The market valuation of the Nonfungible tokens universe has risen to about $7 billion, an increase from a monthly sales volume of $400 million at the start of 2022. The worldwide clamour for Nonfungible Tokens services as well as the large sums of money associated with the concept is attracting more and more entrepreneurs into the NFT world.
Digital artists, musicians, curators, influencers, and different creators sell their works in the form of digital assets and get an enormous amount of money. Through NFTs, pieces of physical art gain a new form of digital life. However, artists shouldn’t be the only ones who gain profits from the NFT services. With the rising demand, different NFT stores, startups, and applications have appeared to explore different opportunities in that NFT sector. For example, qlip is a Nigerian-based decentralized NFT marketplace and art gallery that allows digital creators to sell their creations. Since NFTs are quite new in Nigeria, there has been no law or regulation specifically enacted in respect of it. Nigerian art creators are using NFTs to influence the shift of art to the digital world and despite a government crackdown on cryptocurrencies, they are increasing their wealth while dealing with NFTs. NFTs are expected to continue attracting attention and to grow even more popular as the world fully embraces virtual currencies and digital assets. Furthermore, regulators will also continue to think about how to regulate NFTs and other digital assets all over the world, and Nigerian regulators will continue to devise policies that will keep up with technological advances. There are other ways Nigerians can key into the world of NFTs without necessarily becoming artists. These ideas include.
1. Creating an NFT forum: The internet needs more platforms for NFT creators, sellers, and enthusiasts to discuss their projects. Creating an NFT-exclusive forum could become an extremely lucrative endeavour, especially if you run advertisements for members of the forum.
2. Create NFT online course: If you know a thing or two about the NFT ecosystem and how to mint, produce and sell them. Even with enough research, you can consider creating a course or masterclass to help bring newcomers up to speed. You could charge those that signed up for a week-long Bootcamp or a semester-long course depending on your level of expertise and the amount of investment channelled into developing the course.
3. Become an NFT artist: Artists in Nigeria can start producing NFTs even if they’re not the best talented physical artists in the world. Songwriters and musicians can write songs and convert them into digital arts to make money. These arts, songs, tickets, autographs can be converted into an NFT and marketed on popular forums such as Reddit, hashgreed, qlip, DeviantArt, or Wetcanvas.
4. Create NFT Collectibles: As a digital medium, NFTs lend themselves well to preserving and authenticating collectables. For example, you could mint NFTs out of original collectable items, such as sports trading, cards, concert tickets, or autographed photos.
5. Launch An NFT App: With the partnership with other people, you can build centralized apps for buying, selling, trading or even minting NFTS. The application must be is solely focused on the NFT market. This could be a highly lucrative project especially if you take a commission off every sale.
6. Write NFT ebook: If you’re a gifted writer, consider self-publishing an ebook on NFT exploring the subject from as many angles as possible while providing actionable advice to those who want to get started with NFT investing. These eBooks can be sold to generate a huge amount of money.
7. Craft An NFT Newsletter: NFT-themed newsletters take a deep dive into the subject. If you can compile all the latest NFT news, press releases, major auction sales, and market developments into a short monthly or weekly newsletter, you could have a very profitable venture on your hands.
8. Create an NFT marketplace: NFT marketplace development is the most trending business opportunity for the digital community. It has been the core of the NFT technology ever since its beginning. Various business sectors are entering this development sector and creating their NFT marketplaces by contacting development companies. If you can assemble a team and create a marketplace, you can make tons of money from those selling NFTs from your marketplace.
NFTs have become very popular everywhere in the world as digital assets that generate money. There is also a wide range of NFTs business ideas one can undertake whether as an artist or an entrepreneur. With the constant acceleration of the NFT platform, businesses and individuals are becoming equipped with an excellent variety of ideas that are based on NFTs.Featured Image Source: Business Insider
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