The tech landscape is in a constant state of flux. One of the most notable innovations sending ripples through society is blockchain technology, the secure ledger infrastructure supporting cryptocurrency and NFTs, which surged to mainstream popularity in November 2021. As well as allowing people to invest in quirky digital media, NFTs have paved the way for countless new business opportunities.
Marketing
More startups are using NFTs as part of their business strategies, which has opened up a gap for NFT marketers to fulfill. These social media gurus take to niche platforms including Reddit, Discord, and Telegram to discuss various platforms and drive traffic to new ventures. As well as social media marketing, email marketing, content creation, and influencer marketing are all leveraged to spread the word.
Gaming
NFT gaming has exploded over the last couple of years, with developers buying space on Layer 1 blockchains to bring the metaverse to life and allow players ownership of their in-game assets. As thanks for investing in these games and making progress, gamers are rewarded in free NFTs or native coins, which is why these games are referred to as play-to-earn (P2E).
The majority of P2E games are built over Ethereum, meaning investment in these projects often requires ETH. While the Ethereum price is lower, now is a great time to get involved if you haven’t already.
Art
The art industry has been around for centuries, but the introduction of NFTs revolutionized the way digital artists interact with customers. Thanks to unique codes embedded into NFTs, artists can sell their work through marketplaces and earn revenue directly. Additionally, the buyer can prove they own the NFT, despite the ability to copy and paste an image. If an NFT collector sells artwork, the original artist always receives payment. If you’re a digital artist with a following, enter the NFT space.
Music
The power of streaming services and digital album releases has put record labels in a negative light, with many artists including Taylor Swift going above and beyond to acquire the rights to their music. Now, thanks to the power of blockchain, artists can reach more people by converting their tracks into NFTs and eliminating all middlemen. If you can create an NFT-based music platform, you can capture the minds of up-and-coming artists.
Sports
NFTs have swept through the sports industry, with organizations launching trading card games, awarding achievements, and selling memorabilia. NFTs don’t only apply to digital commodities, with representations of real-world assets being minted to make them more liquid. For example, members of the Fanz football hub can win signed merchandise for winning in the fantasy league. When you take the popularity of the sports industry and merge it with rising tech like blockchain, there’s no surprise that it’s one of the most fruitful business ideas of 2022/23.
Blockchain and NFTs are still relatively new, meaning the kinks are being ironed out and people are still grasping the technology. However, there’s no denying the value of entering into business under the NFT banner.
