The NFT Business is the latest topic that is sweeping the internet is none other than the curious case of NFT. These non–fungible tokens are creating a massive buzz in the world of the internet and social media. Surprisingly these NFTs have evolved into a huge business where celebrities, millionaires, billionaires, and even normal people are allocating money to invest or purchase a non-fungible token. NFTs have a diverse range of categories. But the most popular is that which is built using similar types of programming as the famous cryptocurrencies.
From its inception till now, it has managed to gather a lot of momentum moving forward. It gradually took the form of a digital asset that manifests as a type of digital asset. These digital assets constitute real-world objects and precious never-seen objects like art that is unique or photographs or any other items like videos, gaming items, etc. Let us dig deep into the curious case of NFTs and fathom what’s behind this latest craze.
Background Behind the NFT business opportunities
At first when the craze of NFTs began people were labeling it as just millennial trending stuff. To understand the craze and the potential business opportunity of NFTs let’s discuss a specific event that took place recently. Jack Dorsey the CEO of Twitter and one of the co-founders of Twitter. He twitted the first tweet “just setting up my Twitter” with his account on Twitter. The tweet was posted on March 22, 2006. This tweet was somehow purchased just purchased recently for over 2 million dollars.
And it’s not just this tweet, last month a single jpeg was sold for 69 million dollars. The NBA is selling little moments of basketball games for hundreds of thousands of dollars. These are all sorts of digital things that people are purchasing a version of them for lots of money. Three simple letters describe all of these unbelievable never seen purchases: NFT. This begs the vital question of NFT business opportunities.
What is Exactly an NFT?
What exactly is an NFT? Why pay for it when you can look at it for free? And what are the opportunities for it? Or is just just a basket case, a gigantic bubble to burst? This story is much bigger than a six hundred dollar cat GIF. It’s a story of human psychology or how we value things is shifting because of technology. The same don’t of technology which is on the verge of constantly revolutionizing our society.
Let us probe the ‘Fungible’ part of NFTs. It is a fancy term that economists use but simply if put in terms it stands for not-replaceable. It’s the only one available and it’s unique. People often purchase NFTs for an insane amount of money so that, that particular item can’t be bought by anyone else. It’s only one and unique. And it belongs to that one person who spent a lot of money to get the NFT item.
Blockchain and Cryptocurrency
It does not make sense in the real-world years ago but now it does. And it is a perfect example of how people’s emotional orientation to materialistic things is changing. If we take the painting of the Mona Lisa for example, the real painting is non-fungible it’s only one unique masterpiece. Like digital art, paintings, memes, tweets, GIFs, etc. That is sold as Nats are nonfungible and cannot be made again or procured from anywhere other than the owner who buys it with a considerable amount of money. Unsurprisingly non fungible things are way more valuable than fungible counterparts. The letter ‘T’ however in the NFT stands for token. To understand that token we need to understand blockchain.
The blockchain fulfills the same thing the bank does on a normal basis but instead of an account-to-account private transaction, all of the transactions are recorded publicly on the internet. The transaction by cryptocurrency is a good example. When a person wants to buy a remarkable digital asset like a tweet or a meme on the internet that person just pays a hefty price via his cryptocurrency ie. Bitcoins and transfers the sum into the account of the individual that he is buying. And this tweet or meme is owned by the person who paid for it and only he has the claims towards the asset.
Ownership and NFT business
The copyright claim and permission to use the asset lies in the hands of the owner. Any infringement will result in legal action. The transaction will be in the public record on the internet via the blockchain system. At the same time, that transaction history recorded on the internet will also provide a substantial legal basis for the originality of NFTs. The only psychological perspective that can describe the phenomena is the value that is imposed by the buyer of NFT on the digital asset based on the validation and hype created by people on the internet. At the same time, famous and unique elements contribute to the price of the object.
Now comes the question what are the business opportunities of NFTs? Well, it is based on a technology that creates a transparent ledger that documents providence or actual digital ownership of the actual entity along with the history of a digital asset and how it navigates through the world.
The Business Opportunities of NFT
And as our society becomes more digital by nature, caring about things that we didn’t bother to care about it years ago. Things like famous memes, NBA moments, or football moments that are memorable and once-in-a-lifetime experiences or digital paintings, etc. Has become more valuable to people. NFTs have been around for four and five years and with the advancement of cryptocurrency, the scope of doing a profitable business has also raised from them.
Today people are more fascinated by collectibles of art because of the NFT boom. As more people will become educated on the digital contract created by a decentralized system on the internet, more people are likely to invest a lot in NFTs.
As NFT is booming people are finding creative ways to start businesses based on them.
An NFT YouTube channel that caters to people seeking knowledge is a good business. As NFTs are becoming more popular and the global transaction on the internet is a considerable amount, it is natural that people want to know more about them. At the same time, contemporary news about the evolution of NFTs is also a perfect business opportunity.
Again, small updates on which products sell more, how to start your NFT hub, etc. Can be described on the channel. As more and more people get curious every day and the drive to invest money in a more carefully calculated way arises, the channel will get a lot of views. As a result, there will be the revenue generated from Youtube and also sponsored apps.
Blogs online or SEO writings on NFTs for various news outlets, blogs or researched writings for different websites open the opportunity for independent writers. At the same time, the websites or blogs can use the traffic on their website as an opportunity to show advertisements to readers who come to visit the page. Thus money is easily generated.
Again Launching a digital marketing course on NFTs or an online course to explain the entire facts. Is also a business opportunity. The blockchain system the cryptocurrency game that is shaping the internet and economy is a curious subject for people who wants to get into the NFT game. Courses on Udemy or Coursera etc. Is a prime source to earn money. Here, people who deeply research the ideas behind blockchain, NFTs, and cryptocurrency will provide lectures and workshops based on their knowledge.
Creating your NFT collection that is unique holds a lot of potentials to sell them as digital art and earn money regularly. This is the opportunity to put one’s intellectual prowess into account.
NFT trading organizations source freelancers to accomplish certain tasks which also indicates that the explosion of NFTs has paved a way for freelancers.