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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. Today, it is a common practice for digital artists and different creators to get their artwork transformed into digital assets and receive huge payrolls. Here we should mention Grimes, who sold a collection of 10 digital items for $5.18 million, and Banksy, whose artwork called “Morons” was destroyed and transferred to NFT.
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.
When it comes to the value of NFT for business, we should mention the ability of blockchain technology to make a unique digital asset. It allows entrepreneurs to offer their customers unparalleled experiences. Another advantage of NFT items that can be beneficial for your business is their versatility, meaning that you can deliver to your audience different kinds of digital art, be it music, images, or even the entire digital world. You can use non-fungible tokens to make new unique selling propositions, find new ways of interacting with your customers, and develop storytelling strategies.
If we look at non-fungible tokens in terms of marketing and promotion, their benefits for your business will be as follows:
A great example of how NFTs can be used for promotional purposes is shown by Taco Bell. The brand launched a collection of crypto arts called “NFTacoBells.” It consists of 25 taco-themed GIFs published on the popular NFT marketplace Rarible. The whole collection was sold out within 30 minutes after its launch, and the maximum bid reached $3,646.
This way, Taco Bell took advantage of the powerful NFT trend to engage with their customers and increase the brand’s awareness.
It should be noted that NHT services can be helpful in other industries apart from marketing. Thus, you may positively influence the entertainment and event domains by tokening concert tickets. Tickets in the form of non-fungible tokens cannot be resold, which minimizes risks of profiteers buying them with the purpose to resell them several times more expensive.
Another industry where NFT services come in handy is physical real estate. Nowadays, we see many different intermediaries in this domain. These can be real estate brokers or lawyers. The implementation of smart contracts will make it unnecessary to rely on intermediaries and thus, makes the process of building a new property much simpler.
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.
We use the term white labeling to discuss the situation when an organization purchases a generic product designed by another company and rebrands it by placing their logos, colors, and brand names. Shopify is the most famous example of such platforms.
The same strategy may be applied to NFT services. Using NFT services, you no longer need to build a custom solution from scratch. You can use any ready-made solution with multiple plugins and white-lebel capabilities. 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.
You can use NFT services to create a sense of scarcity by enforcing limited edition of specific digital assets. Thus, sportspeople, celebrities, 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. The variety of digital assets there is truly impressive and includes pixel animals, samurai cats, digital sneakers, and many more. So it is a pretty sound idea to publish your collectibles there. To reach success with your collectibles, you should remember one thing: the more creativity you demonstrate, the higher profit you will get.
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.
Given the fast development of NFT art, building your NFT marketplace platform seems like a very sound idea that will bring you a great income in near future.
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It is true that NFT services attract many enthusiasts. Still, 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. Even if you launch your NFT cryptocurrency, you will not necessarily become successful overnight without putting some meaning into 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.
Similar to traditional cryptocurrencies, prices for NFT assets are volatile, which enable brokers to earn on the price differences. However, what makes non-fungible tokens different from cryptocurrency, is that each item is unique so is its price. For this reason, monitoring stock prices will not work in this case.
NFT trading can be seen 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.
NFT services allow creating something bigger than a digital platform. What about creating an alternative universe? Virtual worlds are on the rise now and provide you with an excellent opportunity to interact with your customers in a completely new, exciting way. So you should definitely consider this lucrative idea.
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. Surely, such prominent artists like Blake Kathryn, FEWOCiOUS, and Giant Swan serve as inspiration for you. 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 showcasing your NFT assets might seem like a crazy idea. Still, they may become the next big 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.
As you can see, you can utilize NFT services in the most unexpected aspects of everyday life. NFT wearables’ is an unoccupied niche and leaves room for maneuvering. Different audiences may find rigs, bracelets, and other NFT wearables very appealing.
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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