You don’t need to be a digital artist to be a successful NFT entrepreneur. Non-fungible tokens (NFTs) aren’t solely for cryptoart, despite popular belief. In fact, NFTs have a wide range of applications in a variety of industries.
Even while NFT artwork sells for a lot of money — one piece by the artist “Beeple” sold for $69.3 million at Christie’s – there are other methods to make money using NFTs. I’ve got you covered if you’re looking to start an NFT company. In this essay, I’ll discuss several possibilities for beginning an NFT-related business.
What Are NFTs?
Non-fungible blockchain assets are what NFTs are all about. When you swap one Bitcoin for another, on the other hand, you’re effectively keeping the same asset, just as if you were exchanging one dollar note for another $1 bill. These assets are fungible, which means they may be traded one for one without losing value or affecting their character.
NFTs, on the other hand, are a different matter. They are one-of-a-kind works that are recorded on a blockchain and hence cannot be altered or duplicated. Because no two NFTs are alike, they cannot be traded one for one like fungible tokens or bank notes. Authors of artwork or other digital documents create NFTs, which serve as the only verifiably original version of the work, with all other copies serving as copies only.
The NFT Craze Explained
NFTs are currently considered speculative assets in the art world. They were originally issued on the Ethereum blockchain in 2017 and have been around since then. Since then, artists and art dealers have sold original NFT art for fiat dollars (i.e., analog art media like photos or paintings converted to digital and codified into a blockchain).
What began as a fad among blockchain aficionados has grown into a full-fledged industry, fueled primarily by speculative art purchasers wanting to profit from their investments. However, an increasing number of entrepreneurs are looking for novel and profitable ways to bring NFTs to market.
10 NFT Business Ideas For Entrepreneurs
We’ve compiled a list of my top ten company ideas for entrepreneurs looking to break into the NFT market. Please keep in mind that this isn’t a complete list. When it comes to potentially profitable NFT ideas, the sky is literally the limit as a budding industry.
1. Create An NFT Online Course
Consider establishing a seminar or masterclass to help beginners get up to speed on the NFT ecosystem, including how to mint, create, and sell them. Depending on your degree of experience and investment, you may charge participants for a one-week bootcamp or a semester-long course.
2. Write An NFT-Themed Blog
The internet is in severe need of well-written and informative NFT information. Any blog that covers NFTs and the news surrounding them has a vast potential viewership. After you’ve built a loyal readership, you can monetize the site with adverts or affiliate links.
3. Create An NFT Forum
More forums for NFT producers, sellers, and enthusiasts to discuss their projects are needed on the internet. Creating an NFT-only forum that competes with Bitcointalk might be incredibly profitable, especially if you run banner adverts.
4. Become An NFT Broker
The number of NFTs purchased and sold is at an all-time high. Naturally, safe, encrypted markets and brokerages that allow buyers and sellers to examine, commission, and transact NFTs are in high demand.
5. Craft An NFT Newsletter
There aren’t many, if any, NFT-themed newsletters that take a deep dive into the subject. If you can aggregate all the latest NFT news, press releases, major auction sales and market developments into a short monthly or weekly newsletter, you could have a very profitable venture on your hands.
6. Write An NFT eBook
It’s not unheard of for a blockbuster cryptocurrency ebook to bring in six-figure royalties, if not seven-figures. Consider self-publishing an ebook on NFTs if you’re a talented writer who can cover the subject from all sides while providing concrete guidance to individuals who want to get started with NFT investing.
7. Create A White Label NFT Service
A Shopify-like service that can bring a project to life with little to no extra development is needed in the NFT sector. You might become one of the most popular white label platforms in the blockchain business if you can establish an off-the-shelf NFT solution to aid in the development of NFT ventures.
8. Become An NFT Artist
There’s nothing stopping you from creating digital art, even if it’s abstract, even if you’re not the world’s most talented physical artist. Then you may turn the artwork into an NFT and sell it on sites like Reddit, DeviantArt, and Wetcanvas.
9. Create NFT Collectibles
As a digital medium, NFTs lend themselves well to preserving and authenticating collectibles. For example, you could mint NFTs out of authentic collectible items, such as sports trading cards or autographed photos.
10. Launch An NFT App
Apps that allow users to buy, sell, trade, or even mint NFTs are going to be in high demand. If you take a commission on every sale, an app that looks like Bid Beacon or BiddingOwl but is completely focused on the NFT market may be an extremely profitable project.
Unlike other industries, the NFT industry is very new and will require years of development before reaching full maturity. The same may be said for any company venture you start in NFTs. Don’t get too worked up if it doesn’t work out the first time. In the NFT business, there’s still a lot of space for error at this point.
When it comes to NFT startup initiatives, it’s like the Wild West right now. If NFT paintings can sell for more than $11 million at auction, there’s no reason why a brave and daring business can’t capitalize on the trend. Try your hand at any of the NFT business ideas I outlined above to get in on the activity.