- Amar Singh is the founder of the NFT Art Gallery, which generated $ 9.8 million in revenue last year.
- Singh works with artists to create NFTs for businesses such as Christie’s Auction House and LVMH.
- Business owners can take advantage of trends by partnering with local artists and charities.
By the end of 2021, the market for non-fungible tokens (digital works of art related to blockchain technology) reached $ 41 billion, according to blockchain data company Chainalysis.
Last year, a huge company paid attention and utilized NFT. Adidas has partnered with NFT group Bored Ape Yacht Club, digital comics company Punks Comics, and artist G Money to sell about 30,000 NFTs for $ 22 million that afternoon. But you don’t have to run a big company to find a lucrative opportunity at NFT, said Amar Singh, founder of his eponymous NFT art gallery in London.
Singh works with artists such as Rewind Collective and Guerrilla Girls to create original NFTs for companies such as Christie’s Auction House, LVMH and Givenchy. These companies will eventually sell NFTS and often support philanthropy. Last year, Shin generated $ 9.8 million in revenue, which insiders confirmed in writing.
To be sure, NFTs are still skeptical. NFTs are speculative and volatile investments that can be fraudulent or fraudulent. But Shin believes that there is no big difference between digital art and physical painting. He said that whatever the community puts sentimental value is worth.
“It’s important when it’s tied to something of exercise, emotion,” Shin added.
Singh has planned three ways small business owners can use NFTs.
Find talent by partnering with local artists
Singh encouraged business owners to contact artists, especially those in the community, to discuss NFT partnerships and creations. This includes working with musicians to create sound NFTs, painters creating digital images, and authors creating literary NFTs. This is what Singh is currently working on.
In addition, entrepreneurs should look for up-and-coming artists, Shin said. He added that if the artist later became famous, the partnership with up-and-coming talent could be profitable. One way to scout talent is to send cold messages to potential creatives on Instagram, Shin said.
Create a loyalty program to increase value
According to Shin, NFTs must be collectible and valuable to customers. One way for small business owners to increase the value of NFTs is to offer membership cards or points programs that offer store discounts and points to those who purchase digital artwork.
For example, a local restaurant sells exclusive artwork NFTs and songs you’ve never heard before, such as discounts for a particular day or multiple coffees, where customers can retain or redeem certain privileges at the store. I can do it. , He added.
“This is a great way to bring your business into the NFT space at low entry costs,” says Singh.
In addition, customers can retain or sell NFTs purchased from the enterprise.
Partnering with charities to raise awareness
Shin said she often hires women and minorities to create NFTs that address socio-political issues such as sexism. He added that he donated the profits from the sale of NFTs to organizations such as Vital Voices and the Andrea Boceli Foundation.
If an entrepreneur wants to raise money for a cause, he can also partner with a charity to create an NFT. Recently, the Ukrainian government has announced that it will issue an NFT to fund its defense against Russia after collecting more than $ 30 million in cryptocurrency donations.
“NFTs can empower charities,” Shin said. “If a company puts off these initiatives, charities will be empowered as well as communities in need.”