Entrepreneurs

Council Post: 10 NFT Business Ideas You Can Start Today

By Tyler Gallagher, CEO and founder of Regal Assets, an international alternative assets firm with offices in Beverly Hills, Toronto, London and Dubai.

Good news — you don’t have to be a digital artist to succeed as an NFT entrepreneur. Despite what you might assume, non-fungible tokens (NFTs) are not just for cryptoart. In fact, there are loads of applications for NFTs across a variety of industries.

Even though NFT artwork is selling for a fortune — the artist “Beeple” sold a piece at Christie’s auction house for $69.3 milion — it’s possible to make a fortune in other ways using NFTs. If you’re interested in launching an NFT company, I’ve got you covered. In this article, I’ll go over some ideas for starting a venture involving NFTs. 

What Are NFTs?

The essence of NFTs is that they’re non-fungible blockchain assets. By contrast, when you exchange one Bitcoin for another, you’re essentially retaining the same asset just as you would if you exchanged one dollar bill for another dollar bill. Since these assets are fungible, they can be traded one to one without losing any value or changing the nature of the asset.

NFTs are a different story. They are unique works that are codified on a blockchain and, therefore, cannot be modified or replicated. Since no two NFTs are the same, they cannot be traded on a one-to-one basis like fungible tokens or bank notes. Authors of artwork or other digital documents mint NFTs, which become the only verifiably original version of the work, with all other copies being just that: copies.

The NFT Craze Explained

In the art world, NFTs are currently speculative assets. Their existence dates back to about 2017 when they were first minted on the Ethereum blockchain. Since then, artists and art vendors have sold original NFT art (i.e., analog art media such as photos or paintings converted to digital and coded into a blockchain) for fiat dollars. 

What started as a fringe hobby among blockchain enthusiasts is now a full-fledged industry powered mostly by speculative art buyers looking to turn a profit on their investments. However, a growing contingent of entrepreneurs are looking for ways to bring NFTs to market in original and lucrative ways. 

10 NFT Business Ideas For Entrepreneurs

Below, I’ve listed my top ten business ideas for entrepreneurs who want to make a play in the NFT world. Bear in mind that this isn’t an exhaustive list. As a nascent industry, the sky is truly the limit when it comes to potentially money-making ideas with NFTs.

1. Create An NFT Online Course

If you know a thing or two about the NFT ecosystem and how to mint, produce and sell them, consider creating a course or masterclass to help bring newcomers up to speed. You could charge participants for a week-long bootcamp or a semester-long course depending on your level of expertise and investment.

2. Write An NFT-Themed Blog

The web is desperate for well-written and informative NFT-related content. There’s a huge potential readership for any blog that covers NFTs and the news surrounding them. Then, you can monetize the blog with ads or affiliate links after you’ve developed a dedicated readership.

3. Create An NFT Forum

The internet needs more spaces for NFT creators, sellers and enthusiasts to discuss their projects. Creating an NFT-exclusive forum that rivals Bitcointalk could become an extremely lucrative endeavor, especially if you run banner ads.

4. Become An NFT Broker

NFTs are being bought and sold in record numbers. Naturally, there’s a high demand for secure, encrypted marketplaces and brokerages that allow buyers and sellers to view, commission and transact NFTs. 

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 to earn six-figures, potentially even seven-figures, in royalties from a bestselling cryptocurrency ebook. If you’re a gifted writer, consider self-publishing an ebook on NFTs, exploring the subject from as many angles as possible while providing actionable advice to those who want to get started with NFT investing.

7. Create A White Label NFT Service

The NFT market needs a Shopify-like service that can bring a project to life with little to no additional development. If you can launch an off-the-shelf NFT service to help develop NFT ventures, you could become one of the most popular white label platforms in the blockchain industry.

8. Become An NFT Artist

Even if you’re not the savviest physical artist in the world, there’s nothing stopping you from producing digital art, even if it’s abstract. Then, you can convert the art into an NFT and market it on popular forums such as Reddit, DeviantArt, or 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

Centralized apps for buying, selling, trading or even minting NFTs are likely in high demand. An app that mimics Bid Beacon or BiddingOwl but is solely focused on the NFT market could be a highly lucrative project if you take a commission off every sale.

Ready For The Non-Fungible Future?

Unlike other industries, the NFT business is brand new and will inevitably undergo years of development before it fully matures. The same is true of whatever business venture you launch in NFTs. If at first it doesn’t succeed, don’t sweat it. At this stage, there’s plenty of room for error in the NFT biz.

It’s the Wild West right now when it comes to startup projects in the NFT space. If NFT art can fetch over $11 million at auction, there’s no reason why a bold and adventurous entrepreneur can’t build on the momentum. To get in on the action, try your hand at any of the NFT business ideas I listed above.

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