12 NFT Business Ideas You Can Start Today
NFTs are swiftly becoming the new standard when it comes to social signaling. Spend a few minutes on crypto twitter and you will notice that everyone’s profile picture is some sort of avatar.
This isn’t just some hyped up fad that will soon blow-over. Rather, it is a shift in culture as well as the way that humans interact and conduct transactions between each other.
The opportunity to build something great is upon us, which is likely the reason why various celebrities and Fortune 500 companies are investing both personally, and in a way to leverage their own brand.
Fortunately, we can all use NFTs to start our own business as well. Here are the top 12 NFT business ideas that you can start today:
1. Build an NFT Investment Firm
Although NFTs may be a new avenue to grow your investment portfolio, that doesn’t mean that there aren't a ton of deep-pocket investors looking to put their fiat into something new, innovative, and exciting—such as non-fungible tokens.
Keep in mind that people nowadays are busier than ever. Most of us don’t have time to sit around and study the NFT market all day. That’s where you come in: the NFT investment firm.
Essentially, investors would give you their money so that you can invest into NFTs with your expertise, in the hopes of a profitable return on their investment. For your services, you receive a percentage from the profit and call it a done deal.
If you are someone who is passionate and knowledgeable about the NFT market, then this business idea may be an excellent fit for you.
2. Grow your own NFT investment portfolio
Maybe you are a great NFT investor, but you’re not interested in handling other people’s assets. That’s okay. Fortunately for you, you can simply invest in your own investment portfolio. With NFTs, there are a couple ways you can play it.
Short term NFT investment (the quick-flip) is when you buy an NFT with the intention of holding onto it for a brief moment and then quickly selling it for a profit. If you can do this many times over, then you can turn into a profitable business for yourself.
Long term NFT investments (diamond hands) are investments that are intended to be held for a period of at least 5 to 10 years, in my opinion. The long term investments should be considered extremely risky however.
3. Open your own NFT restaurant
Do you really enjoy food? Then opening an NFT restaurant is something innovative you could do. No one has done this yet, but that’s not to say there isn’t already an NFT restaurant in the works.
In order to give you a better idea on how to accomplish such a task, I will use Gary Vaynerchuk as an example. Gary will be opening the very first NFT restaurant in Fall of 2022 in New York City.
To experience the restaurant, guests will require a membership, which will be purchased as NFTs. Gary is planning to offer three different levels of memberships, all offered in the form of a non-fungible token. This may seem far fetched now, but this is only the beginning.
4. Create NFTs for the metaverse
In the macro, the metaverse is an up-and-coming system of virtual worlds that are linked together on the blockchain. Within this virtual world lies a whole lot of opportunity for creators and consumers alike.
Metaverses such as Somnium Space and Cryptovoxels allow users to create their own virtual assets and monetize them. From virtual wearables, to games and events, creators have an opportunity to put their creative talents to work. As a metaverse asset creator, you can sell and trade any virtual assets that you create.
As the metaverse continues to scale upwards in terms of popularity and social acceptance, so will the demand for virtual assets. The multitude of people who visit the metaverse do so to consume and connect. The concept is no different than hanging out at the mall with your friends.
I know there are many creators in the NFT community. So if you are looking to hone in on a new creative skill and maybe even turn it into a business, there’s no better time to start than now.
5. Build a brand as a full time play-to-earn NFT gamer
Earning money playing video games is becoming a more common phenomenon with influencers and sponsors joining hands to build a completely new perspective around the gaming industry. We're witness an emerging perspective that gaming is much more than locking yourself in your bedroom for 12 hours a day, with nothing to show for it.
Today, gamers run ads, share affiliate links, and earn sponsorships from brands in order to earn a full time income and build their own brand. However, imagine playing a game where you are able to collect valuable in-game assets as you play.
These assets aren’t only for in-game use mind you, they are virtual assets which are stored indefinitely on the blockchain and can be sold on secondary marketplaces for real currency.
If you are a gamer who is not yet gaming on the blockchain, I highly recommend you look into it. For more guidance on creating a business out of NFT gaming, make sure to give Swole’s article a read: How Gamers Can Monetize with NFT Technology.
6. Structure an online NFT course
Some people are exceptional teachers. You know those people. The ones who appear to have a natural act for guiding someone through any task, whether large or small.
If you love teaching/coaching and you just happen to be good with NFTs as well, then you should consider offering your expertise to folks who are looking for it.
Regardless of whether you are an NFT artist who has built a strong community around your personal brand, or even if you are an avid NFT collector, both of these useful skills can be taught to others for a fee.
Depending on your client’s goals, you can offer multiple rates with varying levels of depth and coaching. Perhaps for your higher paying clients, you can offer live support 3 days a week, for example.
Ultimately, it’s your NFT course. You can structure the course however you think will best suit your clients needs.
7. Write a book covering NFTs
Books are full of information. Considering NFTs are so new to society, we can assume that numerous people are seeking to increase their knowledge by studying books and educating themselves on the NFT space.
There are a lot of ways you could go about publishing your own NFT book. You could go super niche and just cover the buying and selling aspect of the NFT industry, or you could write an “NFTs For Dummies” type book.
Now, if you’re passionate about writing but you don’t want to deal with the headache of producing physical copies of your novel, then you could always offer your audience an Ebook.
An ebook covering NFTs would be simple to sell, convenient for both parties, and beneficial for your customers as long as you provide an insane amount of value in the book.
8. Be an NFT freelance writer
If you love writing but you aren’t sure you want to take on writing an entire novel, I don’t blame you. In that case, building your own NFT freelance writing business may be a great option for you.
With an increasingly large number of websites trying to cover all the NFT and crypto related news in the space, offering your writing skills to these brands could potentially be very lucrative.
As well, considering the NFT community is overflowing with news and updates every day, it’s safe to say that you could keep busy if you put in the effort to find writing opportunities.
I think one of the best things about becoming an NFT freelance writer is the freedom you have to express yourself and your knowledge, as well as having the ability to work from anywhere, anytime.
Seriously, if you enjoy writing and you like NFTs, then starting your own freelance NFT writing business is only one article away.
9. Make an NFT app (DApp)
Considering there are already millions of apps which consume our lives on a daily basis, it should come as no surprise that building a decentralized app, aka a dapp, is a solid business idea. The main difference between an app and a dapp is the backend coding.
With a dapp, the backend coding is on a decentralized peer-to-peer platform known as the blockchain. The dapps are controlled by the logic written into the smart contract technology, giving the dapps a truly decentralized platform to build from.
As of today, there are not nearly as many dapps as there are apps, but that’s a good sign for opportunity. Some possible categories of dapps you may want to consider creating would be anything related to gaming, social networking, collecting, and—of course—NFT marketplaces are huge right now.
10. Become an NFT influencer
Everyone wants to be an influencer, but have you ever thought about niching down and becoming an NFT influencer? As an NFT influencer, you are able to build your personal brand all while providing your community with valuable and helpful content.
Once you build up a large enough following, you can start monetizing your own products and services. If you aren’t interested in creating your own products or offering your services, then you can just as easily reach out to other brands and let them pay you to represent their brand on your influencer profile.
To be fair, becoming an NFT influencer isn’t an overnight task. However, considering that the NFT community is so new, I believe this means that there is huge potential to start early and get ahead of the pack.
11. Use NFTs to raise capital for a startup
Maybe you don't want to necessarily build a business around NFTs, but that doesn’t mean that you can’t at least use NFTs to help you raise capital for your future business endeavors. Believe it or not, many small startups are already doing this.
If you have bought any of the several 10k PFP NFT projects available, then you have helped someone raise capital. Many of the NFT projects that drop are taking their money they earn from the drop, and reinvesting it back into the business. You can do the same thing.
Although, I must warn you that as time goes on and the supply of NFT projects increases, so will the competition.
12. Become a metaverse DJ
The metaverse is a virtual universe containing smaller virtual worlds within. In these worlds are virtual assets in the form of NFTs. These assets range from virtual land to wearable goods for your avatar.
Virtual assets aren’t the only thing you will find in the metaverse though. The metaverse is a virtual space where people come to hang out and socialize. I’m talking about virtual parties, conferences, and other events similar in nature.
These events already take place within the metaverse. Considering how popular these virtual events may become in the near future, it may be an excellent idea to bring your DJing skills to the metaverse. You can build your brand around your avatar as the best DJ and perform at events all across the metaverse.
I understand that some of these business ideas may seem a little out of this world, and that’s because some of them are. Remember though, that’s how everything starts at first. Look at dial-up internet, or the very first computer.
It all seems infeasible at first, until it isn’t. I believe this is exactly where NFTs fall in terms of businesses surrounding the technology. If you are reading this article, congratulations. You’re still early.
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