People can’t live without the internet these days, everything is online, and catching up with trends had become a crucial way to make profits. Speaking of trends, NFTs are dominating the internet, leaving us curious to know more about them.
NFTs (non-fungible tokens) are non-fungible means they are indivisible and unexchangable making them unique and original. NFT tokens are digital certificates that prove ownership and originality of digital possessions like art, music, video, etc. These NFT tokens can be minted, bid, sold, and bought by anyone in an NFT marketplace. The NFT marketplace is a platform where you can mint, sell, bid & buy NFTs. These marketplaces are the medium that connects the artist and admirer, making it a vast space for yielding revenue. That is one of the prominent reasons why many cryptopreneurs are willing to launch their own NFT marketplace, back on the revenue generation of the NFT marketplaces.
How do NFT marketplace platforms generate revenue?
The NFT marketplace makes revenue utilizing two prominent factors. They are,
Transaction Fees - NFT Marketplaces charge transaction fees for each transaction that takes place. For example - According to smallbiztrends, the highest sold NFTs in OpenSea over the last day is CryptoPunks worth $36,023,123, each transaction made on these collectibles is charged with a 2.5% service fee providing the marketplace with high returns.
Minting Fees - You are required to pay certain fees to mint and list your NFT creations in the NFT marketplace. These fees are charged inclusive of the gas fees on certain platforms.
The above-mentioned are the common factors that help an NFT marketplace make a profitable business model. Though it looks like a simple way and minimum fee, these marketplaces make a huge sum from these revenue-generating streams (eg: OpenSea Generated a Revenue of $365 Million in 2021). Even you can start your NFT marketplace to earn a fruitful income.
How to start your NFT marketplace?
As the demand for the NFT grew tremendously, the revenue from the marketplaces is becoming proportional to the need in the market, making it a thriving business.
These NFT marketplaces can be launched easily with the help of development service providers even without technical skills. These development service providers provide you with clone scripts i.e., a pre-made NFT marketplace software that works seamlessly similar to an already existing NFT marketplace. These scripts assist you to build an NFT marketplace instantly, you can have your marketplace at a low cost within a week. While reading about the marketplaces, I came across a notable script and service provider named CoinsQueens, you can check them out if you’re about to start your own business in the NFT world.
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