Non-fungible tokens (NFTs) are a new type of digital asset that has changed how we interact with art and how we think about ownership in the digital world.
NFTs have been around for several years now, but there has recently been an increase in NFT-related businesses over the last year as their popularity has skyrocketed.
The popularity of projects like CryptoKitties, Bored Ape Yacht Club, CryptoPunks, and other NFT projects has shown that there is a huge demand for digital assets backed by utility and strong communities.
There are many different types of NFT businesses but in this post, I’ll go through some of the best NFT business ideas you can start today.
Let’s get started.
What are NFTs?
NFT stands for “non-fungible token.” An easier way to think about it is to swap the word “fungible” with “replaceable.” So an NFT is a token that is non-replaceable or, in other words, a token that is completely unique.
For example, the Mona Lisa is non-fungible, there’s only one and there can only ever be one original Mona Lisa. On the other hand, a sack of rice is fungible – there can be multiple versions endlessly and it doesn’t matter which sack you have.
What makes an NFT unique and “non-replaceable” is the fact that they are codified on a blockchain and can’t be modified. This adds a level of scarcity to an NFT and is one of the reasons why some become so valuable.
Another reason NFTs can be so valuable is because of the utility they have been programmed with. Through the blockchain, NFTs can pass on value to the holder in the form of in-game perks, community perks, physical objects, tickets to an event, or anything else.
Overall, NFTs can have artistic value, scarcity value, and utilitarian value by carrying with them some sort of programmed functionality. This has resulted in the recent craze of NFTs and why so many see them as having a huge future potential.
What Are the Best NFT Business Ideas?
Here is a list of the best NFT business ideas for potential business owners to get started with.
Best NFT Business Ideas
1. Become An NFT Artist
NFT artists are people who create digital assets – anything from a piece of art to a song to in-game items.
The great thing about being an NFT artist is that you don’t need any special skills or training – you simply need to be able to create something that people want to buy.
NFT artists are able to sell their digital assets directly online through websites like OpenSea.
They are also able to create NFTs for other projects and then earn royalties whenever those tokens are traded or used.
If you’re an artist and want to get started in the NFT space, then this is a great way to do it.
2. Buy and Sell NFTs
This is one of the most popular NFT business ideas because it’s the easiest to start and most people are already participating in NFT trading.
Using online marketplaces like OpenSea or Nifty Gateway, sellers can list their tokens and buyers can browse them to find what they want.
Many of the most valuable NFTs are listed on these marketplaces so if get involved in the community and do proper research, this could be a very profitable business.
Buying and selling NFTs can be done by anyone, so there’s no specific skill set required for this business model. If you’re interested in buying or selling NFTs, then give it a try!
3. Create an online NFT course
Online courses are a great way to teach people about the basics of NFTs and how to get started with trading and investing.
They can also be used to teach more advanced concepts like blockchain programming or game development.
The great thing about online NFT courses is that they can be accessed by anyone in the world, so they have a large potential audience.
If you’re an expert on NFTs and want to share your knowledge, then creating an online course could be a great way to do it.
You can find out more information about how to create an online course at platforms like Udemy or Coursera.
4. Build an NFT app
NFTs are still a very new industry and there’s no shortage of opportunities to create useful tools for people in the space.
An NFT app could be software that makes it easier for users to buy, sell, display or store their tokens.
The possibilities are endless, so if you’re a developer with some experience in blockchain, then this could be a great opportunity to get involved in the NFT space.
5. Become an NFT Broker
This is a business idea that’s similar to buying and selling NFTs but on a larger scale.
An NFT broker sets up an online marketplace where users can trade, sell or buy tokens from each other directly. Brokers make their money by charging a fee whenever someone sells something through the site.
If you’re experienced in online marketplaces and want to get involved in the NFT space, then this could be a great business idea for you.
6. Start an NFT Blog
NFTs are a complex topic and there’s a lot of information out there for people who want to learn more.
Starting an NFT blog is a great way to share your knowledge with the world and help people understand this new industry.
Your blog could cover everything from the basics of NFTs to in-depth reviews of the latest NFTs and projects.
If you’re passionate about this space, then putting your knowledge out there could be an excellent way to make a living.
7. Launch an NFT Loan Platform
One of the challenges with NFTs is that people often have to sell them in order to raise money.
In some cases, this means selling their tokens for a lower price than it’s worth and losing out on potential income.
An NFT loan platform could solve this problem by allowing users to borrow against their digital assets so they don’t have to sell them.
It’s a great way for anyone who wants to raise money and hold onto their tokens at the same time.
8. Sell NFT Merchandise
NFTs are a great way to show your support for your favorite project or team.
Why not take it one step further and sell merchandise that features NFTs?
You could create shirts, hats, pins or anything else that you think people would be interested in buying.
If you’re creative and have some experience in this area, then this could be a great NFT business idea for you.
9. Start an NFT Podcast
Podcasting is a great way to share your thoughts and ideas with the world, and it’s perfect for discussing complex topics like NFTs.
There’s already a few podcasts out there that talk about NFTs, so there’s definitely room for one more.
Your podcast could be anything from an introduction to NFTs for beginners, to interviews with the biggest names in the industry.
If you’re interested in podcasting and want to learn more about it, then check out resources like How to Start a Podcast.
10. Write An NFT Book
NFTs are a complex topic, so writing an NFT book is definitely no easy task.
However, if you have experience in this area and want to put your knowledge out there for others to learn from then it could be a great business idea for you.
Most of the books that exist on the subject focus on explaining how NFTs work, so you could try to focus on a different angle, like how businesses can use NFTs or the future of the industry.
11. Become An NFT Consultant
Selling your knowledge about NFTs can be a great way to make money, and becoming an NFT consultant is one of the best ways to do it.
You could offer your expertise by advising companies on how they should handle their token sale or release new products that involve tokens.
If you’re passionate about this space and have a lot of knowledge to share, then becoming an NFT consultant could be the perfect business idea for you.
List of NFT Business Ideas FAQ
What NFT business can I start with no money?
There are a lot of different business ideas that you can start with no money. You could start a blog, become an NFT consultant, or sell merchandise featuring NFTs with very little upfront cost.
How can I buy NFTs?
You can buy NFTs on exchanges, online marketplaces or directly from other people. They’re generally bought with cryptocurrency like Bitcoin and Ethereum, so you’ll need to already own some cryptos before getting started in this area. Popular marketplaces include Veve, Opensea, and Nifty Gateway.
What are the best ways to make money with NFTs?
There are a lot of different ways to make money with NFTs, but some of the most common include creating and selling tokens, starting an NFT podcast, or trading NFTs.
As you can see, there are a lot of different business ideas that you can start in the NFT space. It’s still a relatively new industry, so there’s plenty of room for growth.
If you’re passionate about this area and have some experience in it, then don’t hesitate to start your own NFT business. The opportunities are endless!