- NFT are non-fungible tokens that cannot be replicated like Bitcoin.
- NFTs’ versatility allows to create virtually any digital asset that one could imagine such as music, art, images, videos, etc.
- The NFT loan platform, NFT marketplace, and NFT app are some of the business ideas that one can possibly look into to start their NFT-based business.
Non-fungible tokens, commonly known as NFTs, have gained phenomenal popularity over the last few months. All this craze has led people to invest tons of money into this revolutionary technology. These tokens are “non-fungible”, which means they are unique and can’t be replaced with anything else. To make it simpler, Bitcoin is fungible and can be traded for another Bitcoin.
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Today, businessmen, artists, creators, etc., have been making moves to capitalise on these tokens by selling their “unique” digital work. On a large scale, these one-of-a-kind assets could provide a customised experience to the customer.
Looking for an NFT-based business? Here are 10 ideas
NFTs’ versatility allows to create virtually any digital asset that one could imagine such as music, art, images, videos, VR (virtual reality) experience, etc. If you are looking for a business idea and could offer something unique to the audience, then we have compiled a list of 10 such ideas that could flourish in this new era of NFTs.
- Create NFT collectables
Limited edition or a rare piece is the whole essence around which NFT has been created. You could sell limited edition cards, or unique artwork for a good deal online. Some celebrities have started making their own limited-edition collectibles, which are sold out in minutes.
- Start an NFT marketplace
In the NFT world, auctions also take place and could prove to be a goldmine for some. Just like a traditional auction model, unique pieces of digital assets are auctioned, and the highest bidder gets to buy the asset. The platform could charge a nominal fee for such services.
- Start an online course
If you are an expert in any subject and have a deep understanding of how the stuff works, then you can probably start your unique online course for a niche segment of people. If you are renowned in that respective industry, then you have the upper hand in starting your online course.
- Start an NFT loan platform
NFTs could also be lent as collateral for loans and improves the lending possibilities for those who may not be interested in fungible cryptos. NFTs could also be combined with a DeFi platform for an increased reach for lending without the interference of any regulatory authority.
- Start an NFT Brokerage house
There is a big market for investors looking to buy rare assets in a hope that their value will only increase over the time. NFTs, being a one-of-a-kind token, allows more room for its value appreciation than other cryptos such as Bitcoin. A brokerage house could directly deal in NFTs and make a profit by selling them when the price appreciates.
- Provide VR experience
Virtual Reality (VR) has been here for a while now with many businesses trying to capitalise on it. For eg. paint companies are using VR technology to showcase the end result of their paint scheme, inside their property even before starting. If you could create a VR game or maybe a VR educational content to sell online, then it could also be a good opportunity for an NFT-based business.
- Sell NFT art
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NFT artworks are probably the most popular pieces of digital assets in the NFT world. If you are an artist or have a creative background, you cloud make unique pieces of digital art. However, not all pieces are worth big money and the artist’s fame also dictates the price.
- Make NFT wearables
The use of NFTs could also be brought to the physical world. Recently, NFT jeweller Eduardo Jaramillo made a gold necklace out of an Apple watch, which displays non-fungible assets possessed by owners. Although making a gold necklace is not everybody’s cup of tea, but the point is to give you an idea of how NFTs could be brought to the physical world.
- Create an NFT blog
The number of people seeking to get every information, news, events on NFTs, has only risen over time. If you know what NFTs are, how they work, are in the know of the latest and the greatest buzz around NFTs, then you can probably monetise your knowledge through a niche blog.
- Launch an NFT app
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Being a new concept, there is a lack of applications that help users to find, buy, sell or hold BFTs all at one place. If you have good coding skills, you could probably enter this space with virtually no dominance as of now.
Some NFTs being a non-fungible blockchain asset could probably be worth millions as they are unique and cannot be replicated or even modified. Since two NFTs can never be the same, they cannot be traded for one another like a fiat currency.
This could open up an immense scope of selling unique digital assets such as music, a game or any other digital asset that one could possibly imagine.