11 NFT Ideas You Can Rely On To Make Money
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Ankit Patel - November 28, 2022
- 5 min read
The new kid in the block- NFT, heard a lot about them, haven’t you? Yes? Apart from its lucrative prospects, it helps businesses in making more money too.
Now you may wonder what is the big buzz around this concept after all. We will cover this in this comprehensive guide.
Also known as non-fungible tokens, NFTs is a unique digital identifier that is known for their non-modifiable, non-substitution, and non-sub-divisional elements. These elements getting recorded within the blockchain makes it easy to gain authenticity and ownership. Interesting right?
As you read this article, you will know the background of the concept. You will gain insight into its popularity, followed by its market popularity.
With a comprehensive view, you gain of these areas, we will then explain why its implementation is good for you, listing the ideas that will particularly benefit you and your business.
What is NFT?
NFTs also known as Non-Fungible Tokens are digital assets that are difficult to change or replicate. Take for instance an artwork from a private collection. Just as the work is one-of-a-kind and is worth a particular amount, an NFT similarly is worth a distinct amount that can be sold for cryptocurrency or fiat. This asset transfer gets recorded thereafter within the blockchain which in turn goes on to establish its ownership.
What Sets NFT Apart?
NFT has six main elements that set them apart. Check them out.
- Indivisible. This is in terms of its utilization. Only a single person can avail of it and take advantage.
- Scarce. This scarce nature drives its value.
- Unique. Since two NFTs are not identical, hence they are not interchangeable either. This allows it to attain the certificate of authenticity in a rather streamlined way.
- Ownership. NFTs have their residence on the DLT also known as the distributed ledger technology within an associated account. This allows their original creator to control its private key and perform their transfer thereafter.
- Transparent. As a result of the publicly distributed ledgers being decentralized, it becomes easy to publicly verify records of token issues, transfers, etc. This helps to corroborate its authenticity in the best possible way.
- Inter-operable. NFTs are easy to trade, purchase and sell across various DLTs. This is easy to perform through a decentralized bridge or a centralized custodial service.
Now let’s provide you with their market stats to give you an insight into their gradual rise over the years.
Market Stats for NFT
- Weekly sales volume at current is between 15,000 to 50,000 in 2022.
- Generated revenues of $41 billion in 2021.
- Ethereum NFT sphere witnessed 8.22 million ETH in trading volume across 2.46 million unique wallets.
- Market size is around $232 million in 2022.
- Growth in the NFT market to reach $60 billion in 2031.
These numbers have been possible thanks to some popular names.
Popular NFT Examples
Here are some popular names that have been responsible for the prominence of NFT growing manifold.
- OpenSea
- Mintable
- SuperRare
- CryptoPunks
- Axie Marketplace
These famous names have made it easy to make money for customers by providing them the flexibility to create, list, sell and exchange NFTs. If you are a business that wishes to capitalize on this, we have listed down the best set of ideas that can support you through this pursuit.
11 NFT Ideas to Make Money
1. Start an NFT Community
How about starting an NFT business that manages online communities for creators in a seamless as well as a creative way?
A good idea, this will allow the NFT enthusiasts to participate in conversations with other members, get new business opportunities, avail of them, and earn through them.
2. Start an Online NFT Business
The concept of NFT is still not understood by many. However, it is to be remembered that the business opportunities that the concept promises are huge.
Hence, if you are new to this concept, learn about it first and share its knowledge. Thereafter, you can either create an online NFT business so you can earn collectively from the NFT purchased by customers.
Read Also: A Guide To NFT Marketplace App Development Cost
3. Get NFT Marketplace Rolling
In simple words, a marketplace is a platform that allows trade within the NFT. Take for instance Etsy for NFTs where artists create a collection and thereafter get access to a marketplace to sell them due to its secure nature.
Thus, you can channel the idea to your advantage and start winning big like huge revenues, good profitable returns, and so on.
Check this video out to gain an overview of how you can perform this like a pro.
Video source: Youtube.com
4. Blockchain Services Business
Do you plan to earn yourself a reputation for being transparent? Starting a blockchain services business is something that can assist you through this.
Check the video out below to gain an outline of the strategies that can assist you in this.
Video source: Youtube.com
Through the business, you will be able to seamlessly manage business transactions comfortably, alongside NFTs and cryptocurrencies.
5. Cryptocurrency Venture
This is another way through which you can make considerable profits and earn too. Take for instance popular names like Coinbase, Rarible, etc.
Through an initial investment of $300,000, you can be sure to earn around $3699 to $300,000 every month. All you need is satisfactory skills in research, coding, etc. and you are good to go.
Read Also: Cost of Developing a Cryptocurrency Exchange App Like Coinbase
6. NFT News Site
Names like WND, and Phys.org are popular names in spreading relevant information about NFT and earning consistently well through it.
You can incorporate this idea for your business to earn considerable profits and returns through the knowledge you share.
7. NFTs for Music
Music streaming platforms are observing their popularity slowly rising. It must be mentioned here the earnings thus through these platforms are less.
Hence if you start an NFT for music, it would help musicians to a great extent in tracking sales. It would support them as well in creating pique designs for their concert tickets, followed by delivering unique giveaways.
8. Develop a Decentralized App
Invest around $30,000 into the concept and have adequate expertise in research, coding, and design to get this idea rolling.
Know about popular names like Uni Swap, Dapp.com, etc to get an overview of the strategies they followed to make NFT easy to access.
You can alternatively watch the video below to learn how to perform decentralized app development like a pro.
Video source: Youtube.com
9. Bitcoin Broker
This is one idea that you need to use. Regardless of the idea demanding efforts to the maximum alongside dedication, it has the prospects to support you in earning well and making good money.
When you set out on the journey as a bitcoin broker, it will provide you with the support to sell bitcoin brokerage services online. Want to know how to start successfully in this?
- Research on the legal requirements.
- Get funding.
- Find a technology solution provider and choose one matching your needs.
- Partner with a known payment processor.
- Get Started.
10. Invest in Passive Cryptocurrency Mining Protocol
The perfect way to make money through NFT- try investing in a passive cryptocurrency mining protocol. This is a good idea because it will help you to accumulate a particular amount of coins and improve the mining facility.
Thereafter, upon successful revenue generation, you can create a sustained demand for the coins on the open market and ensure they get created as a deflationary asset.
11. Start Charity Accepting NFT
Nowadays, many NFT artists observe themselves developing robust connections with charities and the purpose they serve. This has allowed it in becoming a driving force in charitable fundraising.
Hence, it is a strategic move to get your attention to this idea as it will turn out to be a boon in disguise. Check out the video to gain a synopsis of the model.
Video source: Youtube.com
Reading about these ideas, you must be wondering which idea is the best among them all. To make this easy, keep the points handy.
Remember These Tips Before NFT Idea Implementation
Before you go and choose an NFT idea to support you in your pursuit of making more money it is a good idea you remember these tips.
- Research well.
- Avoid investing more. Invest smartly to keep costs in check.
- Know different NFT projects.
Wrapping Up
NFT or Non-Fungible Tokens are unique digital identifiers that are difficult to copy, or replicate and whose record is maintained within the blockchain to certify their ownership and authenticity. Due to this nature, it is slowly and gradually gaining popularity. The market size for these assets is predicted to be $19.57 billion by 2028. Hence, it is a lucrative and strategic move to become its part. Choose the perfect idea upon strong research and create a disruption to different industry sectors in a short time.
Ankit Patel is a Director of Sales & Marketing at XongoLab Technologies LLP and PeppyOcean, A leading mobile app development companies. In his free time, He likes to write articles about technology, marketing, business, web, and mobile. His articles featured on YourStory, E27, Datafloq, JaxEnter, TechTarget, eLearningAdobe, DesignWebKit, InstantShift, Business Magazine, SimpleProgrammer, and many more.
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