being created, NFT information being validated by a validator, and the block being closed.
Has anyone ever made money from NFT? ›You can make money from NFT too. First off, you should use nft development services, research the market and try to project which NFT artwork can bring you a fortune. Then you can invest in NFTs and generate a profit by selling them.
What is the average income for NFT? ›As of Sep 6, 2024, the average hourly pay for a Nft Artist in the United States is $24.65 an hour. While ZipRecruiter is seeing hourly wages as high as $40.38 and as low as $9.13, the majority of Nft Artist wages currently range between $17.55 (25th percentile) to $27.88 (75th percentile) across the United States.
How much can I get paid to sleep? ›As of Sep 9, 2024, the average hourly pay for a Sleep in the United States is $30.86 an hour. While ZipRecruiter is seeing hourly wages as high as $59.13 and as low as $8.89, the majority of Sleep wages currently range between $23.08 (25th percentile) to $35.10 (75th percentile) across the United States.
Is sleep debt real study? ›The effects of sleep debt are highly individualized. But according to Medical News Today, in a studied group of individuals who experienced sleep deprivation for 10 days followed by one week of regular sleep, most measures of cognitive performance had not yet returned to normal.
What is sleep to earn? ›A sleep-to-earn NFT platform is a platform that rewards users with NFTs for every night of proper sleep. Users can sell their rewards (NFTs) in the marketplace for cryptocurrencies. These platforms also have their native tokens to enable smooth digital transactions.
Does NFT pay real money? ›
NFTs, or Non-Fungible Tokens, are unique digital assets verified using blockchain technology. They can be used to make money through creation and sale, investing in NFT projects, or trading them on various platforms.
Is NFT still profitable? ›Is it profitable to invest in NFTs? Investing in NFTs can be profitable, but it is not guaranteed. Some NFTs have sold for millions of dollars, like Beeple's digital artwork which sold for $69 million. However, the market is highly speculative, and many NFTs do not increase in value.
Are NFTs a good investment? ›Investing in NFTs has just as many benefits as downsides. In general, NFTs should be purchased if the tokenized asset has an established market and interests you—otherwise, it's unlikely the NFT will experience price appreciation and that you'll be happy owning it following your purchase.
Can NFT be converted to cash? ›Another method that you can use to convert your NFT for cash is through auction. NFT auction involves enlisting your NFT for sale on online platforms (centralized or decentralized), or in-person, in reputable auction houses. After enlisting your asset, you'll then set a minimum price and time frame for it.
How does NFT work for beginners? ›How do NFTs work? NFTs operate on blockchain technology, which is a secure and transparent digital ledger. Each NFT is assigned a unique and unchangeable code stored on the blockchain, providing a clear record of ownership and verifying the authenticity of the associated digital asset.
Can I make an NFT for free? ›Yes, you can generate an NFT for free. For example, NFT-inator allows you to generate NFTs for free. However, minting typically costs a small fee called “gas.” In some marketplaces, you can defer gas fees to the eventual buyer, in a process known as “lazy minting.”
Is selling an NFT hard? ›Selling an NFT is pretty straightforward. Most NFT marketplaces let you sell these digital assets with just a few clicks. On the other hand, getting a good price can be challenging. NFT prices usually relate to creativity, quality, the market as a whole, and your reputation among potential buyers.
How to be rich using NFT? ›People can become rich from NFTs by creating, buying, and selling unique digital assets on blockchain platforms. Artists, musicians, and other creators can mint their work as NFTs, selling them to collectors.
Do most people lose money on NFT? ›Flash forward a year, and the vast majority of NFTs are now virtually worthless, according to a report by dappGambl.
How much money do you need to create an NFT? ›On average, NFT costs can be as low as $0.01 but go into thousands of dollars. For example, you can create NFTs on an Ethereum blockchain, the most expensive of all blockchains costing an average of $70. However, there are many examples where making your own NFT that can cost you more than $500 at its peak time.
