Have you ever seen a business that sells nothing? Yeah, neither have we. But there is something out there that can be sold for profit. You might even have one in your house. That’s right! It’s the non-physical thing.These are called “intangible” assets, and they represent an increasingly lucrative market for entrepreneurs. So what are some of the most profitable intangible assets today? Here are 10 NFT Business Ideas to get you started with your own money making business.
10 NFT Business Ideas for the Entrepreneur
1. Software
Software is a great intangible asset for entrepreneurs to consider. All you need are the best engineers and developers, and you’re good to go.
2. Branding
Branding is another high-value intangible asset that can be profitable. Develop strong branding, and you’ll have customers lining up at your door!
3. Technology
Technology can be sold for profit too, whether it’s in the form of patents or new innovations on an existing product. It can also be used to help other industries grow–for example, the technology industry helps the healthcare industry progress with medical treatments and innovations on current products.
4. Media Assets
Media assets are another form of intangible asset that are becoming increasingly profitable. With all of the news outlets out there, media has become a hot commodity for advertisers looking to get their message out there while reaching a broader audience at the same time.
To Know more about NFTs and what they are, check out our article on What is NFT Technology and how does it work.
Sell a Virtual Item
Some people might think that it’s strange to create a business based on something that doesn’t exist. But it’s not! There are some extremely successful businesses out there where the product is intangible, like Second Life.
Second Life, created in 2003, is one of the most famous examples of this type of business. Users can purchase “land” for their avatar and make money by charging other players for the privilege of using the land they own. They also engage in what they call “real world” activities with other players – like holding virtual concerts or throwing virtual parties.
Another example of an intangible asset is Facebook. Facebook has over 1 billion users worldwide, and that number just keeps growing! The company has made $1.3 billion in profit last year alone, and that was before they went public. All because their product isn’t physical at all – it’s digital!
Sell a Service
What are you good at? Where are your passions? What problems do you have? Chances are, there are other people out there who have the same problem. That’s where service-based businesses come in.
A service business allows you to work one on one with clients to provide a solution. This might be accounting or crafting or marketing services. These types of businesses can be operated from anywhere and don’t require tons of inventory or material goods to get started. This means it’s easier to find a market for your skillset and start generating revenue.
One very good example is of NIKE acquiring a NFT service provider RTFKT. This is a very good example of NFT Business idea and which can be easily replicated by you, especially if you have a creative flair.
But how do you get started with marketing your services? You’ll want to spend time promoting yourself on social media, including sites like LinkedIn, Twitter, Facebook, etc.
And finally, use Google AdWords to put your ads in front of potential customers searching for what you’re selling!
Sell Knowledge and Expertise- Start a NFT Course
If you have expertise in a particular field, you can sell your knowledge for profit.
NFT is still an emerging technology and as such there isn’t much information regarding this on the web. You can create educational courses to teach others your skills. If you’re an expert at running a successful business, you might be able to help other entrepreneurs launch their own enterprises with guidance from your experience. Teaching others what you know could also lead to opportunities for speaking engagements and product endorsements.
Sell Personal Brands and Influences- Become an NFT influencer
A personal brand is a continuous representation of an individual through various media channels. Essentia Apparel, for example, can be considered a personal brand. They sell custom-made items that represent an individual’s identity and their story. Essentia Apparel’s personalized shirts are a powerful marketing tool to help spread the word about their business.
Another form of intangible asset is influence. In today’s world full of social media and instant messaging, influential figures have become a key component of marketing strategies. By giving people something they want or need, you can establish your influence as a way to grow your business. One popular example is the “Lazy Oaf” clothing line from Borris Jackson, who recognized his power as an influential figure in the fashion industry and capitalized on it by creating his own clothing line which now sells internationally with no physical store locations.
As an NFT influencer, you are able to build your personal brand all while providing your community with valuable and helpful content.
Once you build up a large enough following, you can start monetizing your own products and services. If you aren’t interested in creating your own products or offering your services, then you can just as easily reach out to other brands and let them pay you to represent their brand on your influencer profile.
Make an NFT app (DApp)
Considering there are already millions of apps which consume our lives on a daily basis, it should come as no surprise that building a decentralized app, aka a dapp, is a solid business idea. The main difference between an app and a dapp is the backend coding.
With a dapp, the backend coding is on a decentralized peer-to-peer platform known as the blockchain. The dapps are controlled by the logic written into the smart contract technology, giving the dapps a truly decentralized platform to build from.
As of today, there are not nearly as many dapps as there are apps, but that’s a good sign for opportunity. Some possible categories of dapps you may want to consider creating would be anything related to gaming, social networking, collecting, and—of course—NFT marketplaces are huge right now.
Sell Stories As NFTs and make money
Ever thought about becoming a storyteller? If you think your business idea revolves around storytelling, then this might be the intangible asset for you.
Whether it’s writing novels or drawing comics, storytelling is a form of art and entertainment that people love to consume. And if this is something you know how to do effectively, then you’re in luck – because people will pay money for your services! Not to mention it can be done remotely, so all you need is an internet connection and maybe some nice headphones.
Now that we’ve got our business idea, all we have to do is decide what type of stories we want to tell and find out who wants them. Are we going to focus on children’s books? Or write speculative fiction? Are we going to draw comic strips? The sky’s the limit!
And the best part is, that all these can be converted into NFTs and then sold on the digital marketplaces!
Sell Photos or Videos as NFT
One of the most common NFT Business ideas is the selling of photos and videos as NFT.
This is an insanely profitable NFT Business Idea and the best part is that you can get started right way by registering on Sloika.
It is one of the first photo/ video NFT selling marketplace.
Become an NFT Gamer
Build a brand as a full time play-to-earn NFT gamer.
Today, gamers run ads, share affiliate links, and earn sponsorships from brands in order to earn a full time income and build their own brand. However, imagine playing a game where you are able to collect valuable in-game assets as you play.
These assets aren’t only for in-game use mind you, they are virtual assets which are stored indefinitely on the blockchain and can be sold on secondary marketplaces for real currency.
If you are a gamer who is not yet gaming on the blockchain, I highly recommend you look into it. For more guidance on creating a business out of NFT gaming, make sure to give Swole’s article a read: How Gamers Can Monetize with NFT Technology.
Start an NFT Marketplace
Just like conventional marketplace’s like physical stores such as Target, Walmart or digital stores like Amazon, eBay, you can create a virtual marketplace for the trading of NFTs. Some such places already exist such as Rarible, OpenSea etc.
You can charge fees for listing and for the sale of any NFT art.
Since this is still a nascent stage, there aren’t many competitors and you can very well create a space for yourself.
NFT Business Ideas-Become an NFT Artist
This is perhaps one of the obvious NFT business ideas that comes to mind. And that is why it is also our No.1 recommendation.
If you are an artist or a designer or have a creative background, you can make your NFT art. As with any other industry, here too competition is high and not all assets are worth thousands of dollars.
However, for every product there are consumers. If you’re confident in your abilities, create pieces of art or some other digital content, figure out all aspects of NFT minting, and put it on marketplaces like OpenSea, Rarible, Atomic Hub, and SuperRare.
For example, Grimes sold $6 million worth of NFT digital art. Some pieces of physical art gain a new form of digital life. Banksy’s piece called “Morons” was fully digitized, transferred to NFT, and burned to confirm the value of the digital asset.
