Are you an artist or an entrepreneur looking for ways to make money in the NFT space? Then, this blog is for you, which provides you with the necessary insights about the top 10 NFT business ideas!
NFTs are opening doors to a wide range of opportunities through which people can make money. From artists to gamers, many are looking forward to entering this space and gaining the maximum out of it. In this blog, we will explore the top NFT business ideas along with real examples, thus providing you with the necessary insights.
You can convert any of your digital art into an NFT. Such as,
- Avatar cards
- Music
- Video clips
- GIFs
- Paintings and much more
Then list them on any famous NFT marketplace platform like OpenSea. You can even try releasing limited edition digital collectibles. This helps you attract fans who crave exclusivity!
Wayne Gretzky‘s “The Great One” cards are one such example. Where this hockey legend launched NFT trading cards along with his autograph on DraftKings. Do you know what happened upon this launch? As this came with limited editions, fans flooded the marketplace and were ready to pay higher amounts to get one. And to our surprise, the entire drop sold out in just a few minutes! This depicts the high demand for celebrity-backed NFTs.
Revenue Streams
- As already mentioned, for limited editions, you can price them higher and improve your profit margins.
- Then you can try partnering with influencers or famous sports figures to co-create digital collectibles. These partnerships will allow you to reach a wider audience and yield upfront fees.
- Whenever your NFTs are resold, you will earn a certain percentage,i.e., 5%-10% as a creator royalty. It acts as a passive income stream for you!
An NFT art gallery is a digital space where artists can exhibit and trade their unique NFT artworks. These are just the digital version of physical galleries, which include,
- Curated exhibitions
- Private viewings
- Artist meet-and-greets
- Immersive art experience
Spatial is one of the famous examples for this, which was first originated as a VR meeting app. But by the end of 2021, it turned into a virtual NFT gallery. This allows users to create a gallery with ease and integrate their preferred wallet. Well-known artists like Federico Clapis and Krista Kim hosted NFT exhibitions and sold collectibles with outstanding fan experiences!
Revenue Streams
You can earn a certain percentage, i.e., 2.5%-10% on each NFT sold through your gallery.
Offer monthly subscription plans for extra features like,
- Private rooms
- VIP gallery setups
- Analytics dashboards
- Event hosting
Launching an NFT-based game is another attractive business idea. This leverages the play-to-earn module, where game enthusiasts will get the required entertainment in terms of the game, along with a steady income stream. Players can purchase in-game assets and can own, trade, and earn with these assets.
Axie Infinity is one such example, which allows players to collect and breed cute creatures called Axies. It was launched in the year 2018 and reached $4.3 B in all-time NFT sales.
(Source: Bitrue.com)
Revenue Streams
- You can have a share of the transaction fees. Say, for example, in Axie Infinity, 4.25% per Axie goes to the platform.
- Charge for breeding creatures like Axies and for selling in-game assets like land. Offer subscription plans, where users can access special items like weapons and skins.
Offer expert consultation to startups and enterprises looking to enter the NFT landscape. With your service, you can try covering areas like,
- Strategy planning
- Platform selection
- Smart contract development
- Tokenomics design
- Community growth ideas
A few prominent companies like Animoca Brands and Consensys provide the required advice to businesses to strategically plan their investments in NFT-based projects.
Revenue Streams
- You can charge a consultation fee, like hourly charges, but this completely depends on your expertise.
- Try offering bundle programs or packaged services. These can combine all the essential services under a single roof. You can even set tiered pricing for these bundles depending on the complexity and duration!
- Charge a monthly fee to provide the necessary insights regarding ongoing support and updates.
An NFT real-estate platform tokenizes land as NFTs. This enables users to buy, sell, and trade virtual lands. These platforms are like metaverse worlds, which offer fractional ownership of real estate to users.
Real examples include Decentraland, which allows users to buy land in the form of NFTs with the MANA token.
Revenue Streams
- You can charge platform fees of a certain percentage, like 2–5% on every land purchase or sale.
- Try facilitating short or long-term land leasing to create a standard income stream.
Launching your own NFT marketplace is another attractive business opportunity. Where you can allow artists and creators to mint and list their NFTs. For this, you need to develop everything like,
- Smart contracts
- UI/UX
- Wallet integrations
- Search filters
- Payment flows
OpenSea, launched in the year 2017, is a famous example of this business model. It supports several major blockchain networks like Ethereum and Polygon.
Revenue Streams
- You can earn a commission of 2–5% from each sale that happens on your platform. For instance, OpenSea charges a 2.5% service fee.
- Charge creators a minting fee for allowing them to mint their digital art into an NFT. Provide premium memberships that offer advanced analytics and Pro features.
White-label NFT services involve offering white-label NFT marketplace solutions to businesses looking to launch their platform. They can customize it according to their branding and enter the market quickly at a lower cost.
For instance, NFTify allows businesses to launch an NFT marketplace quickly with their white-label services. Other white-label solution providers offer the same, thus helping startups to enter the landscape more affordably!
Revenue Streams
- Charge an upfront fee for store creation, UI customization, launch support, and smart contract development. You can charge $7,000 per client and can even raise the charge as per your client’s customization requirements.
Posting educational videos on teaching others about how to create, buy, or sell NFTs through online courses is an effective strategy to make money. You can leverage platforms like Udemy to publish your videos by covering everything about NFTs and minting techniques.
There are plenty of videos available on Udemy on how to build a 10000-item NFT collection on OpenSea. This guide offers practical insights on gas fees and has attracted over 8000+ students.
Revenue Streams
- You can charge per course enrollment! Say, for example, Udemy sells a course between $20 — $100, and instructors receive up to a certain percentage as fees.
You can design and sell fashionable items like,
- Necklaces
- Watches
- Sneakers
- Hats
- Jackets and other accessories.
Which users can equip their avatars in the virtual world! These NFT wearables offer utility across a wide range of games and platforms.
Decentraland’s Metaverse Fashion Week (2023)
In this, well-known brands like Tommy Hilfiger and Vogue featured avatar wearables. Which drove a 200% increase in NFT sales volume!
Revenue Streams
You can set a higher price range for limited editions and earn 5–10% of the creator’s royalty upon every resale of your NFT through platforms like OpenSea.
Pro Tip: Try releasing your wearables during fashion weeks to generate media buzz and boost sales!
If you are creative enough and have a huge interest in art and doodling, then becoming an artist is something you need to consider. As an NFT artist, you can create unique artworks and convert them into NFTs. Such as,
- Illustrations
- Animations
- 3D models
- Video art
In case if you are not new to NFT, then you would have probably heard about a man called “Mike Winkelmann”. He started to convert these digital artworks into NFTs by just gaining a few insights from his friends. But, over a period of time, his artworks started to hit hard in the market and ended up collecting several million dollars for him. Thus, making him one of the world’s most valuable artists!
Revenue Streams
- These art pieces can be sold directly through NFT marketplaces, where you can set the percentage of royalty reward you need to receive upon every resale. And you can also set the price at which you are willing to sell your unique artwork!
The NFT market reached over $26.41 billion in total sales in the year 2023 and is estimated to grow to $222.79 billion by 2031. This is quite huge! This depicts how launching an NFT business is a profitable one. (Source: Socialcapitalmarket.com)
You need not necessarily be a coder or a professional artist. With white-label platforms and other toolkits, you can easily get started!
With multiple monetization models like direct sales to earning royalties and subscription models, NFTs offer a wide range of revenue options.
NFT landscape allows artists to retain ownership and earn a fair amount, thus making it attractive to artists, musicians, and other specialists worldwide.
No matter who you are, whether an artist or entrepreneur, the opportunities NFTs offer are plenty. With the above-mentioned business ideas, choose the one that aligns with your goals. And with the right strategy, you can shine in the NFT space!
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