We all have witnessed a downtime in the crypto and NFT market. But I would say that this downtime was a total man-made disaster. The FTX meltdown had its effects on the market, pushing the Web3 markets back in time. But the scope and potential of various markets in Web3 are beyond our expectations. Moreover, the markets are back on their feet, showing signs of growth in recent times, which is a great positive note for aspiring Web3 entrepreneurs.
The numbers don’t lie. According to CoinMarketCap, the NFT market capitalization has touched more than $15 billion, and the trade volume of NFTs is above $3 billion. Non-Fungible Tokens are a valuable asset for many people across the globe. In addition, the use cases of NFTs are extensive, with futuristic aspects involved. They can transform the functioning mechanism of numerous industries.
While NFTs have this much scope for the future, at any time in the near future, they can witness large adoptions. The present provides a wonderful opportunity for aspiring Web3 entrepreneurs. It is wise to pick any of the business models centric to the NFTs from below listed to make their fortunes.
NFT Marketplace
NFT marketplace will top the list for sure as it provides a revenue-generating opportunity for each and every transaction that occurs in the NFT marketplace. The rising market size will definitely cause blooming NFT marketplaces in the near future. Apart from the transaction fee charged for transactions owing, an NFT marketplace opens the door to various other revenue sources too. For instance, the NFT marketplace owners can also levy minting fees, listing fees, advertisement fees, and much more.
P2E NFT Game Development
The gaming industry is one of the strongest markets in the web3 space. As the current trend in the gaming sector revolves around providing monetization support for players developing a P2E game can be a lucrative business option. Even during the hard times, gaming NFTs performed exceptionally well in the market. NonFunglibe’s market bread down report has mentioned that gaming NFTs contributed to 40% of the total NFT sale in Q3,2022.
Developing a P2E game enables you to dip your toes into various revenue-generating streams in the Web3 ecosystem. Developing a P2E game opens avenues for your venture to develop your own crypto token, NFT marketplace for game assets, and a metaverse platform for games.
NFT Launchpad Development
NFT launchpad can be a viable option for creators who wish to get more traction for their projects. In addition, the NFT launchpad enables the creators to fetch the primary sale. However, for secondary sales, the NFT holder has to take their NFTs to an NFT marketplace like OpenSea or Rarible to sell them.
NFT launchpads can be a reliable destination for investors and collectors to find promising NFT projects in the market. Generally, launchpads have a filtration process to determine worthy projects to be listed on their platform.
Real Estate NFT
It can take a long time to buy or sell land plots going through the traditional system, but the advent of blockchain technology has made the process happen almost instantaneously. Real estate land plots can be represented using Non-fungible tokens to sell them with ease. In addition, fractional NFT concepts can come in handy while selling different portions of the same land plot. Fractional NFTs are made divisible by slipping an ERC-721 standard NFT into a desirable number of ERC-1155 NFTs if the NFTs are minted on the Ethereum network, a similar standard can be followed for other blockchain networks.
Moreover, if a person owns a fractional NFT representing a part of the whole land and wants to sell their share of land, the person can sell them individually, or all parties can come together to sell the NFT in the ERC-721 standard.
NFTs For Metaverse
Metaverse and platforms related to the metaverse have become the hottest topics that tend to seize global attention. Deploying your business-centric to metaverse can be a fortune marker for you. In addition, you can develop NFTs that are compatible with metaverse platforms. For example, you can develop avatars, emotes, accessories, and much more. Developing unique metaverse-compatible NFTs enables metaverse platform users to flex their unique NFT assets in the virtual space.
NFT-Based Lending Platform
While NFTs are considered to be a valuable asset class, you can develop your business with this futuristic business model. Adopting this business model now can enable your business to become one of the pioneers in this business area. NFTs can be pledged as collateral for getting loans, and after repayment of the loan, the NFTs can be issued to the respective owner. Don’t worry. You don’t have to go through all the hectic processes of tracking payments. Smart contracts can take it up.
Summing It Up
The crypto winter had come to an end. The new year promises steady growth for all the markets in the Web 3.0 sphere. In addition, the current time is suitable to start your NFT venture as the market reaches higher value the competition in the market will become intense.
Relying on the robust potential, us-cases, and applications of the Non-Fungible Tokens building a business venture in the NFT space will be a sure-shot success. A blooming NFT marketplace can look like a promising business venture for now and in the future. But it is essential for entrepreneurs to carefully evaluate all the pros and cons of each business model to choose the best business model apt for them.