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All the craze around NFT services and shocking sums of money that appear next to this concept attract more and more entrepreneurs. Digital artists, influencers, and different creators sell their works in the form of digital assets and get colossal payrolls. For example, Grimes sold $6 million worth of NFT digital art. Some pieces of physical art gain a new form of digital life. Banksy’s piece called “Morons” was fully digitized, transferred to NFT, and burned to confirm the value of the digital asset.
However, artists aren’t the only ones who gain profits from the NFT services. With the rising demand, different NFT stores, startups, and applications appeared. For example, Rarible, a decentralized marketplace and an NFT art gallery that allows digital creators to sell their creations reached the price of $45,48 per token in less than a year.
In this article, OpenGeeksLab is going to discuss the future of NFT for entrepreneurs, how businesses can create and sell NFTs, and go through the upcoming business trends in this niche. Let’s get started.
The real value of NFT for business is that this technology allows for creating a one-of-a-kind asset. This fact enables your business to provide a unique customer experience and offerings to audiences. NFTs’ versatility allows you to create literally anything you can imagine. Music, images, videos, digital real estate, virtual worlds, and many other things that can be delivered to your audience. NFTs became a brand new tool to create unique selling propositions, increase customer engagement, and develop storytelling.
From the marketing point of view, non-fungible tokens enable you to:
For example, Taco Bell, to stay on top of the latest trends, launched digital Tacos via Rarible. These were basically taco-themed GIFs called “NFTacoBells”. 25 NFTs were sold within 30 minutes from the start of sales with a maximum bid reaching $3,646. Of course, this sum sounds funny for such a giant as Taco Bell. However, this campaign helps Taco Bell to show that they are on the same wave with their clients, drive brand awareness, and maintain the brand’s NFT media presence.
However, marketing isn’t the only niche where NFT services can be useful. Tokenizing sports events or concert tickets may have a positive impact on an event niche. NFT verified tickets can’t be resold, meaning profiteers will stop buying all tickets online to sell them five times more expensive around concert halls.
NFT services could be useful not only for virtual estate but for physical real estate too. Today, this niche is filled with bureaucracy and various intermediaries ranging from estate agents to lawyers. A transition to smart contracts could solve the problems of layering facilitators. All history of rights and ownership can be stored on the blockchain to simplify sales processes.
The list of use cases is unending. The NFT business model is quite new and requires some time to gain shape and attract new ideas. Right now, let’s dive into 10 NFT business ideas that will resonate all over the blockchain world very soon.
The NFT business has a steep learning curve and resembles conceptual art more than a well-established trend. That’s why it’s hard to draw up obvious business plans that will blow up for sure. Still, if you have an understanding of blockchain and some guts to try, we’ve compiled a list of the top 10 NFT business ideas that may surge in 2022. Let’s break down each of them.
White-labeling is the process of removing the brand names of manufacturing companies and placing logos and brand names of sellers. This is a common practice used by small businesses that resell goods from China on platforms like Shopify.
The same strategy may be applied to NFT services. With NFT services you don’t have to build a platform from scratch, because the concept contains plug-and-play white-label capabilities by default. If you manage to create a global Shopify-like NFT platform with both sellers and buyers in mind, you’ll take over this niche for a long time.
NFT services suit well for distributing limited collectible assets. Thus, celebrities, sportspeople, and other public people create and sell collectible cards of themselves. For example, Wayne Gretzky, a Canadian hockey player, nicknamed “The Great One” launched NFT cards. Cards were divided by price levels with the cheapest one costing $12 with 5,000 copies and the most expensive one costing $1,500 with only 12 copies available. All cards were sold out in minutes.
Still, collectibles should not necessarily relate to some person. Opensea.io is a marketplace where users can trade their digital creations for Ethereum. Here you can find everything, from creative logos to digital sneakers. The scope of your creations is limited only by your creativity. As it comes clear, the more creative you are, the more revenue you’ll generate.
NFT auctions are a gold mine in the world of NFT services. All operations with non-fungible tokens are carried out via such marketplaces. All popular NFT marketplaces follow the conventional auction model. Their revenue model is also adopted from traditional marketplaces. These platforms charge predefined fees from each sale served via the NFT shop. For example, Rarible, a virtual NFT gallery, charges 2.5% fees in Ethereum or local RARI coins from each lot on auctions.
Like every other marketplace, your platform should have storefronts of goods and a convenient search system. Besides, it’s important to take care of thorough moderation of digital assets uploaded to platforms and provide a clear and concise interface for sellers. With the rapid development of NFT art, creating your own NFT marketplace is one of the most promising business ideas for the near future.
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Even though many enthusiasts are interested in NFT services, this niche has a rather high entrance threshold. That’s why, if you understand NFT processes, you can start an online course to share your knowledge. You can start courses on an e-learning platform like Udemy, launch your own platform, or even arrange real-life boot camps (don’t forget to wear a mask).
To better understand audiences’ topic involvement, let’s examine the most popular NFT course on Udemy. The full course lasts for 3 hours and 40 minutes and is divided into 39 short lectures. Since its launch, this course has been attended by 1250 students. With a price of $25 dollars, you get a decent amount of money for your efforts.
Moreover, online courses may just be a part of your global strategy. Showing your expertise gathers people around your knowledge. Having gathered loyal users around your personal brand, you can run a YouTube channel, arrange training sessions, and become an influencer in this niche. With NFT services know-how, your possibilities are unlimited.
Another NFT business model that requires a deep understanding on your part is NFT cryptocurrencies. Crypto protocols that revolve around NFT shopping, Video games, art, and related spheres are on the rise. For example, AXS coins reached a $70 price out of nothing in less than a year. Axie Infinite is an NFT-based online game that uses the AXS coin to trade in-game creatures. Even though the main driver for AXS coins is a video game, this cryptocurrency became a stable source of revenue for developers of the protocol.
The hardest thing with this model is to understand the niche, provide value, and engage users. A plain “NFT” prefix doesn’t ensure the instant success of your cryptocurrency if it doesn’t have a meaning behind it. Besides, the competition in the NFT market is high, so you have to invest time in a thorough analysis of your niche and understand what problems your protocol can solve.
Non-fungible tokens turn DeFi lending platforms into a semblance of real-world pawn shops. The combination of these technologies allows decentralized lending platforms to accept non-fungible assets as collaterals. Take a look at ETNA Network. Developers claim that they’re working on a solution that opens new interconnected possibilities for NFT in DeFi. Accepting non-fungible tokens as collateral opens lending possibilities for those uninterested in conventional crypto and helps investors diversify their investment portfolios.
Besides, ETNA Network encourages users to hold ETNA coins. This platform grants access to zero-interest loans for users who make collaterals with ETNA.
An NFT lending platform is a great use case that helps holders of emerging assets. NFT owners may experience problems with short-term funding, because of NFts’ current state and low liquidity. Combining loans with non-fungible tokens attracts more users to your platform.
As well as conventional cryptocurrencies, NFT assets’ prices are highly volatile and brokers make profits from their price differences. Unlike any cryptocurrency, each non-fungible token is one of a kind. That’s why monitoring stock prices and keeping your hand on a pulse of crypto news won’t work out at this point.
Consider NFT trading as a long-term investment. Antique traders buy assets knowing that their price will only increase over time. The same thing with non-fungible assets. Buying demanded lots, knowing how to put them in the right light, and when to sell them is what makes a successful broker.
With NFT services, you’re able to create more than just a platform. You can be a creator of alternative universes. Yes, virtual worlds are booming right now. People create their own worlds to make other people interact with their worlds. What’s far more interesting is that creating virtual worlds might be a very profitable idea in the real world.
For example, Decentraland, the platform that allows everyone to create “metaverses”, gathers large sums of money with its MANA cryptocurrency. Plots of digital land in Decentraland worlds are selling for hundreds of thousands of U.S. dollars. Users create different virtual experiences like digital exhibits, NFT galleries, concerts, and share them with other users. Some people already have jobs in virtual worlds. Virtual gambling institutions invite virtual croupiers and pay them salaries in MANA. In their turn, croupiers serve real people that spend their MANA in casinos.
The MANA currency itself experienced rapid growth recently. For less than a year, this currency’s price has quadrupled. From this standpoint, we are safe to say that being a god is a quite profitable way of living.
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One of the most obvious NFT business models that comes to mind. If you are a designer or have a creative background, you can take a chance and make your NFT art. We must warn you that the competition is high and not all assets are worth thousands of dollars. However, for every product there are consumers. If you’re confident in your abilities, create pieces of art or some other digital content, figure out all aspects of NFT minting, and put it on marketplaces like OpenSea, Rarible, Atomic Hub, and SuperRare.
Unfortunately, there’s no single source of truth on how to create content that generates revenue. Our main advice here is to be as creative as you can, gather an audience around yourself, and try to deliver the content they like. Of course, you can seek inspiration from well-known artists like Blake Kathryn, FEWOCiOUS, Giant Swan, and others. But copying others’ styles is a road to nowhere. Develop your own form of art and make it meaningful. If you explore deeper, you’ll be surprised by the absurdness of some art pieces that are worth hundreds of thousands.
Wearable devices that display your NFT assets might sound a little freaky, but it definitely might be the next fashion trend. Take a look at Eduardo Jaramillo and his concept of an NFT necklace. A young jeweler converted an ordinary Apple Watch into a stunning accessory that displays different non-fungible assets possessed by owners. Of course, this accessory is not a cheap one with a golden chain and a case encrusted with diamonds. However, Eduardo doesn’t plan to stop there and wants to make wearables affordable for everyone.
This case shows how NFT services can be applied in the most unexpected aspects of real life. NFT wearables’ niche is unexplored and leaves a vast room for imagination. Rings, bracelets, keychains, and other types of accessories may be interesting to various audiences.
NFT business models aren’t limited to these exact use cases. There’s so much to be tried. Video games, media services, reverse search engines, and more. Non-fungible tokens’ future lies in the hands of creative people that can find an appropriate utilization for this technology. When running out of ideas, you can analyze what other enthusiasts think and want to see. Bit Country provides a forum where users can suggest their ideas and vote for the most prominent ones.
Non-fungible tokens have been out there for quite a while and this trend doesn’t plan to go anywhere. Unlike other one-day crypto technologies, NFT services have many practical use cases and their potential will only grow over time. More and more digital artists appear on the horizon, while celebrities also dive into this niche to maintain an online presence and increase their net worth.
If you’re thinking about giving this niche a try, don’t hesitate to contact us right away. We, at OpenGeeksLab, will help you find the right development approach to any NFT business model you’ll choose. We use NFT’s potential at its full capacity to create a product that drives revenue, attracts, and retains users.
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