Why is NFT marketplace a lucrative business opportunity
An NFT can be any digital asset whose ownership is recorded on the blockchain--typically art, collectibles, and other unique assets used in games or virtual worlds. Companies are looking for ways to use this technology in their existing business models. Blockchain-native startups are gaining the best commercial models, while established businesses are looking at how to make the most of it.
The financial models for NFT marketplace development echo include at least some of these elements:
Increased customer engagement
NFTs can increase or enhance the customer base, allowing companies and individuals to interact with digitally-native generations. This will likely have a positive effect on customer retention.
Recurring revenue potential
NFTs continue to be popular. NFT sales in the first five days of 2022 exceeded million on OpenSea. This clearly shows that NFT market development has Recurring revenue potential.
Low marginal cost
One of the greatest benefits of virtual trading or other NFTs is the lower marginal cost of production and distribution. To convert digital artwork into NFTs, you will need to pay what are called "gas fees" for token minting on a blockchain. This can cost around and a small monthly fee depending on the platform or marketplace that you use.
I trust you now have a better understanding of NFT marketplace development as a lucrative business model.
Many business sectors are now entering the NFT sector. They contact top-tier NFT marketplace development services to create their own NFT marketplaces. now is the best time for the digital community to get into the NFT domain by creating NFT marketplaces.