Profitable cryptocurrency and blockchain business ideas 2023
All you need to know about cryptocurrency and blockchain business ideas to start your crypto business effectively.
Ever since the introduction of cryptocurrency and blockchain, it has created a big impact on all real-time businesses. Blockchain is an efficient technology that serves secured storage, low-cost borderless transactions, High-speed processing, transparent and private network, and many advantages that help in running a profitable and efficient business.
Due to these benefits, many Cryptocurrency business ideas have flourished in the virtual market. Each has a unique and profitable business model and is popular among the crypto people. A few of the most popular crypto business ideas include Crypto exchange, Crypto wallet, Crypto payment gateway, NFT marketplaces, and Crypto token-based businesses.
Nowadays, You will find trending companies that run well in the market like Binance, coinbase, trust wallet, coin payments, bitpay, open sea, etc. These will all come under the category of the above-listed popular crypto businesses and proven examples of successful entities.
As a result of this, Many Business people are hailing to start a Blockchain business but got stuck with choosing the best business idea for it. For them, this article will help to know about the top Crypto business ideas that are worth trying and in demand. Enough explanations about each business along with their ways of generating revenues are also explained.
Let’s see that one by one
A cryptocurrency exchange is the topmost profit-making business in the cryptocurrency sector. It is the only place to trade and invest in cryptocurrencies. Since it is the only platform to buy and sell bitcoins, starting this cryptocurrency exchange business will give huge business benefits to startups and entrepreneurs. Crypto exchanges have been divided into many types. Each kind holds a unique type of working structure, revenue-generating model, and users. And these Users are the mainstream of revenue for the crypto exchange.
As an owner, you can earn money by charging users fees for activities like trading, withdrawing, depositing, etc. On the other hand, you can charge merchants for listing their coins in your exchange. Also, you can collect fees for posting buy ads, providing an escrow system, etc. The revenue generation factors of crypto exchange are much deeper than the other crypto business and have a high possibility of succeeding.
A great example of this is Binance, which started in 2017 and is running now successfully with almost 28.6 million users. As of 2023, Binance has earned $20 billion and its current worth is $300 billion. Hence, if you are a startup and want to do something great in this crypto domain, Cryptocurrency exchange development is the ideal option for you.
A Cryptocurrency wallet is the most popular and lucrative business next to a crypto exchange. It does not even need a bigger investment like the crypto exchange. Since it is the main element in trading, every user has to possess at least one to store their assets. And As a cryptopreneur, You can make money from Charging fees for trading activities like transactions, withdrawals, deposits, etc. Also through Affiliations, advertising products, and listing new coins
If you start your own Crypto wallet business, you can reap these business benefits.
A suitable instance of a successful Crypto wallet business is the Metamask wallet. It is founded to do interaction with the Ethereum blockchain and its application. It is running successfully with a considerable number of users and earning annual revenue of $10.1 million per year. And the wallet’s total worth is $3.2 billion. Hence a startup can choose to develop a crypto wallet with exceptional features and functionalities to make their business a popular and profitable one.
Crypto payment gateway
The need for different currency conversions and payment modes in the crypto market raised the demand for crypto payment gateways. Users need crypto conversion for their fiat currency and different payment methods. On the other hand, the exchange wants a third party to offer these options, that is where Crypto payment gateways fill the space. It works to bring the different payment methods provided by the third party together to enable multi-currency conversions and payment for users.
The benefits of starting a crypto payment gateway include generating income from the payment gateway by collecting transactional fees, account registration fees, subscription fees, etc from the clients for providing services from the banks, UPIs, and credit card merchants.
Bitpay is one of the best examples of successfully running crypto payment gateways earning revenue of $30M per year with a good deal of users. Thus business aspirants of the crypto market can develop a Crypto payment gateway that is highly envisaged to have a demand and be profitable in the future.
This is one of the hotshot crypto businesses that most startups and entrepreneurs are aiming to start. NFTs have really made a way to celebrate the digital images on antique collections and the ideas of crazy people on creating alluring digital arts. The only place where we can buy and list those NFTs is the NFT marketplace. It runs with the support of blockchains like Ethereum, Polygon, Tron, BNB chain, and many more.
These NFT marketplaces make revenue with the fees on a listing, minting, trading, bidding, and staking of NFTs. Apart from these factors, it has more money-making source funnels. The best living business example of a successful NFT marketplace is Open sea. It was founded in 2017 and is a house for millions of NFTs. They make the most money out of service charge (2.5%) charged on the successful trade of each NFT and have a current value of $13 billion. Hence, the NFT marketplace is the most suitable business idea for the present age and has high feasibility to give a big hit.
Crypto tokens are developed for special cases and hold different values in the real world like a share of the company, collectibles, a medium to buy products and services, digital art forms, etc. Hence depending on the purpose of creation, tokens can be integrated into different businesses that give more benefits and profit to the business.
- Token Development for your business ecosystem
An innovative invention like a token is characterized as a successful one only when it is used by common people. That is how tokens paved the way for crypto token businesses.
Nowadays, companies or communities are earning huge by introducing payment tokens to buy their goods and services. These payment tokens are valuable only inside the community for which it has been created. Through these tokens, they will be able to increase their sales or user count which will eventually make more money for them. The sushi token of sushi swap and cake token of pancake swap is the best example of these crypto utility tokens.
Also in real-time, a supermarket can issue its own utility token to buy its products, A cab community can issue reward tokens to its regular customers, An e-commerce business can offer loyalty tokens to their customers as a reward for their regular visits, etc. These tokens are valid only inside their business as an offer price, gift purchase, or fare reduction. Using this token system will increase their customer base, and profit. Thus, starting a crypto token-based business is one of the ideal choices to make huge money in the crypto market.
These are all the Profitable blockchain and crypto business ideas making a fortune in the crypto industry as of 2023. Hence, if you are an entrepreneur aspiring to do something huge in this crypto economy. You can start any crypto business of your choice on this list. After choosing a business of your choice, there is one step that you need to be very careful of developing software for your online business.
To make this Crypto software development process a smooth one, it is always best for businesses to hire the Foremost Blockchain development company in the market. There are many blockchain development companies in the market offering crypto business solutions. But not all are genuine ones, therefore you need to be careful in selecting the Best pick for you. The suitable company will help you in bringing the best software development out of your Business plan without compromising quality and cost.