NFT Marketplace Business Model: How does it work?
5 minutes read

“How do NFT Marketplaces make money?” you might ask. Imagine that you want to develop the NFT Marketplace as you have considered this as the trending business model in the crypto work. Yet, you are not sure which types of NFT Marketplace Business Model to go for?  

If the answer is yes, this blog is curated to help you make the right way of monetizing an NFT Marketplace. 

1. Several Best NFT Examples And Proof Of NFT Marketplace Promising Future

Several Best NFT Examples And Proof Of NFT Marketplace Promising Future
Discover with Synodus several best NFT Examples as below

Cryptocurrencies have been noticed for over a decade. Yet, the trend in NFTs has just been the talk of the town lately, and NFT Marketplaces have gradually registered appreciation and volume worldwide.

Investors keep investing in these unique cryptographic tokens, resulting in a multimillion-dollar revenue stream in the NFT sectors. Some of the best NFT examples for selling and purchasing that exist today:   

  • Coupons/Tickets that give you access to an event.   
  • Unique & Exclusive Digital Collectibles  
  • In-game Items  
  • Music Tracks/Music Royalties  
  • Writing essays  
  • Degree Certificates  
Some of the best NFT Examples
Digital Collectibles, Music Tracks, Degree Certificates are some of the best NFT Examples

Obviously, behind the booming number of NFTs’ transactions was the operation of NFT Marketplaces. The creation of the NFT platforms has allowed substantial and efficient investments thanks to a well-organized structure and a robust NFT Marketplace Business Model.   

 You have already heard of some of the most famous NFT trading platforms: OpenSea, Cryptopunks, NBA Top Shot, Rarible, Sorare, Superrare.   

Here are interesting statistics to prove how promising the NFT future could be:   

  • The total market for NFTs reportedly grew to $41 billion in 2021 by the Business Insider.
  • There are 20 NFT Marketplaces currently existing worldwide, according to Data from DappRadar.  
  • Thousands of NFT transactions have been made daily, with weekly sales reaching from $15,000 to $50,000.   
  • Open Sea and Cryptopunks are two NFT marketplaces with the highest trading volume at 35,32% and 26,84%, respectively.   
  • NBA Top Short Marketplace has witnessed the most significant sales (35,39,999)   

2. Overview Of NFT Marketplace Business Model (Checklist Included)

To help you understand NFT Marketplace Business Model more easily, we classify NFT Business Model into four segments: Digital Collectibles, Strapping/Proven Communities, Corroborative/Proven Experience, and Elite Securing Personal Information.   

4 Segments of NFT Business Models
4 Segments of NFT Business Models
  • Digital Collectibles: This is most commonly known, and many popular NFT marketplaces opt for this kind of business model.

    Digital collectibles may include but are not limited to music tracks/royalties, clips from sporting events, and even other forms related to intellectual property. A digital asset powered by blockchain technology allows you to display it to countless users yet clearly establish ownership just for you.

    This addresses one of the unique characteristics of blockchain, which is decentralization. Every transaction would be recorded in a blockchain, and users could trace transactions’ history without any obstacles. Unlike bitcoin, NFTs are fungible and interchangeable tokens, this also means the owner of any NFT could earn much money if their NFT collectibles increase in value and attract many more sellers to exchange.   
  •  Strapping/Robust Communities:   

NFT communities are a group of investors and collectors who share a mutual belief in their own NFT projects. In order to succeed in NFT projects, besides creating their one-of-a-kind collections for trading, they first need to build their community. By utilizing social media, for example, they could spread their messages, cultures, and brands, then attract more and more users to become their legitimate members.   

Most NFT Marketplaces nowadays start with around 10,000 avatars, and new users are typically required to own some of the tokens before being verified as official members. As the group expands, they also need to take on the responsibility of compiling a list of NFTs that everyone agrees on. This is such a tedious task as everyone has their own taste. The more members join the community, the harder it is to create a shared and identity culture.   

As the trend in NFTs doesn’t seem to stop anytime soon, here comes the emergence of newer and less expensive NFT initiatives, with their intention of acquiring new users with a low budget. However, experts recommend that a beginner join some established communities first, to get some practice and learn the hard way before making any decisions about joining or founding any new NFT marketplaces.   

If you are interested in robust communities, here are several popular communities that you might want to discover more: Bored Ape Yacht Club, CryptoPunks, VeeFriends, Cool Cats, The Flower Girls, Nuclear Nerds,…   

  • Proven Experience   

In the past and even till now, we have been accustomed to using paper records to prove experience, such as degree certificates to apply for professional jobs, tickets to get access to events, coupons to get discounts, etc. This seems to be lagging behind, especially in the era of 4.0. As for now we can utilize blockchain technology to prevent records from being misplaced or duplicated and to eliminate the intermediary.   

NFTs may soon be used for experiences like learning, joining a concert or sporting events, and even traveling, to name but a few. This is expected to save you more time and money. You don’t have to wait for such a long time to verify tickets or legal documents, as any procedures now could be taken online. You save money as you do not need to pay intermediaries’ fees.   

In some broader cases, you might imagine that one day, NFTs will even transform offline events into virtual ones so that vendors and event organizers don’t need to rent and pay for venues anymore.   

  • Elite securing personal information  

The ability to trace the history, store and verify information makes it easier than ever to identify documents in various sectors such as laws, healthcare, real estate, etc. NFT solutions are even worth considering for storing sensitive information. Some citizens are hopeful that one day the government could integrate NFTs solutions into voting purposes. 

3. How To Monetize An NFT Marketplace (How to make money)

An NFT trading platform could only work and function efficiently with a proper NFT business model. Current NFT marketplace revenue comes from a wide range of streams:

  • Listing Fees: NFT Marketplaces is like cybermarket, and content creators are sellers. If they want to display their work, they need to pay some fees for NFT Marketplaces’ owners; this is what we call “listing fees”. And then crypto collectibles developed by creators would be well-categorized based on types, price, demand from investors, and other factors.

    Some NFT marketplaces currently don’t charge fees for minting NFTs but charge some fees in case users want to list them for trading. And some allow you to create and list NFTs on their marketplace for free and then charge you 2,5% per NFT that you sell successfully.   

    As the listing fees vary in different marketplaces, make sure to check out the FAQs or related docs of marketplaces carefully.   
  • Transaction processing charges: This is one must-have cost you must pay when joining a peer-to-peer transaction. This is also regarded as NFT trading platforms’ primary method to generate revenue. Most marketplaces will only charge the buyer around 2% – 5% per transaction. The transaction charges are to pay for gas fees to maintain the function of the blockchain network.   
  • Setup Fees: This is not a fixed cost as NFT marketplaces charge this fee differently, even some do not charge you any, LIQNFT, for example. As every NFT platform is backed up with a blockchain protocol, creators need to pay a specific fee to be able to update their collection on the platforms and list it for sale.   
  • Private Sale: Private sale is often conducted for exclusive and unique collectibles as it restricts how many investors can access assets and have the right to buy. This process might take some time for NFT sellers, from listing their sales as private, and deciding which wallet addresses are eligible to purchase to finding a potential buyer, so some NFT marketplaces charge a fee for any sellers who organize a private sale.   
  • Bidding Charges: Bidding is one of the unique and awesome NFT marketplace features as it creates competition and chances for sellers to earn more money. Hence, the NFT Trading platform often charges some fees for buyers who successfully bid for any collectibles. 
  • Affiliate program: This is an exclusive program for partners of NFT marketplaces. They would get more incentives, such as real-time updates on the demand for collectibles they sell, the ability to host airdrop and bounty programs, and the integration of HTTP API to filter information, for example, bids, digital assets, and wallet addresses.   
You may need this article: List of NFT Marketplaces with Gasless or Low Gas Fee to Save You Money

An NFT Business Model not onlyconsiders revenue streams but also considers expenses thoroughly. There are 3 significant costs that NFT Marketplace needs to pay for:

Expenses of NFT Marketplaces
Some significant cost of NFT Marketplaces
  • Blockchain Network’s Maintenance: Each NFT Marketplace would be established on a specific blockchain network such as Binance Smart Chain (BSC), Ethereum, Tezos or TRON. As thousands of transactions have been made daily, NFT Marketplaces have to spend money on gas fees because of the consumption of computing energy. 
  • Smart Contract Audit: This is one of the must-do tasks every NFT trading platform must execute regularly. They should constantly update and audit smart contracts to keep them in optimal working conditions to prevent any technical bugs and vulnerabilities.   
  • Safeguarding: Each NFT is a distinct digital asset, and the NFT Marketplace has to comply with copyrights, intellectual property, and trademarks. Hence, they often need to pay an amount of money for legal expenses to eliminate copyright infringement or counterfeiting.   

4. Examples Of Successful NFT Marketplace Business Models

There is nothing better than learning NFT Marketplace Business Models from successful cases. Here are 3 monetization strategies from OpenSea, Rarible, and Superare:   

  • OpenSea:   

OpenSea is one of the biggest NFT Marketplaces worldwide, and transaction fees are the primary source of generating revenues for this platform. Open Sea charges 2.5% per sale to any buyers. This means if you buy an NFT for 10 ETH, Open Sea would make 0.25 ETH. 

OpenSea
OpenSea – One of the biggest NFT Marketplaces

  

Some other fees may include account registration fees, which are a one-time fee to allow users to sell on this platform, a one-time contract approval fee, and gas fees. Yet, the gas fees are excluded from revenues.   

  • Rarible:   

Rarible has two main revenue streams: transaction fees and $RARI exchange cost. Unlike OpenSea, which charges a buyer per sale, Rarible charge 2.5% per transaction on both buyers and sellers. This means if you buy an NFT for 10 ETH on Rarible, they would make 0.5 ETH, double that of Open Sea.   

Rarible's Website
Rarible’s Website

Rarible also earns money thanks to its own token, $RARI. This token is mainly used for governance and paying for those making transactions on Rarible, and this platform could generate revenues from exchanging these tokens.   

  • SuperRare:   

Similar to Rarible, Superare generates revenues by transaction fees and exchanging its own token – $RARE. Superrare charges 3% per any transactions on buyers. This means if you buy an NFT for 10 ETH on Superrare, they will make 0.3 ETH. 

SuperRare's Website
SuperRare’s Website

  

Its token, $RARE was issued to 7.500 early adopters (founders included). Based on the demand of the total market, early adopters could decide to bid, trade and exchange to raise the value of these tokens, and this is how SuperRare earns money. 

5. Final Thoughts

There came a time when NFT Market lost its own attractiveness, yet we can’t deny that the cryptocurrency economy is the future! In the years to come, we may see more and more NFT marketplaces launching. It could be NFT platforms that don’t target the majority but choose some niches to get started. Be it customized NFT selling platforms or all-in-one marketplaces, longing for a sustainable NFT Marketplace business model is always a good idea to earn huge profits.   

Let Synodus help you realize your big ideas and consult you with the most profitable NFT Marketplace Business Model you could go for!   


More related posts from Synodus you shouldn’t skip:

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author avatar

Maya

I am a content planner & writer with more than 2 years of experience in Tech. Writing mostly about Data Analytics, AI, Digital Transformation and Blockchain, I consider myself an aspiring and passionate content writer/editor who enjoys learning new technologies and introducing them to others through easy-to-read texts!

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Operating in an ever-changing market, many SMEs are facing challenges and struggling...
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How Your Business Can Benefit From Data Analytics Outsourcing

How Your Business Can Benefit From Data Analytics Outsourcing 

In recent decades, a lot of enterprises - large and SMEs, want...
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Small Business Analytics: 4 Ugly Facts

Small Business Analytics: 4 Ugly Facts

Analytics is an important part of any business, but it's not something...
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5 Data Visualization Trends in 2022

Top 5 Data Visualization Trends in 2022 and More Years to Come!

Due to the fact that technological advances are ever-changing, the future of...
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7 Things to Consider When You Hire a Data Analytics Consultant

7 Things to Consider When You Hire a Data Analytics Consultant

The data analytics consulting industry is a rapidly growing market. The U.S....
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Merge Data from Multiple Sources Effortlessly

6 Detailed Steps to Merge Data from Multiple Sources Effortlessly 

The advancement of technology has created many opportunities for the big data...
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How to Identify Bad Data and 3 Excellent Ways to Improve Data Quality

How to Identify Bad Data and 3 Excellent Ways to Improve Data Quality 

Do you know that 2.5 quintillion bytes of data are generated every...
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Top 6 common payment gateways for eCommerce stores

Top 6 Common Payment Gateways for eCommerce Stores

The world of online business is a fast-paced one. The ability to...
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7 Huge Gaps in Google Analytics And Tools to Fix Them

7 Huge Gaps in Google Analytics And Tools to Fix Them

Google Analytics is a must-have tool in the toolbox of any e-commerce...
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eCommerce advice: How to work with customers as privacy regulations are changing

Ecommerce Advice: How to Work with Customers as Privacy Regulations Are Changing

As the eCommerce industry grows and matures, consumers are becoming more aware...
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Data Warehouse Trends 2022

The Latest Trends in Data Warehouse 2022 

The world has changed since the introduction of data warehouse. Data warehouse...
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Searching for data to make critical decisions? Try these 8 sources

Searching for data to make critical decisions? Try these 8 sources 

Leveraging the gigantic database of your customers can help you seek insights...
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5 Ways Data Science Can Boost Your E-commerce Revenue

5 Ways Data Science Can Boost Your E-commerce Revenue

The 21st century has digitized the world and provided a gigantic database...
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6 Significant Impacts of Geography on E-commerce Conversions

6 Significant Impacts of Geography on E-commerce Conversions 

In online retail, e-commerce conversions happen when customers purchase products or services...
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4 Insightful Books To Master Your Data Visualization

4 Insightful Books To Master Your Data Visualization 

Data analytics is like solving a puzzle. Raw data is a clue...
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How Retail Analytics Can Help You Win Fraudsters

How Retail Analytics Can Help You Win Fraudsters 

Fraud has remained a big concern in the retail industry. The National...
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How You Can Use Data Analytics for Better Inventory Management

How You Can Use Data Analytics for Better Inventory Management  

Inventory is the most important section of a company, ranging from different...
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4 Significant Use Cases of Location Analytics in Retail

Retail Location Analytics | Definition & Use Cases 

Retail Location Analytics supports businesses with robust conditions to directly approach customers,...
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10 Most Reliable KPI Tracking Software Worth Your Consideration 

10 Most Reliable KPI Tracking Software Worth Your Consideration 

With proper KPIs, you can keep track of your campaign’s performance and...
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3 Tips on Selecting the Best E-commerce KPIs for Online Businesses 

3 Tips on Selecting the Best E-commerce KPIs for Online Businesses 

KPIs are always an essential part of any business strategy on the...
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2 Ways Internal Data Can Benefit Your E-commerce Business

2 Ways Internal Data Can Benefit Your E-commerce Business

Simply defined, data is helpful information that you accumulate to support organizational...
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8 Best Free Google Analytics Tutorials for Beginners and Experts

8 Best Free Google Analytics Tutorials for Beginners and Experts

Google Analytics is considered an indispensable tool to every website owner. It...
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3 Clever Tips to Scale Your E-commerce Businesses With Data

3 Clever Tips to Scale Your E-commerce Businesses With Data

In the cut-throat world of business, entrepreneurs must compete fiercely with each...
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10 Best Free WooCommerce Analytics Plugins for Your E-commerce Website  

10 Best Free WooCommerce Analytics Plugins for Your E-commerce Website  

WooCommerce is among the popular platforms that has been revolutionizing the digital...
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Sentiment Analysis and 2 Important Factors to Analyze Customer Feedback

Sentiment Analysis and 2 Important Factors to Analyze Customer Feedback

Satisfied customers are a constant source of happiness to businesses. Usually, every...
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Customer behavior analytics are transforming how retailer sell online

Behavior Analytics Are Transforming How Retailers Sell Online Introduction

Behavior analytics refers to the method of collecting and analyzing qualitative and...
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How Emotion Analytics is Applied in the E-Commerce Analytics to Increase Customer Engagement 

How Emotion Analytics is Applied in the E-Commerce Analytics to Increase Customer Engagement

Emotions are verbal and non-verbal communication cues that play an integral role...
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Retail Analytics Can Boost Your Merchandising Effectiveness

2 Ways Retail Analytics Can Boost Your Merchandising Effectiveness

Physical stores have been through a great transformation due to digitalization. The...
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ar in Retail Analytics

How Can Augmented Reality Be So Helpful in Retail Analytics

In the age of innovative technology, retail e-commerce presents a number of...
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retail analytics use cases

Retail Analytics Use Cases: Comprehensive Guide

Table of Contents[Open][Close]What is Retail Analytics?Effective Use Cases For Retail AnalyticsRetail Analytics...
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retail analytics

How to Boost Conversion Rates With The Use of Retail Analytics

The rapid growth of the retail industry comes with big data and...
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4 Effective Ways to Collect Customer Feedback for Analytics

Understanding the importance of customer feedback helps businesses have a full view...
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4 Ways to Use Speech Analytics for Better Customer Engagement

A significant challenge for any business is getting deep insights about customers...
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data science in retail

Data Science in Retail | Use Cases & Famous Projects

Data science employs specific methods, processes, algorithms, and systems to draw insights...
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secrets of online shopping behaviors

3 Big Secrets of Online Shopping Behaviors You Must Know

Customers have certain online shopping behaviors that businesses in the e-commerce industry...
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Customer Feedback Analysis

Detailed Customer Feedback Analysis Guide 2022

Customers have been leaving feedback more than ever before, and businesses amass...
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Comment 8

  1. Awesome! Information. Great work thanks for sharing such useful information. keep it up all the best.

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