Non-fungible tokens, aka NFTs, have recently taken the world by storm – thanks to their ability to assign a tangible value to almost everything from art to music to even a tweet!
NFTs are non-fungible blockchain assets that cannot be modified or duplicated (unlike Bitcoin). First minted on the Ethereum blockchain in 2015, the sales of NFTs surged $25 billion in 2021! Lately, the NFT industry has been powered by uncertain art buyers who are looking to make a profit on their investments. But today, a growing number of entrepreneurs are brainstorming about how to work NFT investments to their advantage by bringing them to the market.
Here are 10 Lucrative NFT business ideas to make money in 2022. Read these business ideas and get into this business.
1. Trade NFTs
Start with the simple approach of selling NFTs directly to users. Selling NFTs directly to customers will generate revenues according to experts. With video game producers, creators, and others already in the NFT market, the revenue generated by the NFT business accounts for the majority of the total revenues.
2. Lead an NFT Marketplace
Want to hit the gold mine? Then, NFT auctions should be your game.
NFT marketplaces development facilitate all operations with NFTs following the convection auction model. For every sale that happens via the NFT shop, the platforms charge a fee that is typically predefined. For example, Rarible, a virtual NFT gallery, charges a fee of 2.5% in Ethereum or local RARI coins from every lot on auction. So, opting for a SaaS company for NFT marketplace development can be a highly profitable business idea for entrepreneurs.
3. Make NFT Collectibles
Who thought starting an NFT business would be so easy with authentic collectible items like autographed photos or sports trading cards?
As a digital medium, NFTs serve themselves well for validating, conserving, and distributing collectibles. For instance, a Canadian hockey player called Wayne Gretzky launched NFT cards at different price levels, and all cards got sold out in minutes!
4. Create an NFT Online Course
Given that NFT is new, many people are eager to learn all about it. So, if you know a thing or two about how the NFT world works, consider teaching it to others through an online course or masterclass. You can run it per your convenience, expertise, and investment by introducing a short boot camp or a long semester course.
5. Create an NFT-Themed Blog
This is one of the best NFT business ideas if you’ve got a knack for writing.
As people are still learning about NFTs, there is a huge need for informative content that simplifies things. And once your blog’s readership grows substantially, you can monetize it with ads or affiliate links to make money.
6. Explore Wearable NFTs
It might sound a little unusual, but hey, entrepreneurship is all about keeping the spirit of innovation up and exploring unchartered waters, isn’t it?
Eduardo Jaramillo, aka the NFT jeweler, converted an ordinary Apple watch into an NFT necklace that not only looks stunning but opens up ideas for wearable tech. The concept can be further developed into keychains, rings, and bracelets to gauge the interest of different sets of audiences.
Furthermore, this NFT innovation could lay the groundwork for revolutionary breakthroughs in the NFT world, such as this NFT minting platform– which is essentially creating a unique token on a blockchain.
7. Provide White Label Services
White labeling is similar to private labeling (read more about PRIVATE LABEL VS WHITE LABEL here) and involves replacing the brand names of manufacturing companies with the logo and brand names of sellers, just like Shopify.
The same practice can be applied to NFT services where one just uses plug-and-play white-label capabilities instead of creating everything from scratch. It is a niche worth exploring for long-term business.
8. Build an NFT Lending Platform
People looking to take loans for business or other purposes can pledge NFTs as collateral. Transparency, cross-chain compliance, and unchangeableness will draw more users to the NFT lending and borrowing platform.
9. Form Your NFTverse
‘Metaverse’ is the new buzzword where you can create a technology-backed virtual world to allow users to stimulate anything they want. Similarly, you can create a community specifically for the NFTverse to let them experience things virtually, for example, NFT galleries, concerts, digital exhibits, etc. What’s fascinating is that the virtual world can be very profitable in the real world!
10. Provide NFT Marketing Services
Providing marketing services to support NFT projects is one of the best NFT business ideas to make money. Taco Bell, for example, launched digital tacos via Rarible in the form of GIFs called ‘NFTacoBells’. While a decent number of NFTs were sold, it was a great way for Taco Bell to drive brand awareness and show that they are ever-evolving in the media game.
Since the NFT business is at a nascent stage, there is plenty of room for development as well as errors. So, the perfect time to start an NFT business would be now!