The NFT space has been generating a lot of excitement and optimism lately, as global sales volume has surged and the foundation for another crypto bull run appears to be in place. Unlike in the past, the NFT landscape has evolved considerably, with a wide range of new applications that are waiting to be adopted by the mainstream.

This has encouraged many entrepreneurs to take the leap and start planning their own NFT businesses, especially after a difficult period for Web3. In this blog, we will explore some of the most popular NFT business models that entrepreneurs can use to achieve long-term success.

By leveraging these models, entrepreneurs can tap into the growing demand for NFTs and capitalize on the many opportunities that the market has to offer. Whether you’re an artist, a gamer, or simply an entrepreneur looking to get in on the ground floor of a new and exciting industry, there are plenty of ways to build a successful NFT business that can thrive for years to come.

Why Particularly Choose an NFT Business?

Entrepreneurs may choose to start an NFT business because, compared to other Web3 elements like cryptos, DeFi, metaverses, and blockchain solutions, the market scope for non-fungible tokens is much greater this year. Furthermore, many of these other elements can easily be integrated into an NFT business model.

For those who may not be familiar with the deeper technological nuances of Web3, starting an NFT business can be easier and can provide valuable learning experiences. NFTs also have a wide range of potential use cases that could significantly impact our daily lives, providing enterprises with the opportunity to be game-changers in this evolving industry.

Overall, an NFT business can be a smart choice for entrepreneurs looking to enter the Web3 space and capitalize on the growing demand for digital assets. With the potential for high market scope and a vast range of possible use cases, NFTs present an exciting opportunity for innovation and growth in the business world.

The top NFT business models will be modified in 2023 to reflect trends, starting with the straightforward ones and moving down the list to more cutting-edge models.

Profile Picture (PFP) NFT Collection

One of the top NFT business models to consider in 2023 is based on profile picture (PFP) NFT collections. While it may seem simple to sell images and manage communities, the actual work involved can be quite challenging, and there is plenty of room for innovation.

Collections like CryptoPunks, Azuki, and Bored Ape Yacht Club have become self-contained ecosystems that define communal activities in Web3. Building a venture around such a collection can also open up opportunities to explore other NFT business models we will discuss later in this blog. To succeed in this space, entrepreneurs need to bring creativity, utility, and uniqueness that will set their collection apart from the competition.

A PFP NFT collection business can be a lucrative opportunity for entrepreneurs to tap into the growing demand for NFTs while fostering a thriving community of users. With the potential for innovation and the ability to integrate with other NFT business models, PFP NFT collections are a solid choice for those looking to establish themselves in the NFT market.

Fine Art NFT Collections

For artists, musicians, and other fine-art practitioners, converting their talents into NFTs can be an excellent way to gain widespread attention and recognition. High-profile figures like Beeple, Ferocious, 3LAU, and Snoop Dogg have all produced NFT fine-art content that has sold for substantial sums of money.

The 2021 NFT boom was partially driven by digital artists receiving recognition from the Web3 community. Creating your art forms, minting them as NFTs in a marketplace, promoting them to your target audience, and selling them can all lead to success in this space. Additionally, royalties for secondary sales make these collections even more worthwhile for artists.

Fine art NFT collections present a fantastic opportunity for artists to leverage their skills and gain recognition in the Web3 community. By creating and selling NFTs, artists can generate income and potentially earn royalties for secondary sales. As the NFT market continues to evolve, there is plenty of potential for further growth and innovation in this space.

General NFT Marketplace

In the Web3 space, NFT marketplaces have proven to be a successful business model, as they connect creators and collectors in one place. Platforms that focus on a broader range of NFTs have seen tremendous success. Examples of such platforms include OpenSea, Magic Eden, X2Y2, Sudoswap, and Rarible. These marketplaces have set a precedent for startups to be creative in their approach and set themselves apart from the competition.

Operating a general or open NFT marketplace involves more than just increasing sales; it also involves retaining the community. As a business, it’s crucial to identify the niches you want to sell on your NFT marketplace platform. By doing so, you can cater to the specific interests of your target audience and foster a strong community around your platform.

NFT marketplaces have been successful due to their ability to bring creators and collectors together in one place. Platforms that focus on a broader range of NFTs have seen significant success, but it’s essential to identify specific niches to cater to your target audience. By fostering a strong community around your platform, you can create a loyal customer base and drive long-term success in the NFT market.

P2E and M2E NFT Games

NFT gaming has become a popular business model in recent years, with models like Play-to-Earn (P2E) and Move-to-Earn (M2E) gaining popularity during the pandemic. These models provide an alternative earning method while also keeping users entertained. Axie Infinity, Splinterlands, Alien Worlds, Sorare, StepN, and Meta Cricket League are just a few of the games that have set the bar in this field.

In addition to engaging gameplay and a workable reward system, an NFT gaming firm must have a distinctive feature that attracts to players. As more people enter the NFT space for entertainment, this model can be profitable.

NFT gaming is a popular business model, with P2E and M2E gaining popularity during the pandemic. To succeed, businesses must have a unique factor that appeals to gamers, attractive gameplay, and a feasible incentive mechanism. As more people enter the NFT space for entertainment, the potential for profit in this model continues to grow.

Niche NFT Marketplace

A niche NFT market is a sort of business where only one kind of NFT is offered. These platforms can be exclusive for collectors and creators and require fulfilling preset criteria to be part of the platform. Most of these niche marketplaces focus on selling fine art NFTs.

Running such a platform can be challenging for a business, as its success depends on the niche’s popularity among the Web3 community. However, with a unique point of appeal, one can generate trade movement through community building and social media engagement. One can even explore new niches, such as secondary in-game asset sales, which have recently gained popularity. Spin this Blog without changing the meaning of the Blog.

NFT Launchpad

An NFT launchpad is a popular business model that enables creators and brands to mint and sell NFTs while attracting the market. This platform can also help early-stage NFT projects to raise funds through Initial NFT Offerings (INO), allowing them to form their initial communities.

NFT launchpads are inspired by the Initial DEX Offering (IDO) launchpad and have gained popularity among gaming-focused NFT projects. However, the model can be applied to the broader NFT community. As the NFT world revives, this model is expected to be a lucrative venture option in 2023.

NFT Aggregator

NFT aggregation platforms have gained popularity in the Web3 space as they allow collectors to compare and purchase NFT collections across multiple marketplaces in a single transaction. Some platforms even offer bulk purchasing options to reduce gas fees. The model gained traction in 2022 and saw some high-profile acquisitions of platforms like Gem and Genie. This presents a great opportunity for startups to enter the market and develop unique ideas to capitalize on the potential of NFT aggregation.

Metaverse X NFT

The use of non-fungible tokens (NFTs) in metaverses has opened up a wide range of business opportunities for startups. NFTs are used in various ways, including land plots, avatars, and in-game equipment, making it an ideal choice for generating consistent income with the influx of new users.

The flexibility of NFTs in metaverse applications allows businesses of all sizes to participate in these virtual worlds.NFT markets for avatars, NFT showrooms, and NFT real estate platforms are a few common sub-models. By tapping into this emerging market, startups can position themselves for success on the internet of tomorrow.

Phygital NFT

NFTs have been a popular means of offering digital experiences for a while now, but the introduction of phygital NFTs has transformed the way we perceive them by adding real-world elements. This has resulted in businesses centered around phygital NFTs gaining traction, thanks to the growing interest in NFTs by established brands across industries aiming to capture the attention of tech-savvy Gen-Z consumers.

While the use of phygital NFTs has been prevalent in the fashion and sports sectors, artists have also started offering their creative collectibles in both digital and physical formats. Whether you’re selling NFTs in your marketplace or creating them yourself, success is within reach in the long run.

Defi X NFT

The popularity of Decentralized Finance (DeFi) has soared along with the widespread adoption of cryptocurrencies, and NFTs have not been exempt from this trend. NFTs can serve as collateral assets in the same way that physical items can be used in traditional banking. However, because NFT pricing is subjective, the industry is still in its infancy.

Despite this, the Web3 community is working on developing regulations for using NFTs in DeFi lending applications, and a platform that adheres to clear guidelines could emerge as a winner in the long run. If you are looking to establish a sustainable business in the long term, a platform for NFT lending could be a promising idea.

NFT Ticketing Platform

In recent times, NFT ticketing has gained popularity as event organizers seek to provide secure and authentic event experiences in both physical and virtual worlds. NFT ticketing platforms ensure that all parties involved know the attendees and allow fans to resell tickets on the secondary market legitimately. Additionally, event attendees can receive POAP (Proof-Of-Attendance-Protocol) NFTs as souvenirs.

As physical events are returning in full force, and virtual events are increasing in popularity, these platforms have the potential to become successful businesses. By collaborating with event management firms and artists, your business can serve events worldwide at all times.

NFT Subscription/Membership Platform

Recently, a new trend in the Web3 space has emerged, with NFTs being used for subscriptions and memberships. This allows businesses to offer their customers authentic experiences, similar to ticketing. Startups in industries such as content streaming, tourism, and hospitality have begun to explore this new space.

Although hosting a business based on a relatively new model may seem daunting at first, success in the long term depends on sustainability. As Web3 adoption continues to grow, major streaming and hospitality providers are expected to support these NFTs in the near future.

NFT Wearables

The idea of NFT wearables was born out of the desire of passionate digital collectors to showcase their collections without having to rely on devices. While wearables with digital screens capable of displaying NFTs have been available for some time, their adoption has been limited.

However, the year 2023 could mark a turning point for the NFT community as wearables become more widely utilized, opening up opportunities for businesses to manufacture wearable devices such as necklaces and bracelets with screens. With advancements in technology, wearables may even expand to clothing that can display a person’s NFTs.

This presents a promising opportunity for entrepreneurs looking to tap into the growing demand for NFTs and their associated wearables. By investing in the production of innovative and stylish wearable devices, businesses can cater to the needs of digital collectors and potentially generate significant profits in the process. As the NFT market continues to evolve, it’s essential to stay ahead of the curve and embrace new technologies that can enhance the user experience and drive growth in the industry.

NFT eCommerce Store

The prevalence of eCommerce in our daily lives has reached unprecedented heights, and the incorporation of NFTs can enhance the authenticity and security of online transactions for both businesses and consumers. The NFT eCommerce model, which is currently undervalued in the Web3 space, has the potential to mitigate the fraud risks frequently encountered in Web2 eCommerce.

While the concept of NFT eCommerce has already made its debut through phygital NFT providers, it has yet to gain widespread recognition. However, businesses can capitalize on the novelty of this model and prepare for the future when NFT eCommerce becomes the norm. By staying ahead of the curve, companies can position themselves for success in this burgeoning industry.

NFT Social Media Application

The power wielded by tech giants through access to vast amounts of data has highlighted the need for alternative social media platforms. NFT-based social media applications have emerged as a solution by providing users with complete control over their generated content. This business model is especially attractive for those seeking to revolutionize the way we scroll through our feeds.

The NFT social media model allows users to monetize their content, enabling them to earn income. While this may seem unappealing to some, the model provides fee mechanisms that enable business owners to generate revenue without compromising user privacy. This way, everyone benefits from the platform, and users can be assured that their data is safe and under their control.

Final Thoughts

Non-fungible tokens, or NFTs, have gained popularity in recent years, with many entrepreneurs starting their own NFT businesses. There are various NFT business models to consider, ranging from profile picture (PFP) NFT collections to fine art NFT collections to general NFT marketplaces to P2E and M2E NFT games.

PFP NFT collections are a popular business model, with collections like CryptoPunks, Azuki, and Bored Ape Yacht Club becoming self-contained ecosystems that define communal activities in Web3. Fine art NFT collections are also popular, with artists, musicians, and other fine-art practitioners minting their work as NFTs and potentially earning royalties for secondary sales. General NFT marketplaces like OpenSea, Magic Eden, X2Y2, Sudoswap, and Rarible have been successful in bringing creators and collectors together in one place.

NFT gaming has also become a popular business model, with P2E and M2E NFT games providing an alternative earning method while keeping users entertained. As the NFT market continues to evolve, there are plenty of opportunities for innovation and growth in this space.