Grimes sold $6 million worth of NFT digital assets. Beeple Artwork has been tokenized into NFT and was sold for $69.3 million. Tacobell sold NFT art on Rarible and 25 tokens they put up were sold in half an hour.
Recently, NFT has been the trendiest in-demand word in the technology industry. The craze around NFT services and high payrolls are attracting more and more brands, entrepreneurs, business and creators.
From the year 2014 (When NFT was established) to the year 2021, NFT has taken a long way. From an experimental hobby of blockchain enthusiasts to becoming a full-fledged industry powered by speculative art buyers, it is a one-of-a-kind asset that is only booming during the time of the pandemic. According to the sources, the total sales value of NFT in July 2021 alone was $1.36 billion. It includes digital paintings, music, fashion, intellectual property, videos, memes, collectables, and movies.
Reading and hearing all of it may excite you as well to start your business idea! After all, who doesn’t like colossal payrolls and audience engagement?
It is important to have an NFT marketplace to be a part of NFT development. Non-fungible tokens can be easily bought from cryptocurrencies in these marketplaces. NFT enthusiasts can search and find rare artwork on these platforms. Also, the artists can list their NFTs in an auction. With the help of smart contracts, both parties approve of the transactions. A few of the impressive features on these marketplaces include ease of search, unlimited listings, storefront, status tracking, Categorization of NFT, in-built wallet.
As buying of NFTs is becoming an expensive hobby of affluent people, many businesses have also developed their own marketplace.
10 Business ideas to look upon
Besides creators, brands, and businesses, even the popularity of NFT stores, startups, and applications related to this digital asset is also gaining a lot of popularity.
From the marketing point of view, NFT helps in:
- Increasing brand loyalty
- Increasing brand awareness
- Engaging with customers
- Providing individual customer experience
Here are the top 10 ideas you can look up to if you are planning to start a business:
- Start an NFT themed blog: Although NFT is popular nowadays, it is a relatively newer term for most people. Hence, Internet desperately needs well-researched and informative blogs and artists covering all the NFT related content and news. This also means readership will also be high for such writeups.
If you are a writer and have a thing for NFT, then you can definitely start blogging. Once your blogs started getting a dedicated readership, you can monetize them with ads or affiliate links.
2. Start an NFT marketplace: If you are well equipped with NFT terms and resources, then you can start your Best NFT marketplace, too. A few of the popular ones are Rarible, OpenSea, YellowHeart, etc. The goldmine of NFT services, “NFT Auction” is carried out via these marketplaces only. These platforms also charge pre-defined fees for each sale.
Hence, you can start your own marketplace too, but do detailed research about your target audience and the motive behind it.
3. Create an NFT online course: After the pandemic arrived, online courses have been a lot in trend. If you know about the NFT ecosystem and other related things like buying, selling, produce and minting, then you can create a course or masterclass about it.
Whether it will be a week-long Bootcamp or semester-long course depends totally on your choice The price depends on your investment and level of expertise.
4. Create a white label NFT service: Removing brand names of manufacturing companies and placing brand names and logos of sellers is known as White Labeling.
The same strategy is used for NFT services, which require little or no additional development. If you create something related to it, keeping buyers and sellers in mind, the niche can go on for a very long time.
5. Create an NFT cryptocurrency: Crypto protocols that revolve around NFT shopping, art, video games, and others are rising. You can create an NFT cryptocurrency too however, you need to first understand the niche, analyze it deeply, knowhow can you provide the value, what protocol you can solve, and engage users.
Also, note that it won’t be an instant success if there is no motive behind it.
6. Write an NFT E-book: The royalties you get from your best-selling book are just on another level. If you are an NFT fanatic and want to spread knowledge about it, then you can craft an NFT E-book. Here, you can make people understand NFT from various perspectives and also advise the newbies about it.
7. Launch an NFT application: Undoubtedly, Applications > Websites because of their easy-to-use and convenient experience. And in today’s time, it is becoming an essential part of any brand and business as it helps in communicating with the audience directly.
You can develop and launch an NFT centralized app that will include selling, buying, trading, and minting NFT. This will help in trading NFTs smoothly and easily.
8. Start with NFT newsletter: If E-book is something you cannot work on, then here is another option, i.e. NFT newsletter. As of now, there are hardly any newsletters that dig deeply into the NFT ecosystem and related content. You can send these newsletters either weekly or monthly, covering all the trending topics, news, interesting facts, and press releases.
This will be a profitable venture in your hand if you do it right.
9. Be an NFT Broker: The prices of NFT assets are highly volatile, as a result, brokers make profits from the price difference. The NFT brokers work the same way how antique traders work; buying assets only when they know that their price will increase.
If you know how to buy demanded lots, know how to put them in the right light, and when to sell them, you can be a good and successful broker, with no doubt.
10. Develop NFT collectables: Go for it only if you are good at research work. As for becoming NFT collectables, you need to be updated with the trends and understand market depths. You also have to make sure that if the item is authentic or not. After minting your NFT collectable, you can sell it. Top 5 NFT projects to watch out in 2021
This NFT trend won’t slow down for a long time rather, it will grow each passing day. If you are new to the world of NFT, then don’t get overwhelmed and go for all of them. Research thoroughly, know what fits you best, understand your target audience and then go for one particular business idea. Remember to take one step at a time because of “Quality over Quantity.”