The NFT space is surging toward new heights, as the market cap is nearing US$600 billion fast. While such a market cap is the resultant of wider NFT adoption and awareness levels, the reasons do not stop there. The scope NFTs have offered entrepreneurs who delved into niches by developing an NFT marketplace is beyond words.
With other elements finding a place in Web3, it is imperative that niche NFT marketplaces can become important. This blog, with insights from our professionals, addresses various types of NFT marketplaces one can run as a business. We will also see how these models can be sustainable in the long run.
Prominent NFT Marketplace Niches Right Now
NFT Marketplace for Artists
An NFT marketplace for artists is where artists can create and sell NFTs of their own artworks. Most of these platforms focus on digital artworks, which were the pillars behind 2021’s NFT boom. That being said, this model is popular in the NFT space due to the massive onboarding of digital artists.
Foundation, Nifty Gateway, and SuperRare are popular platforms for artists to curate their creations to attract collectors. As a business, you can either make your marketplace curated or open based on your preferences. Our experts can even help you integrate advanced elements like social networking and metaverse galleries into your platform.
NFT Marketplace for Brands
An NFT marketplace for brands is where renowned consumer-facing enterprises enter the Web3 space. Although brands can list their NFTs in horizontal marketplaces, their exclusivity goes off the radar in the process. Hence, brands can use an exclusive platform to get into Web3.
Developing an NFT marketplace for brands can help brands gain exclusivity, visibility, and uniqueness in the highly competitive market. Many consumer-facing ventures have built their own marketplaces to begin their inning in the decentralized virtual space. As an enterprise, you can aim your marketplace to attract brands through high-end features and working policies. Our experts can cater to such unique requests while building your NFT marketplace.
NFT Marketplace for Creators
Developing an NFT marketplace for creators enables creative personalities to get closer to their fans. By minting NFTs of their works like images and videos, creators can form a close-knit fan community. Such NFTs can also help them earn passive income through secondary trades.
They can utilize these platforms to provide exclusive content and real-life experiences for fans, increasing their popularity. From a business perspective, an NFT marketplace for creators offers enterprises an opportunity to establish themselves more quickly. Also, you can partner with eminent personalities, enabling you to gain exposure to wider mainstream audiences.
NFT Marketplace for Real Estate
With an NFT marketplace for real estate, it is possible to sell both real-world and metaverse land NFTs. While the former is still evolving, the latter has recently grown as a hot prospect for investing. Such a platform facilitates users to sell land easier than ever before, as most documentation gets digitized.
Also, with metaverse plots becoming a hot asset class to own, these marketplaces ease trading such NFTs. Both direct sales from metaverse providers and secondary sales from plot owners can be made possible. As such, the real estate NFT marketplace is a great business idea to run in 2023.
NFT Marketplace for Fashion
Designers and brands can benefit immensely from an NFT marketplace for fashion that helps them venture into Web3. Such a platform can be used to sell phygital and digital NFTs that attract consumers from the millennial generation. With fashion NFTs becoming the talk of Web3, these platforms can provide excellent business opportunities for entrepreneurs.
DressX, Digitalax, and Neuno are popular fashion NFT marketplaces that have been serving users with digital clothing. Even you can make use of this emerging niche to become an industry leader by building a similar platform. Our experts are here to aid you with the best practices and technological stacks.
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NFT Marketplace for Music
Building an NFT marketplace for music can be an effective business option to go with in 2023. With streaming giants like Spotify testing NFT music, running such platforms will only make sense. Music NFT marketplaces can help musicians to release relevant content and share them with fans in a streamlined way.
As the intermediaries involved are lesser, musicians can earn more while making fans own parts of the digital asset through fractional ownership. It is possible to include features like gated access in the platform to create a sense of novelty. The music NFT space is still free for entrepreneurs and is the best time to use it.
NFT Marketplace for Photography
An NFT marketplace for photography allows professional photographers to monetize their works through NFTs. These platforms ensure photographers’ intellectual properties (photographs) are never used by anyone without permission. MakersPlace and SuperRare have set a template for this niche, although there are several others gaining recognition recently.
As a business, you can utilize this model to earn remuneration in various ways. With a photography NFT marketplace, you can appeal to collectors, media houses, and even corporate marketers. The availability of a plethora of diverse user ends to cater to makes this platform an ideal business model.
NFT Marketplace for Physical Assets
The rise of NFTs has been reflected in the physical world, as many real-world products have become NFT-supported. Such welcome makes an NFT marketplace for physical assets a sought-after model for entrepreneurs and collectors. Assets such as antique collectibles, branded clothing, and exclusive alcoholic beverages are commonly traded through these platforms.
Operating these platforms could bring fortunes for entrepreneurs as the integration of real-world entities into Web3 has increased. At Blockchain App Factory, we ensure to create platforms that could cater to such niche users without hassles. These platforms can even integrate options for fiat payment gateways and asset redemption.
NFT Marketplace for Paintings
While we had discussed NFT marketplaces for digital artists, we should remember how important physical painting artists were in the early days. An NFT marketplace for paintings can bridge the gap by bringing physical artworks to new-generation art collectors. Doing so helps in ensuring the authenticity of antique and contemporary artworks.
The platform’s striking characteristic is that it can open new opportunities for artists to earn passive income. Auction sales and secondary royalty commissions can make artists great again while providing ample profits for businesses. You can consider developing one to capitalize on the still-growing digital business niche.
NFT Marketplace for Books
As a relatively new NFT business niche, an NFT marketplace for books can do more than revive reading habits. Book.io, Publica, and Creatokia are prominent players in the niche, with a lot more space available for upcoming entrepreneurs. These platforms can sell NFTs of books, old and new, to avid readers and collectors.
Adding phygitality to these platforms enhances the model, as readers can have a chance to own authentic paperbacks. Even ebooks can be traded through these applications, reducing losses for authors due to online piracy concerns. It could be the right time to build such a platform, given authors have regained respect in the mainstream world.
Conclusion
Hence, we can see how different NFT marketplace niches can be tapped into by entrepreneurs like you. You can utilize one of these niches, which is well known to you, to developing an NFT marketplace with numerous features and robust functionality. For technical assistance, our experts at Blockchain App Factory can provide you with the necessary comprehensive expertise. Our proficiency in working with multiple major blockchains and frameworks allows us to make your Web3 business dreams come true. So, what are you waiting for? Get in touch with our experts now by filling out the inquiry form provided below. One meeting with us is all it takes to create wonders that can bring you fortunes!
