If you are interested in NFT business ideas that will allow you to reach an educated and affluent demographic, generate profitable income, and open the door to possible financial freedom, read on.
NFTs: Opportunities for everyone
NFTs have made it possible for you to transform your off hours into a potentially lucrative source of income. To be a successful NFT entrepreneur, you do not need to be a digital artist. NFTs aren’t just for crypto art, and there are a lot of different venues you can explore to find your own NFT niche. While it may seem that many artists and creative types are striking digital gold with NFTs there is opportunity for everyone.
Remember, most of the people looking for gold during the 1849 California gold rush never found any. But the people that sold the lumber, shovels and even the blue jeans (Levi’s) to the miners became wealthy beyond belief.
Let’s take a look at 5 NFT business ideas that you could start right away.
1. Become an NFT Artist
If you are currently creating traditional art, making the digital shift isn’t that difficult. NFTs were designed in part to assist artists to make more money in a digital economy that hasn’t always been fair to them.
NFTs are a new revenue stream for artists in that if the value of their artwork increases, so does the artist’s. Plenty of NFT artists achieve great success with open-source tools, and so can you.
2. Buying and Selling NFTs
NiftyGateway, OpenSea, and Rarible are large marketplaces for buying and selling NFTs. Your best hope for reaping the benefits of this windfall may be to regard these NFTs like equities, that is, assets that will gain value over time.
I recently bought what I consider to be my first, investment grade NFT, from renowned digital artist Pak. His (her, their?) work has sold for millions when auctioned by Sotheby’s so I figured a $400 investment in a limited edition NFT created by Pak would likely increase in value.
Another example is purchasing prime virtual land in Decentraland with the intention of profiting later. Some plots of land have already sold for millions of dollars.
3. Designing NFT Collectibles
NFTs benefit everyone, not only collectors and investors. You can also boost your income by creating artworks and other collectible NFTs. Not a designer? You could always hire someone on Fiverr or Upwork to create NFT collectibles for you.
4. Become an NFT Influencer
This is by far one of the most financially profitable concepts but also one of the most difficult and time-consuming. You might wish to explore becoming an NFT influencer if you have a large following, but also understand that it will take almost constant attention to NFT trends, posting to Twitter, Telegram, Discord and YouTube and basically living and breathing NFTs 24/7 to get your name out there and establish a following.
If you already have a good following most of your audience would probably be interested in what you say and write about NFTs. You could start interesting dialogues in your community and promote the most recent NFT projects.
For example, Kim Kardashian doesn’t know much about NFTs but if she buys a Bored Ape and tweets about it, she generates traffic.
If you’re providing accurate knowledge and general education regarding NFTs and do so on a consistent basis it will eventually pay off.
5. NFT Freelance Writer
With NFTs becoming the most popular area of web3, and websites covering all NFT and crypto-related news, contributing your writing abilities to these businesses might be rewarding. This is only achievable if you have a strong desire to write.
Create high-quality articles, engage readers, produce high-quality content, and build a portfolio of successful work. This is unquestionably a profitable and adaptable money-making gig.
I’ve been writing about blockchain, NFTs, and crypto for quite some time. I find it endlessly fascinating and it pays the bills. Writing is a great way to learn about NFTs and become involved in the larger community.
NFTs are currently booming and becoming more popular, with mainstream adoption coming from corporate giants like Budweiser, Starbucks and Nike getting in on the act.
There are boatloads of uses for NFTs in a range of industries, and using them correctly can open up a world of unlimited possibilities for producing passive income. The list above is a great way to get started, but it won’t happen overnight.
The metaverse, just like the real world, requires real effort, and the payoff can be special.
Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.