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 business 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.
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.
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
Read the complete post here: NFT Business Models
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