The concept of Non-Fungible Tokens (NFTs) makes them useful for different businesses. They are digital assets that represent real-life items. NFT technology has become a bright trend in the past year in the blockchain and cryptocurrency market. Ordinary, seemingly ordinary pictures and photos are sold at prices comparable to those of high-end real estate and luxury goods. Here are some tips on how to capitalize on this fintech trend.
Create And Sell NFT Arts
Creating NFT arts is perhaps one of the most obvious NFT business models that comes to mind. If you are a designer or have a creative background, you can take a chance and make your own NFT art. And using NFTs is one of the best ways to protect your intellectual property. Thus, in an era of widespread piracy, the creators of art objects return their authorship and protect their rights. NFTs can validate not only intellectual property rights but other things as well. For example, personal data. The peculiarity of the technology is that it cannot be tampered with, and even if you decide to make NFT content publicly available, you still retain ownership of it.
It is not written on paper, but directly in the metadata, as well as information about all transactions related to the object. If you’re confident in your abilities, create pieces of art or some other digital content, figure out all aspects of NFT mining, and put it on marketplaces like OpenSea.io. Be as creative as you can, gather an audience around yourself, and try to create the content they like. You will be amazed by the variety of digital assets people sell on platforms like Opensea.io. Such prominent NFT artists like Blake Kathryn, FEWOCiOUS, and Giant Swan can serve as inspiration for you.
Earn On NFT Trading
Since NFT assets are volatile, you can earn money by NFT trading. You can invest money and become a holder of the NFT collectible you like. Then wait until its value grows to a certain level and then resell it. Another less obvious option is not to resell the NFT collectible but to keep it to yourself. This is called staking and it is a passive income option. By staking you can receive dividends for keeping some assets, just like in reality. NFT holders help stabilize the blockchain by their existence, and all they have to do is not sell the object for a while. For this, a percentage of the value of the object is accrued.
Create Your Own NFT Gaming Platform
Since NFTs are widely used in gaming, you can create your gaming platform based on them. If you take a look at how NFT gaming companies work, you’ll see that they use tokens in different ways. They develop games based on blockchain and accept NFT payments for players.
Some of the biggest companies that specialize in NFT gaming are Always Geeky Games, Enjin, and Gala Games. You can even try to create games with elements 9f gambling just like at https://bizzocasino.com/.
Use NFTs In Supply Chain Business
The primary function of NFT in the supply chain is to authenticate products to verify their quality and origin.
For example, if you sell food products, it will be important for you and your customers to have a way to verify the conditions in which these products were stored and confirm their origin. With NFT, this will be relatively easy to do thanks to special sensors that will track location (via GPS), temperature, humidity, and other parameters, and then record them on the blockchain and attach them to the NFT of the goods. In addition to food, NFT technology can be used in the supply chains of electrical appliances, fashion apparel and footwear, automobiles, and furniture. Therefore, the use of NFT can bring transparency to the supply chain and product lifecycle.
These NFT adoption ideas are only some of the possible NFT applications in different industries. The non-fungible tokens have great value for different businesses because of their versatility. The only thing to remember is that you need a deep understanding of an NFT concept if you want to earn money on it.