NFTs aren’t all about Bored Apes and CryptoPunks. Many companies have gotten into the NFT game and are doing a lot of interesting things. If you’re curious and excited about what the future holds for NFTs, read on to find out the best NFT startups to keep an eye on this year!
What Is An NFT?
To understand what an NFT (non-fungible token) is, we need to go over the concept of fungibility. If something is fungible, it’s easily exchanged with something else – for instance, a $20 bill can easily be traded for another $20 bill. Nonfungible tokens are just that – non-fungible, meaning you can’t trade an NFT for something else exactly like it.
At its core, NFTs are certificates that verify your ownership of a digital asset. It could be drawings, music, gifs, or anything else you can imagine – even the game industry is getting in on it with digital collectibles. Holding an NFT means you’re the rightful owner of that asset and nobody else can claim ownership to it.
Advantages Of NFTs
Like cryptocurrency before it, NFTs have become a breeding ground for investors. People buy NFTs from artists and either hold them for long-term gains or flip them for a quick buck. But what sets NFTs apart from other investment methods? Here are three advantages offered by NFTs:
Lower Barrier To Entry
Unlike physical art, NFTs are easier to get into. All you need to do is set up cryptocurrency wallets and log into your NFT marketplace of choice to start buying up digital items. This process takes mere minutes, compared to the art world where you likely need to have an “in” from someone in the art community to even stand a chance at bidding for artwork.
Better Support For Creators
NFTs also make it easier for the original creators to make money. Instead of receiving a one-time payment if someone buys their art, the artist is set to receive royalties every time the NFT is sold to somebody else. This way, they can potentially have long-term passive income from their digital items.
Easier To Resell
Selling art is notoriously hard. However, NFTs have no such barriers. All you need to do is put them up on the secondary market and wait until somebody makes an offer. Better yet, you can do this from the comfort of your home!
Opportunities Created By NFTs
The NFT world is more than just digital art. There are many opportunities for you to succeed and make money in the NFT space. Here are just two examples of the many business opportunities brought on by NFTs:
The first opportunity that comes to mind is probably being an NFT artist. Many artists turn to NFTs because they have an easier time selling their work and having royalties mean they can potentially get money from a single collection for years to come.
However, not all NFT artists have the know-how to create and launch projects. That’s where Tokenfy comes in. Tokenfy is an NFT launchpad that lets artists and creators launch NFT collections easily and without coding.
If you’re not artistically inclined, you can consider becoming an investor or flipper. Investing in NFTs is similar to crypto, stocks, and many other investment options. You buy NFTs at low prices, then sell them at higher prices to turn a profit. Depending on your strategy or risk appetite, you can hold NFTs until their prices go to the moon, or flip them quickly to get paid quicker.
Create NFTs with Tokenfy
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Top 11 NFT Startups
If you’re looking to go further into the world of NFTs, here are some of the best NFT startups you should keep an eye on:
Thinking about building an NFT project? Tokenfy’s got your back. This startup enables artists and entrepreneurs to create and launch NFT projects without any coding knowledge. All you need to do is upload your art, choose your smart contract functions, set its price and quantity, then you’re all set!
2 AnRKey X
If you’re a fan of games, you may want to check out AnRKey X, a community-owned game developer studio that specializes in play-to-earn games. With fun games like Battle Wave 2323 and Cyber Arena v.1, the game studio empowers players to earn money simply by playing its games.
3. Axie Marketplace
Axie Marketplace is the official marketplace of the wildly popular NFT video game Axie Infinity. This gaming marketplace lets you buy and sell Axies, the digital pets that you collect and breed in the game. Every pet in Axie Infinity is an NFT, which means every single one is unique and has different properties that can give you an edge in battling.
4. Decentraland Marketplace
Decentraland is a virtual world (think Ready Player One) that’s completely owned and run by its online community. Decentraland Marketplace allows players to exchange in-world assets like parcels of LAND, wearables, and other game items.
KnownOrigin is an NFT marketplace for people to buy, sell, and create digital art NFTs. It also hosts numerous NFT drops as well as a subscription list to be notified of future drops.
Like the trading card shops of old, digital collectible platform Myth.Market houses several NFT collections like the Garbage Pail Kids and William Shatner trading card series. If you’re into trading card collecting, this site is worth a watch.
Possibly one of the largest active marketplaces for NFTs today, OpenSea lets users buy, sell, and collect numerous NFT projects. It also lets you create your own NFT projects easily within minutes.
Rarible is another digital NFT marketplace that lets people trade digital assets. However, Rarible offers RARI, a token that gives users power to vote on proposals that influence the platform’s future.
This social media company bills itself as a combination of Instagram and Christie’s. It’s a social network for NFT art that lets you browse and participate in auctions for digital art from world-class artists.
10. Terra Virtua
Terra Virtua aims to take NFTs even further by letting you interact with your collectibles through AR and VR apps. This startup so far has sold collections from major movies like Godzilla vs Kong, Top Gun, and many others.
11. Alien Worlds
Alien Worlds is a play-to-earn game that asks you to explore the universe and complete tasks to earn currency. You can also collect assets like weapons, land, and other game NFTs to trade with other players in its gaming marketplace.
NFT Startups FAQs
There may be some things you don’t understand about NFTs and NFT startups – and it’s fine! Here are answers to two common questions about NFT startups:
What is an NFT business?
NFT businesses can be anything that deals in goods and services related to non-fungible tokens as well as blockchain technology. An NFT startup’s business model can be a marketplace, NFT launchpad, NFT gaming, and many others.
Where can I sell NFTs?
Generally, people sell NFTs on marketplaces like Rarible and OpenSea. Those sites allow you to create an NFT collection to be sold.
The rising popularity of NFTs and the increasing adoption of blockchain games means that NFT startups are likely to stay. If these top NFT startups are any indication, you can expect more of them to appear in the near future.
If you’re looking to kickstart an NFT project, Tokenfy is here for you! Check out our website to see how we can help you launch your NFT collection – with no coding necessary!