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The cryptocurrency market has evolved rapidly in the past few years. Likely this is because its benefits intrigue people and gets them interested in investing and trading. Additionally, businesses have recognized the opportunities of cryptocurrencies. In fact, many businesses are now beginning to accept payments in virtual coins such as bitcoin and Ethereum. For these reasons, now a great time to start a crypto business. Read on for some inspirational ideas.
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As the crypto market emerges and users become more knowledgeable about mining, creating apps, and selling their art as NFTs, opportunities are also opening up for crypto businesses.
In addition, businesses such as health and finance are looking for more secure solutions for running their businesses, and the blockchain ensures safety and security due to its decentralized nature. So let’s see how you can start a crypto business with a few simple ideas.
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What Makes a Crypto Business Better Than Other Businesses?
The main reasons why a cryptocurrency business is more profitable and easier to start is because:
- Crypto is easier to transfer. No banks are involved, there are no processing fees, and cryptocurrencies take less time to transfer.
- Crypto offers wider access to credit.
- Crypto offers great security. Data is safely stored because the information on the blockchain can’t be changed, stolen, or damaged.
- Crypto is decentralized as governments do not control them.
Starting a crypto business is similar to starting any other business because you need to think about what you’re going to provide for customers and who the people are in your ideal target audience. You also need to learn about the costs of having such a business. For example, crypto earnings are considered taxable income. However, they are not taxed the same as fiat money.
Create a Play-to-Earn Game
Play-to-earn games have gained popularity recently as users can have fun while earning tokens. In this crypto business, people get to enjoy completing in-game tasks for which they receive items, currency, and other rewards.
Some of the best examples of such games include Clash Royale, Pokémon Go, and Fortnite. However, these games have cornered an immense share of the market, so you might want to come up with a smaller, simpler game to start with.
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However, there are a few considerations of making such a game that you need to think of before starting, including:
- The programming language and frameworks
- Features of the game
- The game’s design
- Certain integrations
- The overall complexity of the game
- Data storage requirements
- Sales analytics
You can take some inspiration from the games on the Ethereum blockchain. You’ll notice that most of them have very basic concepts. Similarly for your crypto business, create your game to be fairly simple and fun. Just give users an easy way to earn crypto coins such as Ethereum. It would help to check the eth price chart, for example. Then create a way for players to earn coins easily through the game’s tasks.
Create an NFT
Here is an interesting crypto business idea you can run with: NFTs are taking the world by storm.
Some non-fungible tokens, or NFTs, sell for thousands of dollars as artwork pieces. If you’re a creative type and want to show the world your talent, you can start by transforming your art into NFTs.
To sell your artworks, it would help to have a strong fan base, as Beeple does. This is the artist who sold one of his artworks for $69 million at Christie’s auction house. It was a collage called Everydays: The first 5000 Days, in which he captured all of his artwork over a period of 14 years. In addition, he usually posts art daily, making him one of the most consistent artists.
If you want to sell an NFT, you must:
- Choose a digital wallet to store your cryptocurrency.
- Set up your digital wallet where customers can pay for your NFTs.
- Add cryptocurrency to your wallet.
- Connect your wallet to an NFT platform.
- Upload the file you want to turn into an NFT.
- Set up an auction for your artwork.
- Pay the listing fee to sell your NFT.
Create an Online Course
The communities on cryptocurrencies platforms, especially Ethereum, are very supportive of each other. In other words, they try to help each other learn how to make the most of their mining experiences. So if you have any knowledge to share or are willing to make it easier for others to understand any type of crypto business, you can start by creating online courses.
This is the least expensive crypto business to start. This is because you don’t need a expensive technology or costly hardware. You just need to do a lot of research. Then you can make videos and tutorials on complicated subjects. You will know from the start that people in your target audience have a common goal of learning how to program and mine more efficiently.
If you don’t know where to start, you can begin by understanding the basics. Then go on to more complicated concepts. The cryptocurrency world can be fairly straightforward, though. So you can focus on beginners as your target audience. These are generally people who don’t have the time or willingness to spend hours trying to understand complex concepts.
Start a Business as a Crypto Accountant
Being a crypto accountant is a pretty narrow niche because there are not many people own so many cryptocurrencies that they need an accountant. But given that crypto earnings are taxable, people need help accounting for them properly. So if you already have some knowledge of accounting, you can start by learning about how cryptocurrencies work and how to classify these digital assets under generally accepted accounting principles.
You can become certified in areas such as:
- Crypto advising, where you’ll learn how to set up and manage your clients’ crypto accounts.
- Fundamentals of crypto accounting, where you’ll get to know more about DeFi (a peer-to-peer financial system) and NFTs. Then you can implement accounting, treasury, and audit processes for your clients.
- Crypto briefing, where you’ll understand the taxation implications, treasury, tax, audits, and more.
Cryptocurrency has already started to change accounting and accountants’ relationships with their clients, as evidenced by:
- Accounting standardization.
- Growing investor confidence.
- Mainstream acceptance.
The cryptocurrency market is growing stronger daily. You should take advantage of these plentiful business opportunities and start your own crypto enterprise. The costs are lower than starting most other businesses, and you have lots of resources to help you in this regard.
Want more inspiring ideas for a business of your very own? Then check out the fresh articles we post almost every day on the Business Opportunities blog. We have lots of ideas for you!