Making a Business out of the NFT Hype!

Digital collectibles are big business today. What started as certificates of authenticity for digital art is booming and expanding manifold. Indeed, the non-fungible tokens (NFTs) are not just limited to the world of art and artists. The unique assets can be designed as images, videos or music for sports, gaming, real estate, jewelry, luxury fashion labels and more. Name it and there can be an NFT for it – for instance, tickets for concerts or sporting events can be tokenized.

More and more companies are creating NFTs to provide a unique and engaging customer experience while enticing interest in their products or services. Take the case of the taco-themed GIFs that were sold as ‘NFTacoBells’!

There is immense business potential in the digital collectiblesstream. New NFT buyers are jumping onto the bandwagon every day, lured by the intrinsic value, cultural significance or even investment possibilities. NFT sales are estimated to have exceeded $2.5 billion during the first half of 2021 itself.

It should be noted that NFTs are created using blockchain technology and will never be interchangeable or divisible. The record becomes permanent and unalterable in the blockchain which serves to make the tokens verifiable and immutable with undisputed authenticity. Cryptocurrency isprimarily used as the transaction mechanism.

This is big business with many NFTs being sold for hundreds and even thousands of dollars. Many NFT cards get sold out within minutes!

So why not make a profitable venture out of the NFT itself backed by a NFT business plan?

Milkingthe NFT ecosphere

Scores of NFT startups, apps and other stores are cropping up to cash into the emerging business prospects. Some of the most promising options apart from creating and selling NFTs range from a decentralized marketplace for trading NFTs to NFT loan platforms and NFT brokers to even NFT online courses. Launching a marketplace can tap into the rage of auctions and reap the rewards of substantial commissions for serving as the interface for the sale. Envision an Amazon for buying and selling of these digital assets!

These are novel business propositionsthat call for a new business model to guide on the right approach to create, develop and maintain the business. Regular business plans will just not suffice here. It is not just about the differences in licensing, regulatory and other terms; risks of volatility, fraud and security have to be managed with proper security practices in place.

This is why entrepreneurs are advised to equip themselves with a well-defined and precise business plan NFT crafted by professional business plan consultants, like The Plan Writers (www.planwriters.net). The team will delve into the business prospects in detail while keeping the changing regulations, market demographics, competition and other factors in view to craft a nuanced approach that will get things right from the word GO!