Startup Costs: $100,000 +
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? Yes
Non-fungible tokens (NFT) — digital assets (often pieces of digital artwork) that are unique and secured via blockchain — have comprised one of the world’s most fascinating tech sectors since what most consider to be the first NFT, Quantum, was created in 2014 by artist Kevin McCoy. Part of their appeal to the right creator/investor is a notable (to some, terrifying) value volatility, and companies in this space have the potential to skyrocket, or plummet.
Ask the Expert: Anthony Georgiades, Co-Founder of Pastel Network
What are the current trends in the industry and what type of person is a great fit to try this?
Currently, the creator economy is one of the biggest trends in the NFT industry. NFTs create a new medium for filmmakers, fashion designers, artists, musicians and small business owners to establish ownership and authenticity of digital assets to help creators generate revenue and grow their businesses. Creators taking advantage of the infinite use cases for NFTs as well as maximizing the benefits of digital commerce also mark the next phase of Web3 adoption. Creators, collectors, digital artists and musicians looking for unique ways to leverage their content and engage with a fanbase or followers on a deeper level are perfect fits. Even before the NFT market proliferated, artists have sought out a medium that allowed for creative freedom and a way to democratize the art industry, and NFTs offer the best and most transparent solution.
How much money can a person expect to make in the first year and in five years?
This is reliant upon a variety of factors, and is largely dependent upon the ability of creators to execute on their long-term roadmap, provide true utility and develop global communities that achieve network effects. Even so, there is no clear-cut blueprint, and revenue generation can be largely speculative, or random.
What kind of experience/training do you need?
None. Anyone with online access can become an NFT creator. While more needs to be done to make the minting process even more intuitive, anyone who wants to mint an NFT can do so across a variety of blockchains and the marketplaces or applications built on top of them.
What do you wish you’d known when you were starting out?
That there is a plethora of blockchain projects in the space, and that it’s easy to fall into the trap of building a platform that tries to encompass everything. Building with a specific purpose to carve out your niche is a better way of having higher impact. Furthermore, it can be easy to fall victim to “FOMO,” given the tremendous success that many individuals have had already. However, it’s important to remain mindful and remember that this is a long-term development.
Are there any resources you recommend that were extremely valuable in getting your business off the ground?
I think the journey of entrepreneurship starts by just doing things, then learning as you go. There are plenty of online communities to join and resources to immerse yourself in, and you can read all about how to start something, but if you never actually commit to executing, you remain at square one.
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