The NFT industry has been making waves recently and rightfully so. With billions of dollars in sales, this novel technology offers fantastic business opportunities.
Now you are probably wondering. How do I get a piece of the pie?
Don’t worry. In this article, I will be covering 7 NFT business ideas. So without further ado, let’s jump right in.
1. Launch a marketplace
This is the most lucrative business idea by far. To put this into perspective, OpenSea had over $350 million in revenue for 2021.
Essentially, NFT marketplace facilitates the trading process. They allow users to buy and sell while taking a transaction fee for each trade.
That being said, it is extremely competitive and it can prove extremely hard to attract users. However, if you create a service with an intuitive UI, low fees, and enhanced security features it is certainly possible.
2. Offer freelance services
This is a fantastic option as the demand for web 3.0 experts is high. If you browse the various job platforms such as GitHub and Linkedin you can find countless opportunities.
Whether that be paid bug fixing in the form of bounty programs or freelance writing there are several options to choose from.
Overall, if you have extensive NFT knowledge and you don’t want to manage a large business this is a great choice.
3. Become an NFT artist
This is the most popular way of making money in the NFT space. Artists can sell artwork, music, and photography NFTs to name a few.
NFT marketplaces facilitate this process by providing a large distribution network. Therefore, you can be sure to find relevant customers. Furthermore, many of them have launchpads that provide support to new projects.
Lastly, the great thing about this method is the low barrier to entry. All that is required is an internet connection, a computer, and some cryptocurrency to cover gas fees.
4. Start a youtube channel
If you have been involved in the cryptocurrency industry then you probably know that youtube is the primary way to distribute content. With over 2 billion monthly users this platform is unrivaled.
Crypto youtube channels such as Altcoin Daily and BitBoy have over 1 million subscribers so there is certainly demand.
Not to mention, the monetization methods are endless. Whether that be ads, promotions, affiliate links, or courses. That being said, this business idea is not very passive as it requires consistent quality uploads.
5. Launch an NFT-themed blog
This is the area I am most familiar with. Overall, blogs are a great way to earn additional income. This can be done through educational content or affiliate programs.
Moreover, this approach is relatively passive. Provided you create quality evergreen content it will drive traffic to your website for years to come.
The costs are relatively low at the beginning. Hosting service and domain are the main business expenses. However, when it starts to gain traction you may need to consider outsourcing some of the work.
6. Create NFT applications
The NFT industry has hundreds of applications. From rarity tools and blockchain explorers to NFT calendars. Like other software programs, they are easily scalable.
Not to mention, they can provide a direct marketing channel to your audience. Also as you decide the terms and conditions you have complete control.
That being said, this idea requires technical expertise and in an industry rampant with hacks, it is essential you know what you are doing.
7. NFT trading
Similar to trading other assets, this can be a great way of making money in the NFT space. Through extensive research, you can capitalize on undervalued NFTs.
Marketplaces offer thousands of trading opportunities and if you stay on top of the trends it can be a great way to make money.
It is worth noting, that transactions and royalty fees can add up so the less frequent the trades the better.
Final Thoughts
As you can see, there are countless opportunities to make money in the NFT space. From Trading to launching a marketplace there is certainly an option for everyone.
As the technology continues to develop there will only be more ways to capitalize on NFTs. I hope you found this article useful and thanks for reading it.
Want to know how to display NFT art? Click here to read my previous article.
