Meet the Crypto That Is Redefining the Hustler Economy

As longtime readers know, we believe that the internet has rewritten the rules of work.
The Daily 10X Stock Report

Meet the Crypto That Is Redefining the Hustler Economy

By Luke Lango and the InvestorPlace Research Staff

As longtime readers know, we believe that the internet has rewritten the rules of work.

That is, in the old days, you made money by having a 9-to-5 job that paid a salary. You put in your 40 years, retired with a solid savings account, and lived out the rest of your life in peace.

That was the American Dream.

But that dream isn’t so singular these days. Today, you can make money through a host of gigs that weren’t income-earning opportunities for previous generations…

You can drive for Uber, deliver food for DoorDash, deliver packages for Amazon, create videos for YouTube, stream games for Twitch, finance creative work on Patreon, and so much more. Each one of those gigs earn you money these days. Each one of those gigs is made possible by the internet.

Of course, lots of folks still have their 9-to-5 jobs. But a lot of them are realizing they can supplement their income with these new internet-powered side gigs – and in some cases, the side gigs are turning into full-blown careers.

A 2021 Harris Poll survey found that 1 in 3 Americans now has a side hustle. More than that, these side hustles are brand new. About 67% were started in the past two years. About 30% were started in 2020 alone.

We think the writing is on the wall here. This isn’t a temporary phenomenon, or “just something the kids are doing.” It’s a paradigm shift in the way we work.

We’re going from a one-dimensional labor market to a multi-dimensional labor market, with the added dimensions made possible by the internet.

Now, as many of you know, while the general public prefers to call this new labor market the “Gig Economy,” we prefer the term the “Hustler Economy” – because, at the end of the day, this is all about the internet allowing ordinary folks to hustle and make money.

And guess what? They’re pretty good at it. That’s why we see the Hustler Economy becoming the new global norm in society.

So, in today’s edition of The Daily 10X, we’re going to tell you about a way to play the emergence and standardization of the Hustler Economy. In true disruptive fashion, this isn’t a stock pick – it’s a cryptocurrency, which is being used to build a blockchain project that will thrive in the Hustler Economy. It is still very early days for this project. But if things work out as intended by the creators, the value of the underlying crypto will skyrocket.  

Crypto Overview

The crypto we’re talking about is Gitcoin (GTC).

Gitcoin is a decentralized gig worker platform dedicated exclusively for Web3 development. It is basically the Fiverr or Upwork for Web3 development.

The platform constitutes funders and earners. The funders list Web3 projects that need to be coded, with pay for those jobs. The earners select from a list of Web3 jobs. Upon completion of the project, the funders pay the earners.

Everything is done on-chain through the Gitcoin platform, and therefore, the platform has total transparency. Everything – including the software and code – is open source.

Today, the Gitcoin platform is quite sizable. It comprises about 312,000 monthly active developers who have collectively completed over 2,000 projects through the platform. So far, Gitcoin has funded $55.3 million worth of Web3 software. Last quarter alone, funding on the Gitcon platform exceed $8 million.

The market cap on Gitcoin presently sits at $180 million.

The Opportunities

  • The Hustler Economy is here to stay, and it is going to grow a lot over the next decade. As it turns out, professional comedians aren’t the only people who can be funny, and professional traders aren’t the only people who can make money in the markets. Average folks have hidden talents. The internet is unlocking those – and as it continues to do so, the Hustler Economy is going to boom.
  • We believe blockchain projects will have enormous success in the Hustler Economy, because legacy gig work platforms typically take huge commissions – and those commissions are something that gig workers love to complain about. Blockchain projects eliminate those commissions, and consequently eliminate the biggest pain point of legacy gig work platforms. In so doing, blockchain gig work platforms are positioning themselves for rapid uptake in the 2020s.
  • There are a handful of blockchain gig work platforms out there today. Of them, Gitcoin appears to be the most established and mature, with $55.3 million of funding to-date and over 300,000 developers.
  • Of those projects, Gitcoin also appears to be the most polished, with the best user interface and the most modern marketing campaigns.
  • Net net, we think Gitcoin is the best blockchain gig work platform in existence today.
  • The valuation is very attractive, with Gitcoin worth just $180 million today.

The Challenges

  • Fiverr and Upwork are well-established incumbents in this space with their own network effects. Disruption here will be tough – but removing commissions is a huge value-add that will help along disruption efforts.
  • Gitcoin is also competing with a ton of blockchain gig work platforms. We do believe Gitcoin is the early leader here, but they aren’t large enough to a point where we think no one can catch them. Rather, someone can catch them, and therefore, blockchain competition is a legitimate risk here.
  • The exclusive focus on Web3 development is interesting, but also limiting in terms of long-term addressable market.

How It Could 10X in Value

  • Upwork and Fiverr are both worth about $4 billion.
  • Even if Gitcoin only gets half their size, that’s still a $2 billion valuation.
  • The token is worth just $180 million today.

Final Word

The cryptos that will succeed long-term are the ones that offer meaningful enhancements to the consumer experience over legacy projects. A blockchain gig work platform does just that, by eliminating huge commissions and dramatically increasing gig worker net pay. Long-term, we’re confident that a blockchain gig work platform will unseat Fiverr and Upwork. At present, we believe the leader in this space is Gitcoin, which makes this crypto a very compelling investment opportunity at current levels.

Sincerely,

Signed:


Luke Lango
Editor, The Daily 10X Stock Report

Small-cap stocks that can rise 10X over the long run are often volatile. If you are interested in this stock, buy it like a pro by setting strict limit prices. Learn more about how to use limit orders here.

Key Company Details
Company Name Gitcoin
Ticker Symbol GTC-USD
Most Recent Price $13.34
Current Market Value $189.7 Million
Annual Revenue N/A
Catalyst The Hustler Economy

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