5 Ideas for a Crypto-Based Business
The current crypto market is worth almost $2 billion. Just over five years ago, that figure stood at just over $100 million. And we’re just getting started. Crypto is only now beginning to show its potential. We’re not just talking about pretty NFTs, but applicable real-world solutions.
In this market, there are plenty of opportunities to get involved. You can build a real and sustainable business that adds value. But it’s not always easy to differentiate between what’s feasible and pipe dreams closing in on scams. Here are 5 ideas to get your brain flowing.
Accept Crypto as Payment
This one is easy and it doesn’t matter what kind of business you run. But by simply accepting cryptocurrencies as payment, you’re already way ahead of the game. There are clear advantages to this. First, you open up your market worldwide. Anyone can pay in crypto.
Second, you avoid those pesky fees from major credit card providers. The standard fee is 2.9%. Doesn’t sound like much, but we all know it adds up. You are also diversifying; keep some crypto, it may be useful on a rainy day.
Companies are already doing this with great success, with casinos being the unlikely spearheads in the industry. If you want to go this route, you’ll need a solid integrated platform provider (e.g. Gaming Innovation Group). These kinds of services will alleviate the headache of starting from scratch and offer a complete tailored solution to build and grow your business.
Verification of Authenticity
How do you know whether that Michael Jordan signed poster was actually autographed by Air himself or by a guy sitting in his mom’s basement? That flimsy laminated certificate of authenticity doesn’t quite cut it in 2022.
Enter blockchain. You can use the technology to trace and certify physical products. For example, blockchain can authenticate (e.g. Jordan’s autograph). It can also verify product origin (e.g. was the item made in the USA?).
Blockchain encourages transparency. With fake goods, dodgy companies, and human rights issues permeating throughout the physical product industry, consumers demand that they know what they are buying.
Authenticate Employee Credentials
People lie on their resumes all the time. According to some studies, at least 40% of us have inserted a lie (minor or otherwise!) into our resumes to make ourselves look just that little bit better.
With crypto, however, you won’t be able to pretend you won that Little League baseball trophy anymore. Blockchain is immutable and permanent and lends itself perfectly to authenticating credentials.
Employees will be able to store their education history, any diplomas or professional certifications, verified skills, and their work history. Of course, crypto’s security would also work well here; companies will only see the relevant information once an individual has been granted access.
Prevent Stolen Goods
Expensive items operate on the black market on a regular basis. Just think of the multi-million under-the-table sales of famous paintings. It’s rife in the art world, but the problem extends beyond that.
Crypto tech can go a long way towards fixing this issue. You can tie a physical product to a digital identity. Think of it like a unique code. Without the code, the sale isn’t ‘official’.
There isn’t as yet a single auction house or similar establishment that attempts to do this. Perhaps there’s a hole in the market there for you?
Cryptocurrency Trading Consultancy
This one is a little bit more traditional than our other ideas. We just want to highlight that these also work very well as long as you execute them properly and you know what you’re doing.
Trading consultancies in crypto essentially guide individual or business investors on their trades and investments. You don’t necessarily have to manage a portfolio, either. You can go the modern route, offering membership access to channels on Discord, for instance.
You can also sell courses on the basics of cryptocurrency. These can either be fully digital, or you can go local. There are plenty of people who are completely perplexed by even the basic concepts of blockchain technology. Teaching people how to access and operate in this new world is a valuable contribution to the space.
Avoid ‘Get Rich Quick’ Schemes
Before we sign off, we want to highlight this message: avoid anything that sounds like it’s too good to be true. Get rich quick, Ponzi-esque affiliate programs, you get the idea. If it does not pass the sniff test, shift your focus to an actual business.
Crypto is an exciting new opportunity and if you leverage the power of the core technology, you’ll do well. If you just want to extract cash out of the cryptoverse, it may work, but you may also lose your money (and your marbles).
Instead, build slowly and with intent. You don’t necessarily need to reinvent the wheel, but you must be prepared to do the heavy lifting. There are no shortcuts, even in crypto.
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