How to monetize NFT technology
2021 can rightfully be called the year of the NFT. Interest in non-fungible tokens among the general public arose primarily in the context of digital art. In March 2021, a JPG file that is a digital collage of 5,000 Beeple paintings was sold for $69.3 million in ETH. According to DappRadar, the trading volume in the NFT industry has reached nearly $25 billion. There is every reason to believe that in 2022 this technology will be at the forefront. In this article, we will look at the main ways to monetize non-fungible tokens.
Art
Digital art is now the most understandable way to monetize NFTs. You place your creation on the marketplace, tokenize it and sell it. Moreover, thanks to smart contracts, you can even receive your percentage (Royalties) for each subsequent resale. However, NFTs are now used not only in digital but also in real art.
In 2021, the Hermitage sold copies of paintings from its real collection to NFT for 32 million rubles. The most valuable of them was “Madonna Litta”, which was bought for 10 million rubles. — The Uffizi Gallery in Florence is also tokenizing some of its most valuable works of art in the form of NFTs and selling them. For example, a digital copy of Michelangelo’s “Doni Tondo” was sold for 140,000 euros.
Game industry
NFTs has become a real discovery for the gaming industry, especially when it comes to genres such as CCG. Collectible cards, loot boxes, skins, in-game items, virtual real estate can be tokenized as NFTs. In 2021, the term GameFi (Gaming+Finance) became widespread, which means a new hybrid industry at the intersection of the gaming industry and finance.
And all thanks to the new model of monetization of the game Play2Earn. The classic game monetization scheme assumes that the user pays for the game. There is a Free2Play, Pay2Win scheme where you can play for free, but you need to buy cards, equipment and other in-game assets to win. Play2Earn goes further — players can earn in-game valuables that can be sold for real money!
Usually the essence of this model is that the player can earn in-game assets that he can sell to other players, and the company receives a fee from transactions. And this is where NFT technology comes in, as it allows you to assign ownership of items to one or another player. This saves players from arbitrariness — for example, if a company, for a far-fetched reason, decides to block a player’s account with all his collections.
Real assets
The next level is the tokenization of real assets such as real estate and transport. This can be useful not only to simplify trading on marketplaces. For example, different tokens can issue different levels of rights to real assets — a very useful feature for rental housing or carsharing, for example.
With the development of the Internet of Things, anything can be tokenized, from toasters and kettles to yachts or even entire villages.
Most NFT marketplaces are not yet in a hurry to deal with real assets, because this promises great legal difficulties and numerous technical complexities. Barter Smartplace is not afraid of such challenges and we are confident that the future lies in the tokenization of real assets. If you want to trade real assets as NFTs, then you have come to the right place. Of course, trading in real assets implies the need for the user to pass identity verification.
Financial NFTs
Finally, NFTs can provide rights to share in the business, the right to receive a percentage of the company’s income, a percentage of the resale, and so on.
One of the most popular uses of NFTs in finance right now is decentralized lending and staking. Many platforms now allow NFT holders to borrow standard fungible assets such as native tokens, popular cryptocurrencies (like ETH) or even stablecoins using NFTs as collateral. We at Barter Smartplace are also going to add this feature in the future — it will be called “Lombarter”. If you don’t want to sell NFTs but are in urgent need of funds, NFT collateral may be a good solution.
Summarizing
There are many ways to make money via NFTs, but they all have their own specifics. Barter Smartplace plans to provide you with a convenient way for any form of trading in digital and real assets within one platform: be it regular NFT trading or buying real estate with digital currencies.
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