NFT Business Models – 9 NFT-Related Businesses You Can Start In 2023
The NFT boom has sprouted many NFT-related businesses to support the growing industry. Here are 9 NFT-related businesses you can consider to ride this wave of change.
List Of NFT-Related Business Models
1. NFT Consulting
Many successful NFT projects have turned to NFT consulting to advise others on how to launch profitable NFT projects. It is a great way to create a new revenue stream for your existing NFT business. One example is the 8sian NFT, whose founder Nicole has started a consulting firm after the success of their project.
2. Blockchain Developer House
Almost every NFT project will need a solid blockchain developer to code their smart contract (aside from those using no-code tools). The mushrooming demand has given rise to new developer houses dedicated to blockchain development and NFT smart contract creation and maintenance.
3. Design Firms For NFTs
Art is an essential component of any NFT project. Impressive-looking visuals generally command higher prices and attract more investors to an NFT collection. Providing boutique design services is a great way to help NFT projects stand out from the crowd of cookie-cutter designs.
4. NFT Education
The NFT space is massive and every day there are new things to learn and discover. In fact, our website Wagmi.tips is an NFT education company with the goal of helping NFTs go mainstream and artists showcase their art on the Web3 metaverse. With so many facets to NFTs you can easily pick a niche area and focus on educating audiences in it. Examples of areas include NFT contracts, NFT for beginners, NFT art, NFT community building and much more.
5. NFT Tool SaaS Company
The NFT avalanche has also given rise to a variety of NFT tools to help people research, trade, and monitor their NFTs. If you have expertise in developing SaaS (Software-as-a-service), this may be a great option. Check our examples of NFT tools in our NFT Tools section.
6. NFT Media Company
If you have existing web properties such as a website, blog, YouTube channel, or Twitter you can monetize them by selling advertising space. There are plenty of advertisers in the Web3 and NFT space looking to market their projects so this can be a great opportunity if you have an existing following of NFT enthusiasts.
7. NFT Podcaster or Space Host
Many podcasters have successfully made a living for themselves by hosting regular podcasts or Twitter Spaces. If you have a penchant for speaking, interviewing others, or just love to facilitate conversations, podcasting can be a potentially lucrative option. In fact, one of the most successful podcasters, Tim Ferris has a podcast advertising rate of $47,500 per episode.
For some inspiration, check out some of the top NFT podcasts to listen to in 2023.
8. NFT Events Organizer
Some of the biggest NFT projects and influencers such as Yuga Labs and Gary Vaynerchuk (VeeCon) have organized massive in-person events. Most recently, NFT.NYC hosted thousands of NFT and Web3 enthusiasts and was extremely successful. The future is bring for NFT events and if you have experience in organizing, managing and hosting such events, there is definitely a slice of the pie for you to dig in.
9. NFT Marketplace Builder
In recent times there has been an explosion of competing NFT marketplaces. Platforms such as LooksRare, X2Y2 and most recently Blur.io have emerged to give OpenSea a run for its money, offering a variety of different perks such as airdrops and low transaction fees to bring users in. The business model is simple— Get NFT projects to sell on your marketplace while giving collectors an incentive to buy through your platform. If you can solve that, you can be in the running to build a lucrative NFT marketplace.
We hope this article has given you some insight into the different types of NFT business models you can run to support the NFT industry. Be warned, however, all businesses come with risk, if not money, then time and opportunity costs. The safest business models are as a service provider where the initial capital is low to nothing.
Financial disclaimer: This article is for general information purposes only and should not be considered professional business or financial advice. Wagmi.tips will not be liable or responsible in the event of any losses incurred directly or indirectly from the use of this article or website.