Starting an NFT business is just becoming a trend nowadays. With the advancement of Blockchain Technology and the vogue of Crypto currency, demand for the NFT marketplace development is increasing every day. In the year 2021, the global Non-fungible Tokens(NFT) market size reached over $50 billion and is expected to grow to USD 147.24 billion by the end of 2026 as the press release published on PRNewswire.
With the NFT, you can start a business in different industries like music, business ideas, art selling, sports, wearable, cryptocurrency, an investment firm, business consulting firm, NFT course, etc.
Now we explore the terms NFT so you can easily get to know it before starting your NFT marketplace business.
Non-fungible Tokens(NFTs)
NFTs are crypto assets available in blockchain with unique metadata. These crypto assets can not be replicated and are different from each other. So can be used for commercial transactions of physical goods and services.
For instance – To understand it better, you can compare non-fungible tokens with real money. You know every paper currency has printed a combination of unique alphanumeric on it that distinguishes it from other paper money. Like real money, each non-fungible tokens are unique and don’t have any copy of it in the blockchain.
A Brief History of NFT That Matter to Entrepreneurs
The first NFT “Quantum” was minted in the year 2014 on the Namecoin blockchain by an artist Kavin McKoy. Quantum is a pixilated image in an octagon shape that hypnotically changes shade and pulsates in a way reminiscent of an octopus.
- In 2012-13, The idea of NFTs started with “Colored Coins” the first NFT published in the Bitcoin blockchain.
- In 2014 Robert Dermody, Adam Krellenstein, and Evan Wagner founded Counterparty a peer-to-peer financial network built with the Bitcoin blockchain.
- In 2015 Spells of Genesis started issuing in-game assets with help of Counterparty.
- In 2016 Force of will a trading card game company launched cards on Counterparty
- In 2017 John Watkinson and Matt Hall, the creators of Larva Labs, started to create unique characters using the Etherium blockchain.
- In 2018-2021 The NFT started to explode in public and mainstream. With the start of 2021, NFT gained popularity, and people began to learn more about it.
- From 2021 to now, you can see the craze of NFTs in the market and people actually buying and selling these digital assets on marketplaces.
Jaw Dropping Numbers of NFT Business and Marketplace
- The worldwide NFT market is worth upwards of $20 billion (TheGuardian)
- NFT transactions have risen from $40.96 million in 2018 to $338.04 million in 2020. That’s an increase of over 8x in two years.
Top 5 NFT businesses and their sales volume all time till date:
| S. No. | MARKET | AVG. PRICE | TRADERS | VOLUME |
| 1 | OpenSea | $918.49 | 1,718,929 | $30.46B |
| 2 | LooksRare | $142.69k | 78,783 | $23.01B |
| 3 | Axie Infinity | $185.31 | 2,088,305 | $4.22B |
| 4 | CryptoPunks | $132.89k | 6,438 | $2.8B |
| 5 | Magic Eden | $292.58 | 699,011 | $1.33B |
You can see the latest stat updates here: https://dappradar.com/nft/marketplaces
We think reasons are enough to start your own NFT business. NFT marketplace development is the best opportunity for entrepreneurs to earn money that they never think.
Best NFT Business Models(Ideas) You Can Start
You can start your NFT business journey by choosing a unique business model according to your preferences and expertise. We listed the best NFT business models or ideas that should be successful for you in 2022. Here is the list of NFT business models that you can start now:
- An NFT Marketplace
- NFT Online Course
- An NFT Gaming Platform
- Selling NFT Arts
- NFT Sport Business
- Create An NFT Community
- NFT Cryptocurrency Business Model
- NFT Collectibles
Let’s discuss all the business ideas one by one
#1
An NFT Marketplace –
Start your NFT marketplace to start selling digital products and arts. We keep it top of the list because it is the best NFT business model for entrepreneurs to start in 2022. NFT marketplace follows the traditional auction system. You can hire a blockchain development company to get build your NFT marketplace.
Buyers come to buy a digital product and start bidding for it. Sellers can list their products in the relevant category available on the marketplaces. Marketplace owners charge sellers a fixed fee for each sale from the NFT shop. For example, OpenSea the biggest NFT marketplace charge 2.5 percent per transaction.
What is NFT marketplace?
NFT marketplace is a platform where people can sell, buy, and trade NFT-based goods and services using a cryptocurrency such as BitCoin or Etherium as money. Like other marketplaces such as Amazon, eBay, and Etsy, people can list their products and services to sell on based price.
NFT marketplaces leverage blockchain technology to verify the origin of digital content, so the secrecy and the ownership of the selling products are protected. No one can create a replica and only one owner at a time like antique physical art and products real auctions.
Also read: Best Blockchain for NFT Marketplace Development
#2
NFT Online Course –
People are seeking to learn more about NFT technology. If you know much about non-fungible tokens, sharing your knowledge with other NFT enthusiasts is the best business idea. New technology geeks want to know more about non-fungible tokens.
You can design an NFT learning course including videos, articles, and resources. For example, you can see The Complete NFT Course – Learn Everything About NFTs on Udemy. You can also design a course like this and start selling it on Udemy or your own website.
You can research topics, lessons, and study material on a platform like Udemy and design according to it. You can also start your YouTube channel to teach people.
#3
An NFT Gaming Platform
Creating your own gaming platform based on the NFT concept is also a very good idea. Numbers of gaming companies are developing games based on blockchain technology. Gaming companies allow players to do transactions in NFT to unlock advanced levels, upgrade tools, and learn to play the game.
Companies like Dapper Labs, Enjin, Gala Games, and Alwaysgeeky Games are the worth watching NFT gaming companies working for years to provide the best NFT games.
#4
Selling NFT Arts
The next NFT business idea that comes into mind is selling NFT arts. If you are an artist creating digital arts like portraits, images, GIFs, Graphics, Paintings, Logos, Icons, 3D images, etc. You can sell it on marketplaces or your website. You can visit OpenSea to explore the example of most selling artifacts. The competition is so high in this category.
To be successful in this category you need inspiration every day for this you can follow some of the best artists in the industry like Giant Swan, and FEWOCiOUS. You will also get an idea of your target audience, and the latest trending arts.
#5
NFT Sport Business
NFT sports business is the next big idea to start with blockchain technology. Sport NFTs are non-interchangeable digital records, cards, clips, collectibles, digital memorabilia, or videos recorded on a blockchain that sports lovers buy, sell, and hold. According to the investment bank Jefferies, the sports NFT market is expected to raise $75 billion by 2025. Today, this market is worth $14 billion.
To apprehend sports NFT business, you can follow Sorare, a well-established company selling digital cards and collectibles on OpenSea. Global soccer league and clubs such as LaLiga, Bundesliga, Real Madrid, Liverpool, Bayern Munich, and PSG partnership with Sorare to sell digital products.
#6
Create An NFT Community
Millions of people are just searching about NFT on search engines. Everyone wants to know about the NFT more and more. So this is the right time to start creating an NFT community so people can get the answers to all their questions about NFT. It is very necessary to know that every NFT collection has a huge online community that proves NFT enthusiasts are seeking to join communities based on NFT.
You can start an NFT community where people can ask questions, give answers, start a discussion, and share information. After your community gets bigger, you can monetize it and earn money.
#7
NFT Cryptocurrency Business Model
Another business model that you can explore is the NFT cryptocurrency. To start this business you need a deep understanding of crypto protocols. There are so many businesses nowadays using cryptocurrency to trade in goods, products, digital products, and more. So you can start your own NFT cryptocurrency and collaborate with other online businesses who promote your NFT crypto to buy their products.
For instance AXS coins, Axie Infinity Shards is an NFT-based online gaming company, that uses AXS coins to trade in-game products and creatures. The value of AXS coins is reached $70 now from its launch.
#8
NFT Collectibles
NFT collectibles market is taking shape with the emergence of blockchain technologies. The craze of collecting and trading NFT-based digital arts, memes, images, punks, and kittens is growing every day. So starting an NFT collectible business can be a great success for you. For example, OpenSea leading NFT marketplace has listed the collectibles category on its website, and people are trading their digital products here to earn Ethereum.
The most expensive NFT collectible sale to date is worth $2,924,080 (1000Ξ) on SuperRare. This GIF image generate by @XCOPYART received 100 Etherium as artist royalty. So you imagine the profits, and recurring profit every time.
These eight are the most amazing NFT business model ideas to start in 2022. You can start any of them with the help blockchain development company or blockchain developers.
Before you start, a question that should come to your mind is whether NFT business ideas really work. If you have this question in your mind too then check these most successful NFT businesses that are doing well.
What are the most successful NFT projects?
Here are the top 3 most successful NFT projects:
- Axie Infinity
- CryptoPunks
- Bored Ape Yacht Club (BAYC)
Axie Infinity
Axie Infinity best NFT game online. This game is based on Etherium blockchain technology and players can earn crypto currencies for playing the game. Axie Infinity gives NFT rewards to players for engagement in the game.
Axie’s in-house marketplace has traded $3.6 billion so far. The most expensive Axie ever sold is $820000 and 2,800,000 active players count daily.
CryptoPunks
CrptoPunks are the most trending NFT projects in 2022 based on the Etherium blockchain. CryptoPunks are the collectible characters created by the Larva Labs. Now owned by the Yuga Labs. Larva labs minted the 10,000 unique CryptoPunks that revolutionize the CryptoArt moment on NFT marketplaces.
These CryptoPunks cover by online press and media such as Mashable, CNBC, The Financial Times, Bloomberg, MarketWatch, The Paris Review, Salon, The PBS NewsHour, and The New York Times in 2018, and again in 2021.
The total value of all sales till now is 611.71KΞ ($1.93B) as stats publish on Larva Labs. You can see the top 10 expensive Cryptopunks NFTs ever sold to date in the image below.
Image source: https://www.larvalabs.com/cryptopunks
Bored Ape Yacht Club
BAYC is the 3rd most popular NFT project nowadays. Bored Ape Yacht Club is a collection of 10000 unique NFTs on Etherium blockchain owned by the Yuga Labs.
The most expensive BAYC NFT ever sold to date Bored Ape Yacht Club #8817(see the image below) was winning a bid of $3.4 million. BAYC surpasses the trade volume of $1 billion in 2022.
Image: Bored Ape Yacht Club #8817
These are the top three NFT projects online to see and follow if you are going to start your NFT business. You will get an idea of how much money you can make with NFT businesses.
Top 10 most expensive NFTs ever sold (till date)
- Pak’s ‘The Merge’ — $91.8m
- Everydays: the First 5000 Days — $69.3m
- Clock — $52.7m
- Beeple’s HUMAN ONE — $28.985
- CryptoPunk #5822 — $23.7m
- CryptoPunk #7523 — $11.75m
- CryptoPunk #4156 — $10.26m
- CryptoPunk #3100 — $7.67m
- CryptoPunk #7804 — $7.6m
- Beeple’s Crossroad — $6.6m
NFT Business Models: Conclusion
Hope this article helps to give you a clearer picture of the NFT business models you can start in 2022. You will also get the all necessary news and information related to the NFTs. Now you can start your own NFT business with the help of our blockchain developers. Contact us to get help with blockchain website design and development.
