Blockchain has disrupted the market and transformed it massively. People have tried their hands at different technology and benefited from them. The world is filled with several digital innovations like cryptocurrencies, NFTs, Bitcoins, and other digital discoveries. It has opened new doors of opportunities in the digital world.
Did you ever imagine a Gif or a JPEG being sold for Millions of dollars?
No, but it is being sold currently, right?
The world is now interested in buying digital assets for a great price. One of the best examples of this is the first-ever tweet by Twitter’s founder Jack Dorsey was considered an NFT and was sold for $3 Million.
NFT stands for non-fungible tokens and is one of the booming industries There are a plethora of interesting business ideas that startups should try and come up more profitable than ever.
What is NFT and How Does it Work?
NFTs are basically blockchain-based cryptographic assets with unique codes and metadata that set them apart from other assets. These are one-of-a-kind artifacts but in the digital world. NFTs are one of a kind and cannot be changed or copied and recorded on blockchain maintaining transparency. NFTs can never be the same and hence they cannot be traded as we do with the currency. Developers of the artwork can create an NFT which will work as the verifiable agreement of the digital product.
NFTs are registered on the blockchain which is actually a decentralized public ledger that records all the transactions. People are aware of blockchain technology and go for blockchain app development and it allows cryptocurrencies to exist. NFTs are kept on the Ethereum blockchain. However, it can also be registered on any other cryptocurrency. It can be tracked using the Ethereum blockchain using it as a public ledger. Buying an NFT does not necessarily guarantee copyright or license rights. Say for example, if you are buying a premium image does not make you the sole owner of the image.
What are the Best Use Cases of NFTs?
A segment of the people who can make the best use of NFT are artists and content creators. With NFTs, they have a better chance to monetize their work. Thanks to emerging technologies like blockchain and NFT marketplace development. Creators no longer needed to sell their creations through big auctions and galleries. They can opt for a better and easier option instead. They can market their artwork as an NFT and sell it directly to the consumer allowing them to earn a better profit for their hard work.
Also, they have an opportunity of integrating royalties with their software to get a fixed share of the sales made whenever it is sold and to whomever, it is sold. This seems to be extremely important for the artists as most of them do not receive any monetary gains once the piece is sold in the physical as well as virtual world. But with non-fungible tokens, it has been made possible. It is also a great tool for marketing digital real estate.
NFTs are a great platform to get authenticated products and maintaining their quality is some of the basic functions of NFTs in the supply chain. NFTs on the blockchain are well suited for logistics apps as they are highly transparent which makes the supply chain dependable and trustworthy even though it is still taking baby steps.
If this interests you and you are on the verge of NFT development and looking for top business ideas to get started with, read ahead.
Top NFT Business Ideas
1) NFT in Gaming
We all have been there where we have played invested several hours playing gaming and earning points or virtual assets like coins or swords. However, with traditional gaming, players were not able to get any monetary gain out of playing. With the advent of NFT in gaming, gamers are now at the benefit of owning and trading all virtual assets and actually making money from playing games. Everything earned while playing the game can be stored in the user’s digital wallet and it can be sold in the secondary market for actual money.
Not just the game players but mobile app developers‘ games also have an added stream for generating revenue. Play-to-earn gaming apps are becoming highly popular all thanks to NFT marketplace development.
2) Decentralized Finance
Decentralized finance also known as DeFi has a wider scope and now also includes NFTs. The main reason behind this is that users have started accepting NFTs as collaterals for getting crypto loans. The use of NFT collectibles to get funding and investments is increasing day by day. At present, there are also DeFi platforms that also allow lending through non-fungible tokens. Owners of NFTs use them as a security to secure a loan and the platforms providing loans close the asset till the repayment of the loan.
3) Digital Art
Digital arts are becoming highly popular. More and more artists are coming up with their artwork and registering it on the NFT marketplace. This has increased the purchase and sale of digital artworks. NFT in digital artwork has opened up new opportunities for artists. They can set up their online store and sell their work directly or they can also set a commission for their work. It enables the creators to get recognition for their work and make a name in the market.
It helps them make the most of their skillset and generate impressive revenue from the same. One of the plus points of having an NFT marketplace for digital art is that the middleman can be removed and the entire profit for the work goes to the maker himself.
4) NFTs in Music Industry
The music industry is also inviting NFTs and musicians are accepting it with all their hearts. It is really a blessing for musicians who are struggling to get fair compensation for their work. At present, most musicians depend on music labels and music streaming app development to showcase their work and generate revenue from it.
When musicians get a chance to sell their music as NFT, they don’t get an opportunity to make better money but also have better control over how their music is distributed and rated. They have total control of what is the price of their music and not to be sold without copyright. Musicians can decide whether they want to sell their work as an exclusive bundle or as limited editions.
5) NFT in Sports
The sports industry has also made the optimum utilization of NFTs. Converting sports achievements, trading cards, memorabilia, short videos, and other things into NFTs and selling them gives a new channel for making money. Your new business plan can be developing an NFT marketplace in the sports industry and be the next big billionaire.
6) NFT in Metaverse
The term metaverse is currently the buzz in the tech town and NFT technology is assisting a lot in elevating this platform. Those who are looking to make the best of the metaverse must consider starting a business in this field. Opting for a business in this domain is very unique which means there is lesser competition, a high probability of success, and better chances at making huge profits.
7) NFTs in Real Estate
Real estate app development has been in the market for years and with the advent of AR and VR, it has been taken to another level. Investing in real estate is challenging and majorly because of the massive paperwork and documentation involved. NFT can be best for resolving this issue. Documents proving the property owner can be saved on blockchain as a digital token and can be transferred to the method in which cryptocurrencies are traded.
Blockchain development and NFT can improve the real estate industry immensely and benefit all the stakeholders as it would improve safety. It will allow buyers and sellers to check and transfer ownership of assets and make all the documents cheat-proof with transparency in the entire ecosystem. The concept is basically new in the market it will soon pick up after the acceptance from concerned authorities.
8) NFTs in Ticketing
NFTs are also becoming an important part of ticketing. Owners can create and sell tickets as NFTs and organizers can check the ownership of the tickets without having the need for any third party. Along with that, they can also have better control in the resale market as well. NFT in ticketing would reduce the malpractices like ticket scalping which has been a major issue for a long time. NFT in ticketing will be adopted massively in the upcoming years. It has a lot to offer to the users.
9) White-label NFT Business
White-label NFT marketplace development is actually a venture which creates, markets, and frames a roadmap for some other client’s business. This is considered under the B2B segment. There are plenty of NFT collections that are created by various organizations and used by their clients. If you have clients looking to develop an NFT marketplace, you can work as a mediator and get it developed for them.
10) NFT Staking Platform
NFT staking allows users to make money by locking NFTs on Smart contracts. Any user can put their NFT on a platform and get money or rewards for allocating their non-fungible tokens to the blockchain network. So, if you are looking to start an NFT staking platform as your business, it has a lot of potentials and when clubbed with interesting features like utility tokens, in-built lending mechanism, and high APY will get plenty of investors and help you get more users in this humungous industry.
The high demand for non-fungible tokens is because of their uniqueness. It is becoming highly popular and used by plenty of people around the globe. You can be a part of this booming business by hiring an experienced NFT marketplace development company. Pick any idea from the above-mentioned list of ideas and you will be successful in no time.