Project Ideas
Here's a small list of ideas we think would be great projects to build.
Create a White Label NFT Service
We’re getting closer to the point where the Shopify’s of the NFT world will make it easy to do cool things with little to no additional dev support.
For example, white label NFT platform solutions are pretty much here with new options in mid-launch including:
Distributed Lab‘s white label platform that starts at $300k. Blockparty is the primary example of this solution in action.
Masterfile about which I need to learn more.
Nameless from nft42 which is debuting as the tech behind Gary Vee’s new platform VeeFriends.
NFT Wearables
Wearable devices that display your NFT assets might sound a little freaky, but it definitely might be the next fashion trend. Take a look at Eduardo Jaramillo and his concept of an NFT necklace. A young jeweler converted an ordinary Apple Watch into a stunning accessory that displays different non-fungible assets possessed by owners. Of course, this accessory is not a cheap one with a golden chain and a case encrusted with diamonds. However, Eduardo doesn’t plan to stop there and wants to make wearables affordable for everyone.
This case shows how NFT services can be applied in the most unexpected aspects of real life. NFT wearables’ niche is unexplored and leaves a vast room for imagination. Rings, bracelets, keychains, and other types of accessories may be interesting to various audiences.
NFT business models aren’t limited to these exact use cases. There’s so much to be tried. Video games, media services, reverse search engines, and more. Non-fungible tokens’ future lies in the hands of creative people that can find an appropriate utilization for this technology. When running out of ideas, you can analyze what other enthusiasts think and want to see. Bit Country provides a forum where users can suggest their ideas and vote for the most prominent ones.
NFT Auctions of Consulting Services
NFTs can be used to sell or auction real world items and services. Though I mostly focus on art and media NFTs, it’s worth considering auctioning services such as consulting if you do something related to NFTs or crypto and that can include non-tech skills such as marketing
Dave Nadig did this or, at least, put the pieces together, and he discusses the setup in a longer article about building a crypto ETF. It’s a pretty interesting think piece overall, and you can even avoid the minting expense he mentions by using lazy minting on a platform like Rarible.
Uber-collector Pranksy also did this at one point and, in the process, found out he could get a fairly astronomical price for his consulting time given his expertise and the limited amount of time available.
These guys used other people’s platforms, but an NFT platform designed to make it easy to auction services using NFTs could be a hit if done well. Especially if it allowed for credit cards and site-specific wallets that don’t require dealing with crypto.
Cross-Chain NFT Display Portfolios
NFT display options, from digital frames to portfolio sites, are a growing area of activity, especially for Ethereum chain NFTs. Online options like Showtime are powered by one’s NFT-compatible wallet, though gallery sites like RareRooms are offering curation tools for individual shows.
It would be great to have online portfolios/display sites that allow one to pick and choose what is on display and to order NFTs as one wishes. I think this will soon be the case, but there’s still time for a hot dev team to take the lead.
But what would be even greater is a cross-chain option for displaying NFTs from multiple chains in one portfolio or gallery on web 2.0. It sounds like a big challenge, but it could start with separate mini-galleries under one account that then offers options to mix and match pieces as one wishes.
Such a site could be used by artists for their creations, collectors for their collections, and even become the basis for a cross-chain secondary marketplace!
Starting with Ethereum, Flow and Wax would reach the bulk of creators and collectors at the moment on chains that seem likely to have staying power.
Create Your Own Virtual Reality
As more white label and off-the-shelf options emerge, there will be more opportunities to build on other people’s platforms. Given the expense of launching NFT platforms and virtual worlds, it’s tempting to take that direction, despite concerns about not owning the platform itself.
That said, Bit Country looks like a very cool way to start your own virtual world with NFTs and social tokens. I’ve applied for their Ambassador Program which means you’d get quite a bit of support, but I haven’t been involved in a way that makes me think I’ll get in. The reality is there are a lot of opportunities out there, but picking something and committing is the way to go and often the only way to get the support you’ll need if you don’t have your own dev team.
Bit Country has a forum for ideas about what folks want to see in Bit Country’s virtual worlds. It’s a great brainstorming stimulus and a good way to see how early adopters think about such a project.
NFT Pawn Shop
Here’s a thought-provoking question from Rizzle:
As more than one commenter noted, NFTfi does offer “NFT collateralized loans.”
That’s pretty close to a pawn shop, but it’s actually p2p lending in which you list your NFTs and are offered loans from other participants. Unless, that could be considered a decentralized pawn shop?
An NFT pawn shop most like real world pawn shops would allow you to come to the site, show what you got, get an offer on the spot and get fiat or crypto immediately if the offer is accepted. I guess if NFTfi is that quick, it could qualify, but I’d want to give it a day or so and see what kind of offers I get.
Lots of room for weirdness to happen in an “on the spot” situation involving NFTs, but it has potential, especially if someone can come up with a suite of anti-fraud tools that are fast and reliable.
Maybe that’s the better business idea!
Become an NFT Artist
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 NFT art. We must warn you that the competition is high and not all assets are worth thousands of dollars. However, for every product, there are consumers. If you’re confident in your abilities, create pieces of art or some other digital content, figure out all aspects of NFT minting, and put it on marketplaces like Rarible.
Unfortunately, there’s no single source of truth on how to create content that generates revenue. Our main advice here is to be as creative as you can, gather an audience around yourself, and try to deliver the content they like. Of course, you can seek inspiration from well-known artists like Blake Kathryn, FEWOCiOUS, Giant Swan, and others. But copying others’ styles is a road to nowhere. Develop your own form of art and make it meaningful. If you explore deeper, you’ll be surprised by the absurdness of some art pieces that are worth hundreds of thousands.
Reverse Search Engine for NFTs
Speaking of anti-fraud tools, open NFT marketplaces and NFT marketplaces on less-trafficked blockchains have a piracy/imposter problem. For the most part, fakes and stolen images in open marketplaces are identified by the community and reported. The platforms themselves seem to have few tools for identifying whether someone is the actual creator of an NFT, though some processes are in place
One can use reverse search engines like TinEye, but they miss a lot based on discussions I’ve had with crypto artists as well as my own searches. A reverse search engine for NFTs could be a great tool for the space that could also be integrated into the backend of NFT platforms and marketplaces.
Rather than relying on a reverse search engine that’s attempting to search the whole web, one would be able to narrow down the search universe to a manageable size. One might then have the basis for new services and products. For example, one could register and verify artists creating services for use by platforms and marketplaces, as well as verified NFT display portfolios and galleries.
Always keep in mind that in a space, this new something that works well can be the first piece in a much bigger puzzle.
NFT Media Company
NFT media is interesting because you can launch a site using Web 2 tools to create media about Web 3. That’s a lot cheaper than most options involving a developer that isn’t a cofounder. But with off-the-shelf solutions, NFTs could be added to the media platform or minted via an open marketplace like Rarible.
Kyle Chaka has some interesting thoughts on NFT-based media companies. Note that, in this space, funding can include NFTs and social tokens.
NFTs.WTF is fundraising using NFTs, so what they’re doing is worth a look.
April 23rd 2021
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Lots of room for experimentation in this space, from highly focused niche publications to major media plays.
NFT Business Wish Lists
The point isn’t that NFT Wish Lists are a good business idea!
I periodically see investors and business people in the space putting out wish lists of features, tools and businesses they’d like to see. Sometimes they’re very personal, but they’re always worth a look to get your creativity flowing, especially since the space is so new.
Here’s a great NFT business wish list from Dylan Field, CEO of Figma and possibly an investor as well. He does say get in touch if you’re working on anything from his wish list!
Become an NFT Broker
As well as conventional cryptocurrencies, NFT assets’ prices are highly volatile and brokers make profits from their price differences. Unlike any cryptocurrency, each non-fungible token is one of a kind. That’s why monitoring stock prices and keeping your hand on a pulse of crypto news won’t work out at this point.
Consider NFT trading as a long-term investment. Antique traders buy assets knowing that their price will only increase over time. The same thing with non-fungible assets. Buying demanded lots, knowing how to put them in the right light, and when to sell them is what makes a successful broker.
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