Although at face value NFTs are JPEG images of animals, they are actually much more complex than that. NFTs and blockchain technology are slowly revolutionizing and shaping the future generation of the internet. NFTs have opened up a variety of ways to make money which are online, remote and scalable. These are the key ingredients that the modern entrepreneur looks for when creating a new business. For this reason, it makes complete sense that combining NFTs and business can lead to great potential. If you’re feeling stuck on where to start, you’re in the right place. Here are 5 business ideas to make money with NFTs.
#1 Start An NFT Community
NFT communities have flourished in the Web3 space recently. For those of you who may be unaware, almost every established project or aspiring alpha group has a large online community. It is a given that NFT enthusiasts expect to congregate and participate in online communities, which creates a very good business opportunity. Your community could be monetized through releasing an NFT token or through a subscription model. The good news is, you only need a laptop and be familiar with Discord to start.
#2 Create An Online Course
If you’re not technical enough to be a developer, or artistic enough to be an artist, but you have had a lot of success in trading NFTs, then creating a course could be for you. To create a course, all you need to have is more knowledge in a specific field than other people. As the world of NFTs is new, it’s easy to learn and share your expertise with others.
#3 Become An Artist
The rise of NFTs has opened many possibilities for artists, and NFT creators have embraced them. This is because art is on the face of most NFT projects, so it makes sense that artists are in demand. Whether you’re a famous or under the radar artist, you could start a freelance art agency which NFT projects can approach for artwork. NFT art is a hot commodity right now, and many artists have been able to transform their lives by selling their art as NFTs.
#4 Start A Marketing Agency
If you have any experience in marketing, then this could be a good choice for you. No matter how good a product, service, or in this case, an NFT project is, if the marketing isn’t conducted properly, then the project will fail. A good marketing campaign is crucial to build hype and create demand for a project.
All you need to do is show off your marketing skills and credentials in order to secure your first client. Then, your agency’s name will spread through word of mouth. I must caveat this by disclosing that Web2 marketing strategies do not necessarily work in Web3. Be sure to gain some experience in Web3 before trying this one out.
#5 Launch A Launchpad Incubator
Potentially one of the more difficult businesses to start in NFTs. A launchpad incubator essentially has everything that is needed to take an idea to a full blown NFT project launch (in- house preferably). This means that you will need to be an artist, developer, marketer, community manager and so on, yourself. Alternatively, you can compile a powerhouse team of individuals who can carry out each task, and charge clients for your services. This can be monetized thanks to the beauty of the arbitrage model. In essence, you quote your client a higher price than it’ll cost to pay the team, and then enjoy the difference.
While these 5 ideas are amongst some of the most accessible, there are many other NFT business ideas that can make you a lot of money. The main thing is to get started while we’re still early so that you don’t get left behind.