Metaverse NFT business model explained by blockchain experts
We explained what is the business model of metaverse, NFT revenue source in metaverse, arising business ideas in the future
Everyone in the universe is hyped on Metaverse when Mark made an announcement regarding the metaverse development plans on Oct. 28th, 2021. From that day forward, every businessman, entrepreneurs, crypto enthusiasts, gamers and developers are keen on getting into the metaverse for finding the business opppurtunity. Here, we explained what is the business model of metaverse, NFT revenue source in metaverse, arising business ideas in the future.
Business model of Metaverse NFT
Metaverse enables you to connect in a virtual world for interaction, socialize, and engage in a meaningful way. NFT’s have the ability to make the metaverse monetized in the best aspects. One can create a metaverse of their own and make the NFT as the primary source of payment to interact in the metaverse. To explain this in specific, I split this into different types of business models NFT is trying to figure out.
1. Membership approval
If you are a creator, vlogger, singer or speaker, you can build your own metaverse and implement NFT’s as the membership approval token to enter into the metaverse. People will buy your NFT collection with their cryptocurrency or fiat and in turn get access to metaverse. This creates your loyal fans gaining access to special perks and staying connected with you.
The interesting thing about NFT usage in metaverse is you can transfer, sell or trade the NFT when you are interested. That digital ownership is the key to the success of NFT’s in the future.
2. Form of payment gateway
Payments in the metaverse are likely to happen with the intervention of NFT. In the virtual world, no one trusts other parties to send money or exchange. Thanks to the NFT, it’s been powered by blockchain technology which saves the big problem here.
When there are peer-to -peer transactions done in cryptocurrency, it leads to the settlement of digital assets like NFT transferring the ownership of that NFT to other users securely. The transaction is open and reliable so the adoption will be mass at scale when going through the metaverse evolution.
3. Play to earn NFT gaming
Play-to-earn(P2E) nft game is the big fantasy nowadays for young people to jump in and earn their NFT collectibles. The money value for the in–game NFT assets makes the community driven in terms of mass numbers.
Adding to this, the NFT’s can be sold, transferred on other third party NFT marketplaces for good value. Gaming enthusiasts tap this arena for making their passive income and become key contributors to the NFT gaming metaverse. If you have the creative idea in metaverse, you can launch your metaverse and design the NFT collection to make the P2E model succeed.
For example, a popular game called Axie infinity made this possible by making the rewards, in-games NFT collectibles sold, traded on other marketplaces like opensea.
4. Social gathering & virtual events
NFT can be generated in the form of tickets to enter the virtual event held in a private metaverse. Certain number of NFT tokens are created and dispersed among the community to get into the parties without intermediary. The big organization, creator, and influencer can host the virtual conference, conduct workshops with the help of NFTs in metaverse and get into the revenue source effortlessly.
5. Passive earning NFT model
To avoid the volatility of NFT, a number of projects are being created to give the NFT holders governance tokens in a practical way. For example, a particular NFT token can yield you “n”number of tokens generated everyday making the passive income for holders.
The use case is still in development while Bored Ape Yacht Club is already set to launch the type of offering in 2022. The core concept lies in holding the NFT’s for a long time to get tons of benefits.
6. Staking market
When NFT and Defi work together, there exists a super revenue model called staking. The users lock their digital assets like NFT in a smart contract, then they are able to reap the benefits of rewards programs. There are still certain legal restrictions happening around the rewards program in terms of monetary value, users are able to receive rewards in tokens.
Perhaps, if tokens get published on the decentralized exchanges, people can withdraw or sell them in the market.
This is not over yet. It’s just the beginning of the metaverse era. There may be a lot of business opportunities raised in the future to empower the usage of metaverse. We need to stay updated with the landscape to identify the scope of the market earlier.
However, if you are in the plan of implementing NFT, metaverse into your business strategy, you may get help or free consultation from our blockchain experts. We assist you to leverage, iterate your idea by aiding you in technical infrastructure as we did for our prominent clients.