Cryptocurrencies were not that popular and trusted among the common people a few years back. But it is upside down today! With the social media influence, popular celebrities, and news channels the cryptocurrencies are now people’s mainstream business in 2021. By the huge popularity of the cryptocurrency, a specific area is getting massive reach in many other areas. NFTs abbreviated as Non Fungible Tokens, have raised as a buzzword this year. It is introducing itself as a brand new era of the digital world.
Why Are NFTs Considered As A Big Thing?
NFTs are the digital assets that are uncommon and described through the ERC-721 tokens. It acts as a verifiable and proof of ownership of the digital assets. NFT are of various forms. It can be videos, images, music, etc.
Reasons For The Huge Surge In NFTs
We cannot point out a particular reason for the huge surge in NFTs. But there can be few reasons which played a major role in the growth.
- The introduction of unique avatars creation, digital pets, and many other attractive features made users purchase NFTs.
- Many popular faces like Elon Musk created a buzz related to Shiba inu and Dogecoin that gained attention among people alongside the world.
- Bitcoin prices started rising during the first quarter of 2021 may be the reason.
The Future Of NFTs
Some people admit that the madness around the NFTs is nothing but an illusion. But it is very clear that the NFTs are here to stay and travel with us. NFTs are considered as a huge gateway for building your NFT tokens, to create your own identity and investments. Unlike other business models NFT also undergo years of development. It is common for any kind of NFT business you get in. It is obvious right now that the startup projects in the NFT space can fetch over 11million dollars. Then why not for an entrepreneur to create this momentum? To get into action choose one of the NFT based business ideas listed below.
Some Of the Use Cases Of NFT’s Are:
- Identification and Certification
- Digital Assets
- Fashion Industry
- Real Estate
NFT Business Ideas 2022
Below mentioned are some of the NFT based business ideas in the industry. Each of them from the category is subdivided into many NFT business models. But keep in mind that this list is not the final one. As the sky is limitless, new business models can emerge in this nascent industry with money making ideas. Before that, learn some knowledge about the NFT marketplace.
What Is An NFT Marketplace?
NFT platforms are created around the idea similar to the physical content. The digital contents can also become scarce, which means ” limited in quantity” which leads to a meaningful trading and ownership. The platform uses blockchain technologies to verify the proof of the ownership for the digital content. This is very similar to the traditional auction house that verifies the given work is original or a replica. The usage of the blockchain technology leads to the facility of royalty by tracking the transaction logs. This automatically shares the percentage of the ROI from the second hand sales to the original creator all the time when the NFT is traded.
Check out our previous article: What are NFTs ? to know more about Non-Fungible Tokens
It’s time to know about the Different Types of NFT Based Business Ideas that could generate high ROI in 2022.
1. Create An NFT Marketplace For Arts
An NFT marketplace for arts is an online space for the artists to sell their NFT art works. The buyers can get them in this NFT arts marketplace.
After the purchase of the digital art work, the buyer gets the token which is known as the unique identification used for the proof of ownership. It also contains the data about the provenance, authenticity and the author. The buyer can resell their NFT artwork. They can also transfer them to a different marketplace only if they are based on the same blockchain. The original artist also gets paid for the royalty.
Popular NFT Marketplace For Arts:
2. Start An NFT Marketplace For Gaming
The NFT gaming marketplace is a place where the players can earn NFTs as credits and they can engage in buying, selling, and trading those NFTs. The blockchain games uses NFTs to speak for the in-game items and collectibles. This has the ability to extend outside the game’s world.
There are various gaming models in the recent growth in the NFT gaming industry. It grasps the current technology simultaneously and provides financial benefits to all the players in the online NFT gaming world. Following are one of such models.
i) Play-To-Earn Games
The speciality of the NFT games is that they combine conventional gaming designs with unconventional game mechanisms. This will allow the users to have even more control over the in-game assets like skins, virtual lands, characters, weapons, etc.
NFTs maintain the rarity and the uniqueness of these in-game items. This is the reason why the blockchain games assets are more costly than others.
The players can get the ownership for these in-game assets by the following three main categories. They can breed, purchase digital items marketplace that can be navtivce or third party. The last one is by unlocking new items.
The ownership for these items can be owned by the players using these three ways. The players are allowed to sell them and earn money. This is why this gaming model is known as play-to-earn.
ii) Role Playing Games or RPG Games
Role-playing-games, shortly known as RPG games, is the gaming model where the players can assume the role of a character in an animated setting. They take the responsibilities of that fictional character and play games.
Popular NFT Marketplace For Games:
- Axie Infinity
- Zed Run
- Gods Unchained
- Alien Worlds
- Gild Of Guardians
3. Launch An NFT Marketplace For Sports
The NFTs release a new stage of fandom where the fans are given more tools to take part in the rich sports world. On the other hand they are rewarded for their passion. As the NFTs are unique and not replicable, they lead to a limited edition sports collectibles.
With the non-fungible tokenization for the sports moments or trading cards, the fans all over the world can support their favourite athletes by accessing them and supporting their items. The fans can monetize their knowledge of the sport.
Cryptocurrencies allow the fans to enact the NFT platform of sports easily. They can even have the proof of ownership that is recorded on the blockchain allowing fans to own the digital sports collectibles. Besides sports collections, other popular platforms like fantasy sports or sports betting are also enabled through blockchain technology.
Popular NFT Marketplace For Sports:
NBA Top Shot
F1 Delta Time
NFL Dapper Labs
4. Create NFT Token
An NFT stands for non-fungible token. It is information added to a file that generates an uncommon signature. NFTs are based on Ethereum protocols called ERC-721 and TRON’s TRC-721. By NFT development, one can store their ownership rights for their digital contents. Simply NFTs are used for any digital contents that are unique and need right ownership.
NFT Token Standards
5. Start An NFT Marketplace For Music
Addiction of music is quite common and by analyzing it in advance, NFTs have stepped into music. The main goal of NFT marketplace for music is to create an environment that let’s the musicians buy, sell, & bid musical collections in the digital world. A musical artist can exhibit their talents to process efficient trading of their musical assets.
After an NFT is bought, a token is offered to the buyer, so he/she is the unique identifier and they are generally referred to as “proof of ownership”. Also it holds the information such as author, authenticity & provenance.
If a buyer wishes to resell the NFT artwork, then the transfer is possible to a different marketplace pointing to the same blockchain. Once placed for a sale then a royalty fee is paid to the original artist.
Popular NFT Marketplace For Music:
- NFT Showroom
6. Launch An NFT Marketplace For Collectibles
Prized possessions sought for by the collectors is the concept of the collectibles. Collectibles are the uncommon items minted on the blockchain represented as non-fungibel tokens so that anyone can get it. Due to the involvement of the blockchain technology, they are limited and sell for huge amounts making them unique and scarce.
Categories of Crypto Collectibles
- Game collectibles
- Art collectibles
- Sports collectibles
Popular NFT Marketplace For Collectibles:
The trending technology that is roaring in the crypto world is Metaverse. Metaverse is the place where the physical and digital worlds connect. Metaverse is a speculative future iteration of the Internet part of shared virtual reality. Like other NFT marketplaces, Metaverse marketplace also allows users to buy, sell, and bid their NFTs on the game assets, virtual lands, horses, and other in-game objects.
Popular NFT Marketplace For Metaverse:
8. Get A Whitelabel NFT Marketplace
The white label NFT marketplace development involves the process of adding only the client’s logo and brand name. This is called white-labeling. One does not need to create an NFT platform from the ground level. Later enhancement can also be done by any development firms.
9. Start An NFT Marketplace For Real Estate
Big motive of NFTs in real estate is to cut short the difficulties faced by the real estate business in real time. A big challenge faced by the property owner is to exchange their land within a short duration. NFTs put a full stop on this problem by creating a marketplace for real estates to be changed in hand without the need of paperwork. It acts as a buy/ sell platform to exchange land ownership and assets.
10. Launch NFT Marketplace For Celebrities
The celebrities across the globe will be attracted to enter the rich NFT community to make money with their star power and door to unique promotional opportunities. The celebrities can sell their digital elements such as music tracks, videos, pictures, avatars, special moments, illustrations, badges to fans. Even after selling their NFTs to the fans, the stars will get royalty fees every time they are traded.
Other NFT Based Business Ideas
- Launch An NFT App
- Create An NFT Blog
- Create An NFT For Wearables
- Create An NFT VR
- Create An NFT For Online course
- Create An NFT For Forum
Is It Profitable To Make Your Own NFT?
Since the increased popularity of the NFTs among the common people, led to the rise of NFTs sale prices , Of Course making NFTs can be the most profitable investments in today’s world.
How Do I Start An NFT Business?
- Conduct market research
- Choose a NFT business niche
- Pick a development company who is master in NFT development services
- Share your business ideas and requirements with the NFT development firm.
- The NFT developers will grab your ideas and implement them in the development process.
- Invest and get your NFT marketplace developed
The NFTs are not going to go anywhere, This trend is here to stay for a long period. NFTs having many use cases and their credibility also keep increasing in the future to maintain an online presence and increase the asset.
“Make Hay While The Sun Shines”
As the proverb says, use the opportunity given and earn a handful of money at the right time.
Why are we still waiting? Enter the lucrative industry right now!
We, a leading NFT Development Company, offer the best solutions for all the above mentioned NFT business models. Step into the new venture in this new year 2022 with our NFT development solutions.