New business idea - will it work?

Also we all know by now, bitcoin is essentially the same as gold, so my plan is to add value to existing bitcoin portfolios

Bitcoin jewellery! Yes, I will take your existing bitcoin and turn it into attractive virtual jewellery of your own design!

You can then store your jewellery in your own bitcoin wallet to virtually admire.

In practical terms - it will be your bitcoin - you will just pay me a commission to model it into your own personalised, dedicated design

This can also work for other cryptos.

There are a few details to iron out, but is this a good business idea?
 

Nico Albrecht

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There are a few details to iron out, but is this a good business idea?
I'd recommend doing a business plan first and looking at the current competition on the market and some other factors.

1. the good news is the tech is out there working on block chains so yes you can start tomorrow with tech that will facilitate your idea free of charge or at very little start up costs.

2. I see a problem with competitors and the block chain you prefer to build on and use but this will show in your business plan up!

3. You essential want to create NFT's using the bitcoin block chain. NFT's are already out there and should be considers your competition. Marketing plan should include that. What's in your business and marketing plan about competition and how you approach is better ?

4. If your idea takes off you will run in some problems your business plan will show. The speed of the BTC chain and the very high costs. I'd recommend looking at other block chains that are currently being used for NFT's such as Ethereum, Solana, BNB much cheaper, fast and more scalable.

5. While going for it you need to build a brand and should consider a custom token for your brand maybe a Marky Mark Token which could become very collectible if you limit supple and use it to facilitate your transactions. With a strong Branding and Marketing you could use your Marky Mark Token to initial founding ( early investors ) your project and take a cut on each NFT transaction. With your background in finance you should be able to run a proper liquid . exchange.

6. After that you wanna think big and create your own exchange and block chain to get a cut on each transaction. Digital real estate could become and extra source of income to hang out for all those Marky Mark Token holders. Have a chat and see if Snoop Dog wants to buy in and become a neighbour. He's doing really well in that field and people pay good money to be his neighbour online.

7. Once up and running you wanna work on "WORLD-CLASS PARTNERSHIPS"
with possible partnerships of existing brands. Google, Universal Movies and so on.

Your idea reminds me a bit of doge coin " Dogecoin Started as a Joke. Now It’s Too Important to Laugh Off " with a 10 Billion market cap. It went down a bit from 80 billion but there is always good times and bad times.

Doge coin started like this on a forum as a joke and bang 9 years later it had 80 billion cap. Your idea might not be as crazy as people might think!

As crazy as it all sounds this can be done as the tech is freely available to facility your idea by tomorrow. I reckon if you post an offer on here some people would actually buy your initial Token to found the project.

It all comes down as we all know to a rock solid business plan and marketing plan. Maybe we can get Ozzy on board and get our own section on UKBF.
 
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WaveJumper

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    Also we all know by now, bitcoin is essentially the same as gold, so my plan is to add value to existing bitcoin portfolios

    Bitcoin jewellery! Yes, I will take your existing bitcoin and turn it into attractive virtual jewellery of your own design!

    You can then store your jewellery in your own bitcoin wallet to virtually admire.

    In practical terms - it will be your bitcoin - you will just pay me a commission to model it into your own personalised, dedicated design

    This can also work for other cryptos.

    There are a few details to iron out, but is this a good business idea?
    And where do you live just in case I want to make a quick withdrawal and your site's down ?
     
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    JEREMY HAWKE

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    Bitcoin will become the norm and maybe Marks idea might take off with it .
    The whole no bank/cash system suffers a complete lack of mistrust and probably will for a generation as a result of the skulduggery that has gone on

    Me well I will have a nice watch with and old skol face with hands!
     
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    japancool

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    As an idea sounds pretty cool, but if you plan to implement it then you need to make a clear and structured business plan.

    @Mark T Jones,

    And don't forget to do SEO on your webpage, build backlinks and improve your DR, there are lots of new members on the site who will help you with that. They can help you get on page 1 of Google, dontchaknow.

    Soon you too will be making $200 an hour working from home!
     
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    JEREMY HAWKE

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    @Mark T Jones,

    And don't forget to do SEO on your webpage, build backlinks and improve your DR, there are lots of new members on the site who will help you with that. They can help you get on page 1 of Google, dontchaknow.

    Soon you too will be making $200 an hour working from home!
    200 bucks an houro_O
    He has no plans to take a drop in profits ??
     
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    @Mark T Jones,

    And don't forget to do SEO on your webpage, build backlinks and improve your DR, there are lots of new members on the site who will help you with that. They can help you get on page 1 of Google, dontchaknow.

    Soon you too will be making $200 an hour working from home!
    I've already been guarantee my keywords will be top ranking.

    Sorted
     
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    IanSuth

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    You could later add a sideline making real world representations of your virtual jewellery so influencers fans could wear real world copies of the virtual tat their vitual celebrity virtual personalities wear online.

    For added realism these should look like gold bling but as soon as slightly scratched show the total detritus beneath
     
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    phryne

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    Also we all know by now, bitcoin is essentially the same as gold, so my plan is to add value to existing bitcoin portfolios

    Bitcoin jewellery! Yes, I will take your existing bitcoin and turn it into attractive virtual jewellery of your own design!

    You can then store your jewellery in your own bitcoin wallet to virtually admire.

    In practical terms - it will be your bitcoin - you will just pay me a commission to model it into your own personalised, dedicated design

    This can also work for other cryptos.

    There are a few details to iron out, but is this a good business idea?
    I'm still not exactly sure if this a joke or not, but metal cold wallets were quite popular about two years ago. You'd encode one way or another the seed phrase onto a metal disk/plate/cylinder by engraving it and make it as luxurious as necessary. I personally toyed with the idea of semi-luxury epoxy art with a tiny RFID chip encoding the secret key. Security concerns are 100% a thing, but there's demand for pseudo-physical ****** regardless.
     
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    DoolallyTap

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    but is this a good business idea? All the replies are super but they miss the point, how much cash have you got available and are you prepared to loose it, all?
    Just write the business plan with the P/L forecast then when it shows the real position that's when to decide to move to the next stage.
     
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    JEREMY HAWKE

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    The idea seems to have stalled, Mark. I haven't seen you post saying you're looking for a partner to help you implement it, who will work for nowt, with whom you will share all that lovely profit you will make in the future.
    I'm busy working on my investor brochure/novella.

    Research & numbers not included, obvs.
     
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    In this space, you don't need an IM, you just write out your dream to riches, but legitimise it by calling it a "White Paper"

    I assume for ultimate buy-in you will accompany it with a YouTube video, opening with "Wassup" :)
    I'm nowhere near trendy enough for that - perhaps I should call Stephen Bartlett?
     
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    Porky

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    Wasn't sure if you are just having a laugh with the community Mark?

    If your post is in anyway remotely serious, its a total waste of time. short answer NO.

    I know Playboy spent hundreds of thousands and losing money by the second creating NFTs of the infamous playboy rabbit on the basis that they would be highly collectable and indeed some were sucked into it and some still collect them:-

    It blows my mind that people will actually waste money on this crap, to collect a unique image, its like paying money for the "emperor's new clothes" as i see it, but some will. Likely to be a short term fad, So i guess in principle a unique jewelry version would have some limited traction.

    The issue you would have is to bring awareness to your created set you would need to pump thousands into marketing. A few suckers would buy but i think it would ultimately prove cost prohibitive - cost you thousands to onboard a sucker and the life time value of that sucker would probably be short once they get board/ tire of it.

    IF you are after a modern way to make money Mark, as suggested in this thread, Only Fans is the way to go, if Kerry Katona at age 41 can make £682,000 per month:-
    There is hope for all of us........

    Take Care

    Pork's
     
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    JEREMY HAWKE

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    Wasn't sure if you are just having a laugh with the community Mark?

    If your post is in anyway remotely serious, its a total waste of time. short answer NO
    No he was serious its gone 6 weeks now and from what I can see he is up on the money

    Still cant decide if I missed out or dodged another bullet:)
     
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    Porky

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    No he was serious its gone 6 weeks now and from what I can see he is up on the money

    Still cant decide if I missed out or dodged another bullet:)

    No Way... You are having a laugh here for sure Jeremy.

    Forget if its a ****** or Fiat transaction, are you telling me he is managed to scam idiots into paying for images of designed jewelry to retain on their computer files? Absolute BS

    I grant you Playboy are doing it with Rabbitars but that's an iconic brand and they are still losing millions on it.

    The only possible angle i can think of is if the image of the design can be taken to an actual jeweler to then be made into the piece of Jewelry but even then the market would be minimal.

    Have a great day, I'm not buying it.... NFTs for Jewelry designs, give over....
     
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    JEREMY HAWKE

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    I gave him an investment Bob and its doing alright ?
    If you need some good returns this year you could do worse than "Bit Coin Mark"
     
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    JEREMY HAWKE

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    So I'll think about that suggestion. I honestly don't mind making even a hundred dollars.
    Oh you will do well!

    I'm in for 9 shillings and eightpence
     
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    Porky

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    WOW - I TAKE BACK MY COMMENTS HERE - THIS IS FOR REAL

    I would add firstly that Investing in an NFT business is not for me, I think its like selling the emperor's new clothes. I had seen Playboy selling NFT of Bunny images and losing a fortune in the process but as crazy as it sounds there is a market for it.

    So maybe Mark's NFT concept of design Jewelry NFTs could work? Today i discover that stateside Amazon are looking into it. This came to me via a stateside Investment platform:-

    Amazon NFTs:​

    Amazon to Sell NFTs: Now You Can Finally Own a Digital Picture of a Non-Delivered Package

    Because owning a physical product is so 2023, Amazon found another way to prove you can never have enough stuff you don’t need.

    The only company on the planet that subsidizes its movie and ‘T.V’ business by selling you pallets of toilet paper is preparing to offer a range of real-world assets in digital form, so you can finally own a piece of that overpriced furniture you’ve been eyeing.

    It’s not just a gimmick, though – Amazon is serious about this new venture. By leveraging the power of blockchain technology, they’re hoping to provide users with a safe and transparent way to buy and sell unique digital assets – because why not.

    Do you like that suspiciously cheap but omg-amaze-ballz hoody with a zipper in the stupidest place possible for only $3.99? What if you could get an NFT OF THAT EXACT SAME HOODY?!

    SHUT THE FRONT DOOR!

    Amazon is working on an ambitious project involving blockchain technology, but the specifics of their back-end integration are still unclear. Representatives from Amazon have contacted various blockchain companies and developers, and the company is seeking to hire or partner with Web3-oriented developers.

    Multiple sources have indicated that Amazon is likely working on creating a private blockchain, although it is unclear whether this would involve forking an existing protocol.
     
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    Porky

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    Just had a blinding idea???

    NFTs of Football players, Can you imagine it? Forget the old kids sticker books where they collect all their favourite teams mug shots - get it on the block chain buying up all exclusive images.

    Then you can have a resale market, before long your £50 NFT of Beckham will be worth half a million quid.

    Why hasn’t anyone thought of this already? I think I’m a genius - anyone want to send me some cash to get this started before the sticker book cons get in on the action?
     
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