Do you want to start an NFT-related business? If yes, you have landed at the right place. Here in this article, we have listed down unique and innovative NFT business ideas that one can start from with little money.
Before jumping on the business opportunities, it is important to know a little about what actually NFT is all about.
What is NFT and How does it Work?
The full form of NFT is Non-fungible tokens. The word non-fungible means it can’t be replaceable. It is a unique digital asset that an owner can’t replace with anything. it is the fundamental difference with cryptocurrencies. A cryptocurrency like Bitcoin is replaceable/ fungible and can be exchanged against another bitcoin.
More and more artists, celebrities, businessmen, and creative people are selling unique digital assets and earning NFTs. The NFT industry has broadened its digital asset collections. They are images, videos, VR wearables, music, and even tweets of famous personalities. For example, a tweet by Elon Musk has been sold for billions of dollars in the NFT marketplace.
Here is the List of 17 NFT Business Ideas
1. Create NFT Collectibles Business
A 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.
2. Become NFT Investor
Investing in NFTs can fetch you an insane amount of money if done with proper planning. However. it comes with a high risk as the NFT market is highly volatile. There are two ways of investing in NFTs.
The first one is called quick flip. It is essentially short-term NFT trading. You will be buying and selling in a quick period of time. The holding time will be very short.
The other one is called diamond hands. Here the trading of NFTs is done with the intention of holding them for a considerable period of time. It can be in the range of 5 years to 10 years. If you are a new NFT investor, it is advised not to invest in long-term trading as high market volatility exists.
Some of the popular NFT marketplaces one can explore for NFT buying and selling are OpenSea, Rarible, and Cryptopunks.
Suggested Read: Best Types of Cryptocurrency to Invest
3. NFT Freelance Writer
The community of the NFT industry is growing fast. Plenty of publications and websites are looking for content writers having knowledge about the NFT trade. The demand for freelance writers is expected to grow in the coming years. If you have a passion for writing in your spare time, there is a good scope for making money writing in the NFT space.
4. Create NFTs for Metaverse
In simple terms, the metaverse is an online virtual world. It integrates a wide range of advanced technologies like augmented reality, virtual reality, video, and other means of communication. They are built on blockchain technology.
Popular metaverses like Cryptovoxel, Decentraland, and Sandbox offer users various ways of interacting on their platforms. These new metaverse platforms create immense opportunities in the future and one can make serious money creating NFTs for them.
5. Become a Professional NFT Gamer
The traditional gaming industry has seen a huge growth in the last few years. Nowadays, professional gamers make good money through running private ads, promoting affiliate links, and brand sponsorships.
Gamers can make additional income on platforms like Axie Infinity by getting rewarded by assets-in-play while playing a video game. The virtual assets that you gain can be saved on the blockchain. In the future, you can sell those virtual assets on secondary marketplaces and make a good profit. If you are an expert gamer, it makes a lot of sense to become a gamer in the NFT space.
6. Create Online NFT Course
The demand for online courses on NFT-related subjects is increasing. If you are an expert in this field and enjoy teaching, creating online courses can fetch you good and recurring returns. In the present day, creating online courses has become a lot easier than before. You can check our article on how to create an online course to learn more.
7. Create a YouTube Channel
Starting a YouTube channel on various activities of the NFT industry can be a profitable business. There is a good demand from people across the world to learn about the various aspects of NFT selling and buying. If you have a passion for NFT-related activities and good communication skills, running a YouTube channel can fetch you good returns.
8. Create an NFT Blog
The number of people seeking to get information, news, and event on NFTs, has only risen over time. If you know what NFTs are, how they work, and are in the know of the latest and the greatest buzz around NFTs, then you can probably monetize your knowledge through a niche blog.
Read: How to Start a Blog & Make Money
9. Write Books on NFT
If you have good writing skills and know-how of how NFT space works, writing a book on NFT can be a lucrative business proposition. The search for NFT-related books is growing in huge numbers. One can also write ebooks and get them published easily on various online marketplaces.
10. Make an NFT App (DApp)
NFT is a new concept. As a result, you will find not so many applications related to the trade that can help customers in trading NFTs. If you have experience in the trade and have coding skills, it is advised to explore making apps for NFT customers for a wide range of NFT-related activities.
11. NFT Influencer Business
The NFT industry has blossomed in the year 2021. As a matter of fact, the credit for this huge upsurge in business volume goes mostly to NFT influencers along with creators, artists, celebrities, and curators. Most NFT influencers promote NFT projects on YouTube, Instagram, Facebook, and other social media platforms.
If you have a good following on social media platforms, you can be an NFT influencer and make an insane amount of money. Influencers like Mark Cuban, Kevin Rose, and Alexis Ohanian are some of the popular influencers supporting NFT projects.
Suggested Read: How to Become a Successful Instagram Influencer
12. Create NFT Marketplace Business
In the NFT world, sometimes auctions take place. One can make huge money from these auctions. These auctions generally happen in NFT marketplaces.
The concept and the process of working are much similar to traditional auctions. Here digital assets are auctioned. And the one who bid the maximum gets the digital asset. If you have the expertise, create an NFT marketplace and make money by providing the services by charging service fees.
13. NFT Cryptocurrency Business
Launching an NFT cryptocurrency is another business you can consider starting. However, it is without saying, one needs to have deep knowledge and a deep idea about how cryptocurrency and the NFT platform work.
Take for example AXS coins. It is a cryptocurrency that is used to trade on the Axie Infinity platform. Within a short period of time, the coin value has grown exponentially.
14. NFT Artist
The most popular pieces in the NFT marketplace are mostly artworks. It happens to be the most actively traded digital asset on NFT platforms. If you are an artist or have a passion for creating artwork, making money here might not be difficult.
15. NFT Broker or NFT Investment Firm
If you have a deep passion for NFT trading, starting an NFT investment firm can be a good money-making opportunity. The number of investors interested in buying and selling NFTs has grown in huge numbers. But a lot of them do not find the time or the expertise to invest after doing due research. You as an NFT broker will help them trade NFTs in exchange for a commission.
16. NFT Loan Platform Business
NFTs have the potential to act as collateral for loans. Furthermore, if someone does not have an interest in trading replaceable cryptos, NFTs can improve their lending possibilities. It can also tie up with a Defi platform and widen the reach for lending. And all can be done by bypassing regulatory authorities.
17. Provide VR Experience
The concept of Virtual Reality (VR) is no more a new phenomenon. Real estate, interior decoration, and various other industries are using VR technology for promoting their products or assets. For people having expertise in the virtual reality industry, creating user-friendly tools can be a lucrative NFT-related business to start.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.