Late last week KokoSwap, a little-known cryptocurrency, made global headlines when it registered a bizarre 76,200 per cent rise in one day. Experts attribute the spike to the surging popularity of NFT gaming. NFTs or non-fungible tokens are digital assets that represents real-world art, music, videos etc, which can be sold and bought online. NFTs are transforming the online gaming industry because it allows gamers to play and earn, becoming pivotal players in the gaming economy.  Cryptocurrency refers to decentralised digital money that’s used to purchase assets, the most popular and the first of which was Bitcoin. Thousands of such currencies are in circulation, and those looking to invest and make quick money seem to be turning away from SIPs and gold to this risky but enticing asset class.

So, how exactly can you make money? Firstly, you can invest or trade in the crypto exchange market. For this, you will need to use your real-world funds to buy digital currency, just like you would to buy gold or stocks. You can also use the currency you own to stake and lend to the system or other users. Thirdly, you can participate in the blockchain system by mining or receiving coin rewards for work that you do in the system or virtual world.