The advent of non-fungible tokens has shown the world a way to transform itself to better suit consumers while continuing to benefit businesses. People had not thought of blockchains to bring huge changes in the scale of what we have seen today (although it is a fraction of what the future holds). With the combination of cryptocurrencies and NFTs, though, the perception changed to an extent, with metaverse worlds waiting to bring about more changes. It is already the year’s end, and aspiring entrepreneurs are gearing up to realize their dreams in the new year. Here are some NFT business models that could bring success for an entrepreneur in 2023.
NFT Business Models: The History
Before speaking in detail about the top NFT business models, one should know the history behind what is today a competitive space. The first non-fungible token was created in 2013, and the first NFT ventures popped up around 2017. Since then, there has been a tremendous rise in the number of NFT ventures and NFT sales, with 2021 being the record year, as the global NFT market crossed the billion-dollar mark. Since then, there has been no looking back, despite a prolonged crypto winter that threatened to collapse the Web3 business environment.
1. NFT Marketplace
Perhaps, the most popular NFT business model in existence, an NFT marketplace, is where people can create and trade digital/physical assets backed by NFT entries. These platforms can sell NFTs of almost any niche at ease, including artworks, photographs, video highlights, JPEG images, pixelated punks, music albums, in-game props, sports collectibles, virtual land parcels, and even rare real-world collectibles. The platform can be ideal for entrepreneurs trying to make some mark in the Web3 ecosystem, as newcomers generally tend to approach a marketplace to get their first NFTs. Utilize Blockchain App Factory’s top-notch NFT business model to reap big-time gains.
2. P2E NFT Game
P2E NFT games are considered to be the best NFT business models for valid reasons. The previously unheard mechanism of incentivizing gamers, combined with intriguing storyline-based games, make a P2E NFT game a business to go for any entrepreneur. Games of various genres can be easily developed, and crypto native tokens and NFT in-game props can be utilized to reap the full benefits of the NFT business model. It has multiple earning mechanisms: Play-to-Earn (P2E), Move-to-Earn (M2E), and NFT rentals that can be integrated seamlessly for any genre-based game. Start your Web3 adventure with a fiery NFT game to reap the rewards.
3. NFT in Real Estate
While real estate in the physical world has earned a bad reputation for being rife with intermediaries and slow technological adoption, NFTs might repair its name. As an NFT business model, NFT real estate for physical and virtual realms has grown to become a top venture option to run in 2023. Here, NFTs are created for plots of land by entering the necessary information in smart contracts that will execute during NFT transactions to enable intermediary-less trades. The advancement of metaverse technology means NFT in real estate’s virtual counterpart could be a formidable business option as well.
4. NFT Launchpad
An NFT launchpad is a platform that allows creators and small entrepreneurs to garner capital for their future projects through Initial NFT Offerings (INOs). These platforms function very similarly to Initial DEX Offering (IDO) launchpads, with the difference being NFT offerings. Such a platform can be a profiting option for businesses as there are many aspiring and little-known enterprises and creators working hard to make it to the top. This NFT business model can benefit such individuals by exposing them to an enthusiastic investor community that waits for projects that are verified and based on good intentions.
5. NFT for Sports
As far as NFT for sports is concerned, there are numerous possibilities. The NFT business model holds many routes, including collectible marketplaces and P2E fantasy games. The domain is already popular with many sports collectibles, such as digital trading cards, video highlights, virtual badges, and equipment. Such platforms affiliated with sports leagues and clubs generally tend to offer premium access for events to NFT holders that elevates the tokens’ value among fans. Utilizing the sports NFT business model requires a lot of effort on all ends to emerge as a well-known venture among the Web3 circles.
Blockchain App Factory and NFT Business Models: How are They Related?
As a pioneer in launching ventures based on various NFT business models, the above question is rendered meaningless. Blockchain App Factory’s expertise in the Web3 space has given our teams skills to research and innovate novel platforms for our clients. If you plan to begin your NFT venture next year, this blog might have given a glimpse into a possible business idea. If you have more questions, our experts can guide and assist you all the way to launching your venture based on any of the above NFT business models. Please fill out the form below to schedule a meeting with one of us soon!