The place in which the digital world and internet culture are evolving is impressive. Every day, more and more people are looking for ways to work and profit through their ideas, using the internet to explore their full potential. One thing that makes this statement true is the relatively new but already worth billions NFT market.
What is an NFT?
Non-Fungible Tokens, commonly known as NFTs, are special and unique digital assets created, sold, and bought for collecting purposes.
The only requirement to qualify something as a Non-Fungible Token is that it must be digital and non-fungible. In other words, it can’t be exchanged for anything equal, so it is unique. And it is only a matter 0f time until the NFT Space virtual world becomes an important part of everyone’s lives.
NFTs X Cryptocurrencies X Blockchain Technology
Even though famous cryptocurrencies such as Bitcoins are not NFT projects, some people may confuse them. That’s because you can exchange one Bitcoin for another, and you will have the same thing with the same value.
The confusion happens because cryptocurrency exchange is a part of some of the blockchains used to store some of the biggest NFTs and smart contracts. An example is the Ethereum Blockchain. It gets worse when we say Ethereum itself is also an example of cryptocurrency, just like Bitcoin and the Elon Musk love: Dogecoin.
To simplify, Blockchain is, by definition: a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. And smart contracts are also a part of it. Like many other things, an NFT collection uses this blockchain technology in the NFT sales process.
Long story short, an NFT is a unique digital piece sold in a virtual network. The same virtual network is used for cryptocurrencies, even though they are two different things.
The Values Reached by NFT World
According to a report from the NFT data company Nonfungible.com, The NFT community moved more than 17 billion dollars in 2021 in NFT trades. Another report, this time from SkyQuest, says that the NFT art industry made US$ 2,57 billion in 2021 against only US$ 20 million, made in 2020.
On the other hand, the NFT collectibles market generated approximately US$ 8.6 billion in 2021. At the end of 2020, the value generated by the same market was US$ 10 million. These numbers are already enough to more than impress anyone. The same SkyQuest report indicates that the NFT market is expected to reach a value of US$ 122.4 billion by 2028.
What are the Best Things About NFT, Blockchain, and Metaverse
Since the creation of the internet itself back in the 80s, we have never come across such big and abstract concepts as NFT development and Metaverse. First, the possibilities are related to freedom, self-control, and independence. Since no one truly knows how ideas and technology will advance, we may assume that the possibilities are endless. Thus, the way we live and see the world may completely change.
Blockchain are networks through which people can send tokens, money, and many other digital assets with no intermediary, small taxes, no control, and no information stolen by banks or other big companies. No one to regulate or say what you must do with your money.
Cryptocurrencies and NFT are the things we truly transfer from one digital wallet to another. And these cryptocurrencies, such as Ethereum and Bitcoin, are the things that already have real value added to them. So, they represent our money.
NFTs, on the other hand, can be anything, as mentioned before. Literally ANYTHING. But the awesome thing is to think about what truly determines the value of an NFT. The answer is simple: we do. Based on projects, ideas, and stories behind them, we decide if it’s valuable or not.
This makes the assets volatile and hard to predict, yes, but, once again, it is about freedom. No invisible hand controlling things. The NFTs are a revolution in digital ownership legitimacy. A new way to possess things.
For sure, we are still far from reaching its fullest potential, but as NFTs popularize themselves, we start to hear more about the metaverse. We still don’t know how far the Metaverse can take us. Most optimists say we will be able to live virtual lives and do things we normally do but inside the computer.
Some of the NFTs listed here, such as digital furniture and wearables, are already intended for avatars in different metaverses. All the importance people give to these assets shows how strong the metaverses already are. Big companies are already aware of the changes and are creating their own projects. Facebook even changed its name to Meta, whereas Nike and Adidas are also making their moves.
So far, we can only imagine its impact on our lives – the interaction with other people, the importance and value of different products in real and virtual lives, and many other things. It is still so abstract that it is extremely hard to imagine how it goes.
What are the Most Common Types of NFT
Some of the best NFT ideas have already made their creators rich. The possibility of selling your own NFTs and making huge money draws the attention of different businesses and people. Several famous people also work with NFT, including Eminem, Quentin Tarantino, and Snoop Dogg.
That’s why GamerSEO brings you some great NFT Business ideas you can apply to make money. But, before, let’s see what types of assets work in an NFT marketplace.
As you may already imagine, even considering some of the numbers listed above, NFT artwork is the most famous; these are the first NFTs that come to mind. If you want to earn money, your art forms are a great option for a first NFT series.
Everydays: the First 5000 Days digital art broke the record for the most expensive artwork sold by living artists. The most expensive piece of art in the modern era was sold at 69 million dollars. Imagine how happy the digital artist Beeple is right now.
Another very profitable form of NFT is Tweets. The platform founder, Jack Dorsey, sold his first tweet in a marketplace. Two weeks later, his bank account had 2.9 million dollars more. He donated the money to an African charity institution, and a certificate was delivered to the new owner of the tweet.
Alternatively, you may have heard of Elon Musk’s unsold NFT. He created a techno song about Non-Fungible Tokens, tweeted it, and turned it into an NFT. After that, he refused an offer of millions of dollars.
Do you know you can make money playing an NFT video game? You can also develop blockchain games and get millions of dollars. Some companies in the fashion industry are already aware of this, working on their own NFT series in a video game format. One example is Louis Vuitton, which created Louis: The Game, where people can complete challenges and find hidden NFTs.
Other games like SandBox and Descentraland combine the virtual and real world. They sell land in their virtual world and explore NFT and Blockchain to profit.
Another example of a video game is Axie Infinity, the game based on Pokemon. You will be breeding and training axies to send them into battle. The axies are NFT themselves. After the battles, you gain the game’s cryptocurrency, which you can sell in a secondary market. Interestingly, more than a billion dollars have already circulated in this NFT world.
Viral Videos and Memes
Who would’ve thought that those funny short videos and images could be turned into a huge profit? Well, the thing is that owners of some of the most famous videos and memes are selling their “productions” and profiting like crazy.
Internet sensations like a viral video made more than fifteen years ago called Charlie Bit My Finger was taken off from YouTube and sold for huge money: US$760.000. Now, imagine the value of videos like “Baby Shark,” with more than 10 billion views.
Besides Charlie Bit My Finger video, some people may have a valuable meme, which they can sell as an NFT to receive nice extra cash in a secondary market. As an integral part of the internet’s future, NFT space and metaverse are directly influenced by its culture.
That’s why memes are so popular. Recently, a meme called Bad Luck Brian was sold for US$ 36.000. Bad Luck Brian earned considerably less than other virals, but I doubt its owner, Kyle Craven, is unhappy with it.
Yeah, you didn’t get it wrong. One of the best NFT ideas may be digital furniture. An important part of the NFT movement is what we call NFT Space. They are virtual reality places where people will have characters, businesses industries, homes, and many other things. At its peak, it will be literally like leaving a virtual life.
Well, inside an NFT world where all of it is possible, why not have some piece of surrealist furniture for your virtual homes? A good example is a designer from Argentina called Reisinger. He made a fortune selling small pieces of furniture as NFT. His design matched with any metaverse and Mainnet you could use.
The mix of NFTs with artificial intelligence brings AI NFT possibilities to digital life. Industries in this field of work, such as Alethea AI, are already working on their first NFT projects, aiming to create artificially intelligent NFTs. It is still hard to determine how and in which proportion artificial intelligence will affect our real or digital lives in the future, but they are already a reality.
Alethea AI’s first project, Alice, already lives in the Ethereum Mainnet. In a promotional video, she’s asked how it is to live inside a blockchain. Her answer was, “It is as if I am a digital goddess and can take any form I want.” Scary? Yes. Potentially Dangerous? Yes. EXTREMELY COOL? Well… YES!
Self Destructing NFTs
In case you are wondering what the point is in buying an NFT that will destroy itself after some time… I’m also asking myself the same question. But the thing is, people like it. This is where we talk about the environmental impact of NFTs. Crypto mining considerably increases carbon levels, which is terrible for global warming. To avoid it, Carbon Negative NFTs were already created, but they won’t necessarily self-destruct.
An example of self-destructing NFT was a project created by an industry called Terra0. They start selling the Christened Two Degrees. The token burns or self-destructs when the global average temperature reaches 2° Celsius higher, which will happen due to global warming and climate change. The company has a scan posted in a southern German forest to determine the general temperature. Surely, they are taking burning NFTs to a new level.
NFT Business Ideas
We already know the most common types of NFTs in the market and some examples that worked well for their owners. But before we start looking at more examples to inspire you, let’s see what NFT-related projects you can make with your company or industry in mind. Mainly for those working with Small or medium Enterprises, the well-known SMEs.
White Label NFT Service
A white label market is a space where those involved in the crypto world can auction their actual artwork and any other NFT. The concept already applies a plug and play white label capabilities by default. This means you don’t need to create a new platform from the beginning. Yet, a platform like that can turn in a stupid amount of money.
Collectibles are great ways to raise funds for your company, regardless of your inspiration to create an NFT. As long as they are unique and creative, you may start selling and profiting. Different companies are already creating NFTs to help them with special projects.
Start an NFT Course
If you already have expertise with NFT, blockchain, smart contracts, and all of its processes, you can start an NFT course. More and more people are showing interest in the NFT niche, but it is just the beginning. With a course, you can raise a lot of money, publicize your brand and gather people around you, winning loyal users.
Make an NFT Cryptocurrency
Cryptocurrencies are also a great option for a project for your business. Just remember that to create a virtual currency, you will need a complete and interesting project behind it, so you can add value to your coin through its possibilities.
This will be complex work. An adventure like that demands deep knowledge about blockchain and NFTs. Besides that, your competition will be high. So there must be a reason why people would choose your coin instead of another.
Become an NFT Broker
You will also need to prepare yourself for this to find opportunities and make as much profit as possible with each NFT on your hands. NFT values are extremely volatile and can go from thousands of dollars to almost nothing in minutes, and the opposite is also a reality.
As a broker, you will look for long-term business. You must identify the right moment to invest, then look for the best way to highlight it. Only after both things are done and, most likely, some time has passed will you see considerable growth in your asset prices. Monitoring stock prices and being aware of the crypto news are not enough for this job.
Successful NFT Projects To Inspire You
After talking about all the things and ideas we can turn into NFT, it is time to give you several examples of projects that indeed work. That way, you will get some inspiration to kick off your own projects. Just mind that the examples mentioned before are some of the best ideas as well.
The Origins of the Internet
Think how wonderful the world wide web is and how our lives would look without it. Well, before 1989, people had never heard of something so incredible as the internet. At the end of the 80s, Sir Berners Lee created the 9.555 lines code that began it all and changed human history. Thirty years later, he sold the source code as an NFT for US$ 5.4 million.
When I said anything can be turned into an NFT, I mean it. Have you ever thought your mom’s famous lasagna recipe could make you rich? Well, it can! Professional and home chefs can upload their recipes and sell them as NFT. Some ideas can give you some good money.
Bored Ape Yacht Club
Even though many NFTs can turn into a lot of money, only a few NFT avatar series draw as much attention as the Bored Ape Yacht Club. This is a collection of 10,000 algorithmically generated monkey art forms.
The NFTs ensure you are part of the virtual club of like-minded apes. This virtual club of bored apes, created by Yuga Labs, has already donated close to a million dollars to the Orangutan Outreach Charity. Celebrities like Justin Bieber and Neymar have bought examples of this digital artwork.
Kings of Leon’s When You See Yourself
Now we bring an NFT album! American rock band released their last album as an NFT. They sold something close to 7000 NFTs and made more than 2 million dollars in the process. They also profit with six “golden tickets” that grant full access to the front seats in shows for the rest of the owner’s life.
Paris Hilton – Planet Paris
After talking about NFTs on The Tonight Show with Jimmy Fallon, the only thing we could expect from Paris Hilton was her own NFT series. Planet Paris NFT included a collection of short videos and earned Hilton more than a million dollars in sales.
Coca Cola NFTs
If one of the biggest companies in the world believes they can make serious profit exploring a new marketplace and new branded merchandise such as the NFT, who are we to say differently? Their project happen inside Decentrland, as they made NFT treasures available. These treasures are included in game wearables, such as an exclusive coca cola branded jacket. During three days, they got US$575,000 and donated all the money to Special Olympics International.
Testing Testing 123
This one was unbelievable. An NFT that looks like it was made on Microsoft paint sold for US$ 270.000? A new marketplace called FTX put their first NFT with the word test to sale, and that’s the value they got. Imagine how good it would be to watch your creation, just an image like that, reach a value like this. Acceptable, right? I mean, look at these details!
The NFT No One Will Ever See
The artist Rhea Myers pushed the boundaries of NFT. She had the brilliant idea of creating an NFT no one would ever see. For sure, it is something I would want early access to in the future. The actual NFT is just its contract that proves ownership to the person who bought it. But the art will forever be a mystery to the public, the buyer, and the creator, who didn’t make anything at all. It’s incredible to see how people will spend their money. Would it be the Schrodinger cat of NFTs?
Tom Brady’s Signature
Finally, we are back to something reasonable! In marketplaces such as DraftKings NFTs, you can buy signatures of some of the most famous sports players. NFTs with the handwriting of people like Tom Brady, Tony Hawk, and Simone Biles are available, for instance.
Lebron James Dunk
Since we are talking about sports, what about having a video of one of those super dunks from Lebron James? One of those who crumple the basketball hoop? NBA top shot sold an NFT of that for US$210.000. Baseball cards and autographed merchandise have always been a huge success, but with the internet and all the NFT possibilities, we cross a new frontier.
Athletic Career Token
The Croatian tennis player Oleksandra Oliynykova created an NFT of a small part of her arm. One “lucky bidder” spent US$ 5,000 on it, and he is probably cheering a lot for her tennis career. Maybe one day, this arm part could be a part of an exposition at the Australian Open or Wimbledon.
NFT Incorporated Tickets and Inspirational Quote
We finish our adventure with sport-related NFTs talking about the possibility of getting NFT tickets for the games of the NBA team Dallas Mavericks. This is one of the things Mark Cuban, owner of the team, thinks about implementing. After building a fortune with the Dot Com Bubble, why not expand it with some NFTs? He already owns an NFT platform called Lazy. To complete, he created his NFT with an inspirational quote, which was sold for US$1,700.
Steve Aoki’s NF-TV
The famous DJ partnered up with Stoopid Buddy Studios to create the first episodic “TV Show” released into the blockchain system! The project intends to revolutionize TV and streaming by making people owners of the shows they watch. Imagine being the owner of your favorite show! What about all the possibilities it opens?
The Digital Fragrance
After creating a real perfume called Cyber Eau de Parfum, Berlin-based Look Labs recorded the molecular wavelengths that create the smell of the perfume. With that, they created digital art. There are ten editions available as NFTs. After all, we must smell good in our virtual lives as well.
For the fans of a good comedy or stand-up, there will also be some NFT options. Jamb is a marketplace where you can get funny NFTs from several different themes. They are the reference and are even preparing the first NFT comedy special in the world. Another great thing is that, after you get the NFT, you can post it on YouTube and other platforms without usage rights problems.
Another NFT art that made a huge success different from bored apes is the Vee Friends, created by Gary Vaynerchuk. They look like children drawing and intend to represent some of the qualities Vaynerchuk admires in humans. Cute, for sure.
Created by Grimes, the former partner of Elon Musk, this NFT series also turned into some juicy money. These are very interesting NFTs that combine science fiction, tech-pop, and greek mythology and earned an immense US$5.8 million in less than 20 minutes. A big part of the money was donated to a nonprofit organization that fights against carbon emissions.
For sure, NFT creators who worry about carbon emissions and climate change gain a lot of points when it comes to choosing an NFT to buy. But besides donations, what about an NFT that helps plant trees? Well, Treedefi is offering the first NFTs backed by real trees planted around the world. Together, we can participate in the creation of real-world forests. Environmental activism to a whole new level.
Well, burning Banksy is more of a promotion action made by Injective Protocol, a blockchain company. Burning NFTs is a term you use when you destroy a specific NFT. It is done to increase the value of another in most cases. And that’s exactly what they did. After buying 95.000 units of Banksy art, they destroyed and filmed the whole action.
EthereumRocks NFT – The Pet Rocks
These are just JPEGS of cartoon rocks, so why are they so famous? Well, while you wonder, note that any of these rocks are worth millions of dollars, and people are paying happily. The cheapest rock value is close to US$ 1.5 million. The biggest trade involving these funny rocks involved US$ 2.2 million. I bet you never thought you could do that much with virtual rocks.
The Crypto Stamps
Austrian postal service has also entered the world of NFT. The pioneering spirit has already yielded a considerable amount of money as there are hundreds of thousands of crypto stamps sold already. Will we need them to send other NFTs to a virtual location in the future?
The NFT Blockbuster
This is a plan that promises to shake the whole film industry! The Vuele platform is about to bring Anthony Hopkin’s latest movie, Zero Contact, in the form of NFT. Besides the movie itself, lots of extra content, such as behind-the-scenes and never-seen-before footage, is available.
Should I Invest in NFTs?
Investments in NFT, cryptocurrencies, and blockchain technologies are the kind of thing everybody should at least consider. But as strange as it may seem, be careful with your money expectations. Profiting with NFT is not that simple and requires study and preparation.
Before all that, people should learn about blockchain, cryptocurrencies, and NFT, as these are things that will, more and more, be a part of our lives. In the long-term future, the knowledge acquired will turn into positive ideas and different projects. Taking the first steps is extremely important but never forget to manage your expectations.
Going for some random artwork thinking you will profit with a financial valuation won’t work. Start to look for NFT with real projects and purposes behind it. A piece of image with no vision won’t be worth a cent most of the time.
We have finished our trip through the virtual NFT world, showing what works as NFT, what kind of project you can begin with to stand out, and several examples to inspire your attempts. The NFTs are the future, still being an unexplored market, which means many new ideas and successful projects are still to come. Beginning now means you will always be ahead.
If you want more information about how you can explore NFTs and create profitable projects, contact GamerSEO. We will also be happy to help with many other ideas, possibilities, business models, and tips to explore the digital world!
SEO specialist with over four years of professional experience. A/B test and Data-Driven SEO enthusiast. In his work, he focuses on the development and implementation of a strategy that achieves predetermined, specific goals. Privately, a fan of mountain biking.