Non-Fungible Tokens(NFTs) are the next big thing. The potential commercial value of the assets is still hidden. However, the token’s massive sales volume indicates many NFT business ideas.
Since the technology is still new, there is no crystal ball to tell the future market. However, there are indications that the following ideas are likely to materialize in great businesses.
Here is a definitive list of the most profitable NFT business ideas you can start today:
1. Minting NFTs
NFTs are meant to distribute rare assets or unique art. Luckily, the process of creating NFTs is easy, with multiple marketplaces offering an easy way to mint art or collectibles.
The straightforward nature of minting NFT means that as long as you can produce art, whether a music video, audio, photograph, vectors, abstract art, photo, digital card, or the like, there is room to join this space.
Minting NFT of your creation makes it possible to authenticate your art collection as it is possible to trace the ownership of any NFT created for you. You have to create something of value and mint it to market the results. You can consider making your own art or digitizing collectibles such as sports trading cards or autographed photos.
The business idea is one of the unlimited possibilities since most marketplaces give you a leeway to sell almost any type of creation, which may be perfect for any marketer or artist.
Once you have your NFT created, all you have to do is market it on popular forums like NFT, deviant art or wet canvas, or your social media pages. Several people have tapped into the NFT minting to sell limited collectible assets with relative success.
2. Create an NFT Marketplace
While there are many marketplaces to sell NFTs, there is always something sellers and buyers are looking out for in the marketplace, and giving them the unique option to sell on your space might be the next big idea.
There are so many NFTs you can mint and trade successfully. You can make it bigger by creating an NFT marketplace where you can pocket a small percentage of all sales on the NFT Marketplace.
NFT marketplaces have more income streams than minting NFTs on other platforms. First, there are different transaction fees that you can charge buyers and sellers on the platform to facilitate the trade.
You may consider creating additional services on the platform to attract much more money. In the long run, creating an NFT marketplace will generate more revenue and is one of the most stable NFT business models.
Consider making the marketplace more personalized with features such as storefronts and a search function as this makes the platform more navigable and presentable.
It’s also great to curate some of the NFT and feature one that buyers are likely to buy. This way they can facilitate faster trade transactions and high sales volume on the platform.
3. Create NFT Courses, Seminars, and Other Educational Products
How much knowledge do you have on NFT trading minting, trends, and any other relevant information?
It’s time to capitalize on that by creating a course to impart knowledge to those who need a headstart in the industry.
NFTs are a niche market and require specialized knowledge to enter and make a meaningful income.
If you live in a big city or can organize a grand seminar, there is a huge prospect of sharing your knowledge on NFTs. In-person seminars can be a great opportunity to market books and other resources you have created on NFT marketing.
Therefore, it’s important to keep improving your knowledge in NFT and add it to books. The more books you write, the more high profile you become on the subject, get some interviews on TV, and increase your fee.
Online courses are also a great avenue to get your knowledge to the masses in different localities and make a lot of money with a single recording. Once you have created an online course, you have to put it on a relevant platform and earn the rewards.
Platforms like Udemy are easier to get started and make money with minimal effort. If you have created a name for yourself in the NFT education space, you can consider a Masterclass. A masterclass is usually given over a limited period and can attract a premium when done right.
4. Create NFT Business Ideas Blogs
Do you believe your knowledge and unique personality can put you at the center of NFT talk?
All you need is to be more authentic, charismatic, and appealing. Blogs about NFT are a potential way to cash in and influence a large group.
You can discuss various subjects, running from beginner topics to trending NFTs. All you have to do is stay in the loop on new products, services, and technologies in the space.
Creating NFT blogs requires one to have a long-term commitment to the project so that you can make the most of the business. Leverage social media to share a few nuggets of your trusted strategies.
You can use Youtube and Facebook to interact with an audience in real-time, and you can still earn money from the views or even third-party sites like Patreon.
In this niche, there is no limit to what you can or can’t do as a blogger.
5. Offer NFT Loans
NFTs are by definition non-fungible and have a high value in the right business conditions. Some creators may take time before they can sell their NFTs. You can take advantage of this shortfall to start an NFT lending site. That way, you offer creator loans and take their NFTs as collateral.
This is one of the NFT business ideas that requires a lot of cash to get started, but it potentially has a lot of rewards if well executed.
Using NFTs as collateral makes it possible for the creator or NFT owners to get the cash they need at their moment of need and your collateral, whose value may rise.
Features like smart contracts and Defi available in blockchain technology like Ethereum make it possible to secure the loans and ensure no monkey business. However, you need time to develop the infrastructure to make this business model workable.
6. Create a Metaverse
Do you love creating community interactions and bringing people together to share? A metaverse is a great way to bring communities together while creating NFTs. The most important thing is to make the metaverse much more different than the other.
Create a good story that would make people invest in your metaverse. Well-established games are a good candidate for creating a metaverse. In designing a community-centered metaverse, Axis Infinity is one metaverse model that you can follow.
Metaverses have a potentially untapped space for NFTs. They seem to hold value when the value of plots in the virtual space is limited.
They’ve much more commercial value than marketplaces, as you can issue your tokens and currency to trade in the metaverse, creating multiple income streams.
There are many other products that you can add to the metaverse that can allow visitors to access virtual reality. You can create NFT avatars for users on the space, allowing for advertising and keeping the community engaged. The more the community can add to the space, the more the potential sources of Revenue.
7. Create An NFT Forum
There is so much that a forum can do in the NFT space. Many use NFT as an investment vehicle to hold their portfolio of assets.
Users sharing their experience on how they trade on different platforms can create a ripple in the market, as seen in the financial market when Wallstreet bets took over Wallstreet in 2021.
NFT forums allow creators, buyers, and other stakeholders in different metaverses and NFTs to share their experiences and chart the future.
The bigger the community, the bigger the potential market value. While there are many general forums like Reddit and Quora, an NFT business ideas specific forum is more desirable for the future of the NFT industry. You can use different business models on the forum to earn money while keeping the audience engaged on the platforms.
Common ways to monetize a forum are sponsored ads, paid membership, affiliate marketing, and selling member data to advertisers. There is no limit to the strategies you can use to ensure whether the community is thriving.
The Bottom Line
Non-fungible tokens have been in the market for a while, and there are signs that they are here to stay. There are many practical uses and many business ideas that may use this model.
It’s hard to know all the possible businesses you can create, but it appears that the forms we have discussed have the highest profit margins.
You should also be on the lookout for any new ideas on the space related to the blockchain as it is very easy to integrate any developments in the technology to NFTs. But all in all, the market is ripe for the sowing.