Web3 Industry and NFT Creator

Startup Costs: $100,000 +
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? No

Non-fungible tokens (NFT) — digital assets (often pieces of digital artwork) that are unique and secured via blockchain — have comprised one of the world’s most fascinating tech sectors since what most consider to be the first NFT, Quantum, was created in 2014 by artist Kevin McCoy. Part of their appeal to the right creator/investor is a notable (to some, terrifying) value volatility, and companies in this space have the potential to skyrocket, or plummet.

As an emerging market, the Web3 industry begets thousands of projects which might turn very big sometimes. These might be projects related to crypto-trading, P2E (play to earn) games, NFT marketplaces, and so on. Simply put, this is the next generation of the internet which is driven by blockchain technology, smart contracts, metaverses, and decentralized ecosystems. The mission of our venture studio is to help founders of such projects focus on building a product, while the studio will handle the operational part, streamline product management, and fundraising.
 

Ask the Experts: Anthony Georgiades, Co-Founder of Pastel Network, and Yaroslav Shakula, CEO of YARD Hub

What are the current trends in the industry and what type of person is a great fit to try this?

Georgiades: Currently, the creator economy is one of the biggest trends in the NFT industry. NFTs create a new medium for filmmakers, fashion designers, artists, musicians and small business owners to establish ownership and authenticity of digital assets to help creators generate revenue and grow their businesses. Creators taking advantage of the infinite use cases for NFTs as well as maximizing the benefits of digital commerce also mark the next phase of Web3 adoption. Creators, collectors, digital artists and musicians looking for unique ways to leverage their content and engage with a fanbase or followers on a deeper level are perfect fits. Even before the NFT market proliferated, artists have sought out a medium that allowed for creative freedom and a way to democratize the art industry, and NFTs offer the best and most transparent solution.
 

Shakula:  NFTs, P2E (play to earn) games, and DAOs (decentralized autonomous organizations) are the main trends over the last 12 months. They all are key parts of what will later constitute Web3. Bitcoin price might go up and down, and some projects might cease to exist, but the global trend is consistent long-term growth of the Web3 industry and an upcoming mass adoption. This is like the internet in 1997: many have heard about it but only few have access to it. Whoever decides to get involved in the Web3 venture studio business should get to know all the ins and outs of Web3, cryptocurrencies, NFTs, and investing. This is the due diligence needed to start any projects in this emerging market. Some particular moves include exploring the mechanisms behind venture investing (seed rounds, launchpads, etc), understanding how the crypto market operates (examining blockchain systems, coins, and fundraising options), and also obtaining plenty of contacts of people from these industries.

Is the industry growing?

Shakula: The global trend is positive in terms of the number of projects, adopters, and market capitalization.

Related: Get the No.1 Guide to Starting Your Own Business

How much money can a person expect to make in the first year and in five years?

Shakula: Realistically, the first year might not bring you instant profits. Profits in the following years will depend on many factors including market conditions and your ability to develop a growing business in the emerging industry. According to an Andreessen Horowitz fund study, the global crypto market cap has been consistently growing over the past several years and has increased by 271% in total. And while there will certainly be some bearish phases to the market, the odds are that overall returns in the next several years will beat the S&P 500 annual percentage yield.

Georgiades: This is reliant upon a variety of factors, and is largely dependent upon the ability of creators to execute on their long-term roadmap, provide true utility and develop global communities that achieve network effects. Even so, there is no clear-cut blueprint, and revenue generation can be largely speculative, or random.

Related: Want to Be Your Own Boss? Learn How to Launch Your Side Hustle Fast.

What kind of experience/training do you need?

Georgiades: None. Anyone with online access can become an NFT creator. While more needs to be done to make the minting process even more intuitive, anyone who wants to mint an NFT can do so across a variety of blockchains and the marketplaces or applications built on top of them.

Shakula:

• Experience in working with venture investing;

• Understanding the notion of blockchain and what kind of projects can be launched in the industry; 

• Profound knowledge of the Web3 market and its key players. You also need to be in touch with many people from this industry — networking is everything.

What do you wish you’d known when you were starting out?

Georgiades: That there is a plethora of blockchain projects in the space, and that it’s easy to fall into the trap of building a platform that tries to encompass everything. Building with a specific purpose to carve out your niche is a better way of having higher impact. Furthermore, it can be easy to fall victim to “FOMO,” given the tremendous success that many individuals have had already. However, it’s important to remain mindful and remember that this is a long-term development.

Related: Need One-on-One Help? Book a Session with an Entrepreneur Expert.

Are there any resources you recommend that were extremely valuable in getting your business off the ground?

Shakula: One has to act very fast — the Web3 industry is much more fast-paced than any other. Skin in the game is the best resource in the crypto market — go ahead and dip your toe in the water by buying some crypto or playing a P2E game.

Georgiades: I think the journey of entrepreneurship starts by just doing things, then learning as you go. There are plenty of online communities to join and resources to immerse yourself in, and you can read all about how to start something, but if you never actually commit to executing, you remain at square one.