Best Profitable dApp Business Ideas in 2023
Let's have a look at the most common dApps business ideas one can start in 2023. You can have many opportunities that’s left unsolved in the market. Pick one of them, bring up the uniqueness, give a value added proposition and then convert them as the dApp commodity.
Busy entrepreneurs, brands, business enterprises are running to compete in the dApps race. But who is going to win in the long run? Well, dApps are invented for eliminating the third parties who control the personal and business applications we daily depend on. dApp that holds the true value of the community without affecting the privacy of the users will stay here.
We all know that dApps are decentralized applications that work without a single point of control. It gives the community the ability to have privacy, sustainability, security and cost effectiveness.
We need to take a halt for a second and look at the dApps potential in multiple industries other than crypto. According to a study done by the Blockchain Examiner, the Dapps market size is projected to reach USD 21,070.2 million by the end of 2025.” Let's have a look at the most common dApps business ideas one can start in 2023.
1. Real estate
Property management is the most controversial business that needs to be catered with the right technology infrastructure. Because, there are many malpractices involved in the category of property registration, tenant management, and payment systems.
When dApps are used in real estate, property transactions will be happening in the immutable and trustless way. Everything is interconnected using the smart contract and validated by the blockchain technology. No one can fool-proof the system at any cost. You can initiate the real estate based dApp development that can provide an intuitive environment for both property registry and tenant registries.
Education systems in most of the countries follow the paper based records. Moreover, there are a number of challenges in education like teacher-student accountability, lack of quality in the syllabus system, students records management, and falsification in certificates.
The students should be encouraged with an incentive mechanism to keep them engaged in their studies. Record keeping becomes easier when using distributed ledger technology(DLT) as every information of the students is stored with immutability.
Blockchain based dApps can have the capabilities to improve the standard of the education system. It can make the whole process efficient and worthwhile for both educational institutions & students. Developing the dApp for education can be the best choice as the community is the biggest to adopt your solutions.
3. Legal contracts
Smart contract powered dApps can be used in legal contracts management. Every business entity should be structured in the legal way and operate under the country's legislation. The legal agreements of the business firm can be transformed to the digital form and operate under automation rules.
dApp can handle all the legal structuring, maintaining backend operations of the NDA agreements, informing legal regulations before it rises.
4. Consultancy services
Consultancy services can be never left unnoticed while blockchain is transforming every industry. Consultations are widely used in strategy, management, operations, human resources, financial advice, and information technology. As of now, acquiring these services would incur a lot of expenses for the business organizations since a middleman is involved here. But that’s not the case in blockchain dApps.
dApps can let the business get the right consultancy services from the vetted experts without third party involvement. The quality of the services might get improved because of the strong smart contract verification system. If you wanna be interested in dApps development, go ahead with this unnoticed idea.
5. Digital content
Digital content includes music, videos, images, art, courses and books have been widely consumed by people in their mobile apps easily. But the digital content creators are facing many challenges like copyrights infringement, duplication, no ownership and monetization feasibility.
dApps can bring the power to creators and empower them in a more transparent way. For example, musicians record the music, sell it to distributors and then receive royalties regarding audience engagement.
dApp removes the music distributors in the ecosystem and delivers the music directly to the audience. Credits and payments are distributed in real-time for the musicians. dApp development for digital content creators can be a welcoming move in the eyes of investors.
Healthcare has faced many challenges and seen futuristic innovations too. The need for quality healthcare has reached its maximum saturation point. dApp has the potential to solve those problems. dApp can be used in better data exchange, data security, digital agreements and managing supply chains in healthcare.
Nowadays, medical research follows the single organization approach. When a doctor is doing his research, he has no data points about the study conducted by a peer doctors group. The ability to combine the mutual doctors efforts can be possible in dApps. If centralized authority is involved in controlling the data exchange, more fraudulent activities can happen and security is compromised.
Blockchain’s immutability empowers the data to be maintained inside the peer nodes in a transparent and secure way. Likewise, dApp development with healthcare as the motive can bring unimaginable benefits for the human kind.
Financing through dApps has already raised the bar in giving people more freedom and options to participate in a boundaryless financing system. Regular financing models involve banks, intermediaries and consultancies to facilitate the loans, mortgages, investment models. But the dApp wipes out the middleman in the process and helps the people to access a wide range of financial opportunities. This model is generally called as defi dApp.
Here, the replacement of those intermediaries has been done by blockchain technology. Blockchain holds the data of a person’s financial activities right from the start similarly like CIBIL score. The dApp lending platform monitors the data of the borrower and validates the request through the automation smart contract process.
No falsification can be done to trick the data points. Going forward with the defi dApps development, there are multiple business modules like staking, lending, and borrowing you can bring in the platform.
Play-to-earn and GameFi dapps had good momentum resulting in a $2.5 billion investment made in Q1 2022 according to dApp radar report. This gives compelling reasons for brands and gaming companies to actively invest in blockchain game infrastructure development. The reason here is the decentralized nature of the gaming ecosystem.
Until a few years back, earning money through games became impossible. Because, the game developers have the entire authority on how the game is structured, monetized, and developed. Gamers have no earning potential and are left with little access to the gaming mechanics.
In order to access the game assets and unlocking levels, gamers have to pay the gaming companies to continue playing. dApp models have the efficiency to give the gamers the power to earn through their gaming.
While we discuss this, gamefi categories like play-to-earn games, move to earn, learn to earn games are being developed in any part of the world. The scope is a phenomenon in the area. Resulting in this, the craze for dApp games development have pulled investors and Entrepreneurs inside the innovation circle in developing news ideas in games.
9. NFT Marketplace
NFT Marketplace is the place for NFT investors, creators, collectors to get involved in NFT adoption. NFT can be minted inside the marketplace, sold in the secondary marketplace and get rewarded with royalties. NFT marketplace is the key driver in transmitting the NFT usage among the mass audience.
Brands, Enterprises and even medium sized businesses take part in delivering the NFT collections to their customers. This is mainly done for getting noticed in the eyes of Gen Z, Millennials and Tech enthusiasts. It is being applied to increase their customer engagement, widen the customer base, boosting customer relationships and getting part in the web3 revolution.
There are different types of NFT marketplace in the place. Like private NFT marketplaces for brands, NFT marketplace for unique collectibles, NFT marketplace for games, NFT marketplace for music and the list goes on. If you are on the path for NFT marketplace development, equip yourself with a strong technical team, initial funding and clear roadmap.
E-commerce is the future of shopping mediums that anyone in the world will rely on. Still there are many loose ends in the e-commerce marketplaces. Millions of people depending on these e-commerce platforms need a change here. Because, brand authenticity, faster payment processing, easy seller approving policies and high delivery charges due to poor logistics became the barriers obviously.
dApp is a straightforward answer to this. When implementing a dApp idea in e-commerce, you can imagine an e-commerce store that eliminates all the obstacles. Blockchain has the characteristics to bring faster payment processing by removing all third party payment APIs and conducting peer to peer transactions.
Brand authenticity is validated inside the blockchain nodes and customers can see where it is manufactured to prove the originality. Becoming an e-commerce seller seems like a hard job for middle size businesses who are thriving to get in online. But smart contract validation gives easy hands for dApp e-commerce stores to approve the seller programs.
Thousands of dApps have been currently operating in the market with a whooping user base. This gives the clear confidence for entrepreneurs to move forwards in ideating their dApp idea into reality.
You can have many opportunities that’s left unsolved in the market. Pick one of them, bring up the uniqueness, give a value added proposition and then convert them as the dApp commodity.
Hivelance is the place for emerging innovators and investors to mold their dApp idea into a successful project. We are the dApp development company with hands-on practice in distributed ledger technology, smart contract and blockchain. Our expert professional group will guide in choosing the right niche market, business revenue approaches, reducing the unnecessary technical infrastructure and helping your vision.