In recent years, the craze and demand for NFTs have greatly increased. With awe-inspiring success tales, NFT-based business ventures receive positive reception from the global audience from all parts of the world. As per reliable sources, NFT sales surpassed the $22 billion mark and are expected to break the record in 2023.
Top brands and companies like Ubisoft, Pepsi, Gucci, Nike, and Adidas have already displayed their interest towards NFTs. The global NFT market is expected to reach $7636.3 million by 2028, from $1590.6 million in 2021 at a CAGR (Compound Annual Growth Rate) of 22.1% during 2022–2028.
Along with the growing fame of NFTs, the craze among startups and entrepreneurs also keeps increasing. NFT marketplace have the lion’s share in contributing to the monstrous success of the NFT world over the years. Knowing the insane profits that marketplaces like OpenSea, Rarible, etc., make has created a spark in the minds of business owners and entrepreneurs to develop their own NFT platforms.
Therefore selecting a simple white-label solution to develop your NFT marketplace is a perfect solution rather than spending time developing the platform from scratch.
Here’s a blog that lets you gain insights on why the white-label NFT marketplace is a better way for entrepreneurs to enter the NFT space quickly (2023) than the traditional development approach. Over to the blog.
A Quick Brush-up On NFTs and NFT Marketplaces
NFTs have existed in the digital sphere since 2014, but 2021 saw a massive increase in the NFT market cap. Since the NFTs boom, It have received immense fame; some of them have even been auctioned for millions in the market.
Beeple’s million-dollar success has set a standard in the NFT sphere. NFTs provide fantabulous opportunities for business leaders since they allow organizations to unlock various business models.
Currently, one hundred and five nations have legalized NFTs. NFTs’ distinctive characteristics and various use cases across several industries are responsible for their expansion. The digital platform that enables NFT trading is termed the NFT marketplace.
NFT marketplace allows full freedom and flexibility to users when it comes to buying, selling, and trading a wide range of digital assets. Many NFT assets, such as artworks, images, videos, GIFs, etc., get minted in these NFT marketplace.
A few days back, the creators of the Game of Thrones TV series announced that they would collaborate with the Nifty NFT marketplace to launch a collection based on their series.
On the other hand, the social media giant Instagram shared a piece of glad news to its fans that it’ll be expanding its wings not just being a social networking platform but all set to transform as a social NFT marketplace soon to enable creators to mint, display, and sell their unique digital collectible authenticated by the users.
NFT Marketplace Development
Your business model of owning an NFT marketplace can become a reality in two methods –
- Developing the marketplace from the scratch
- Developing the platform using white-label solutions
But what is the exact difference between white-label solutions and the traditional development approach? If you wanna get answers, follow the next lines.
NFT Marketplace Development From the Ground Zero
Developing an NFT marketplace from the ground up is different from going for a walk in the park. One must collaborate with an experienced marketplace developer team to create a feature-packed and effective NFT platform. However, it will surely take more than 6 months to build such a platform enriched with top-notch features and security layers.
Here’s a list of essential things one needs to put their focus on when developing the marketplace from the ground up:
- Gathering the business requirements
- Coming up with reliable and strategic business plans
- Making use of the best and right tech stack
- Selecting the right blockchain network
- User Interface / User experienced (UI/UX) designs
- Front-end and Back end development
- Project testing to fix any bugs
- Technical support and maintenance
On the other hand, if one wants to develop the marketplace using white-label solutions.
NFT Marketplace Development Using White label Solutions
In the latest digital era, a new business can be launched quickly, filling the entire ecosystem with more competitors. And that applies to the NFT sphere. The white-label NFT marketplace solution facilitates business owners and wanna-be NFT bigshots (entrepreneurs) to kick-start their businesses instantly.
White Label NFT marketplace development is more like recreating a successful NFT marketplace that is in existence. The two main enacting features that attract crypto entrepreneurs and enthusiasts to get drawn towards white label NFT marketplace are its customization feature and budget-friendly nature.
In simple words, a white-label NFT marketplace is a cent-percent ready-made solution encompassing all features and functionality of an NFT platform. It can be completely customized, paving the way for entrepreneurs to modify it as per their business needs and interests.
Numerous blockchain networks can be used to develop a white-label NFT marketplace. Listing fees, Commission fees, Minting fees, Advertisements, etc., are some of the business perks of white-label NFT marketplace development.
Let’s View in Detail the Steps Involved in Utilizing the White-label NFT Marketplace:
Select a Niche
As marketplaces are available for specific NFTs, one might pick a niche to build their NFT platform for that particular NFT. Alternatively, one could decide to create a platform for an all-inclusive NFT marketplace.
Choose the Right Blockchain Network
Blockchain networks like Ethereum, Polygon, Solana, and others can be used to build an NFT marketplace. One should extensively study the platform one intends to develop before selecting a blockchain network and create business plans accordingly.
Tie up with a Top-tier Development Company
One can only develop the marketplace with their efforts. So getting associated with a leading and reliable white-label NFT marketplace provider is the next step in the development process.
Define your Business (project) Ideas
The development process goes more smoothly if one has a clear idea of what they want and need from their platform. To prevent mishaps during the process, one needs to define the project ideas to the company they desire to team up with. Your suggestion may be based on concepts like the platform’s features, UI/UX designs, etc.
Developing Smart Contracts
The development of smart contracts is a highly essential component of a white-label NFT marketplace because the platform’s overall functionality is based on these smart contracts.
Integrating IPFS Storage
Integrating the IPFS memory with the system architecture of the marketplace is important because NFTs that are available in the marketplace are stored securely in IPFS memory.
Conduct Test Runs and Launch
After developing the white-label NFT marketplace platform, test it extensively to find whether it contains any technical issues or bugs. Rectify them before launching your platform.
Significant Features of a White-label NFT Marketplace
The feature complies with all essential info like NFT description, previous asset owner details, price history, etc.
The feature categorizes NFTs and instantly guides users to spot the right category they are looking for.
Advanced Token Search
It is essential for a marketplace for clients to navigate specific tokens they are searching for.
It displays details of NFT, price, tags, etc., allowing one to sort the NFTs they would like to get hold of or include to their wishlist. On the other hand, one can also list an NFT, which means it’s all set for sale and keeps up with the listing status.
Buy and Bid Option
Holding auctions on the marketplace can lead to organic traffic. The feature helps one place their NFT for bidding, where potential buyers or investors can place a bid and get hold of the NFTs they desire.
Wallets integrated into the marketplace enable users to buy and store NFTs easily in a secure manner.
Rating and Reviews Option
This feature helps newbie platform users to get to know about the marketplace from the users who have been using the platform for the past few days. The option helps the platform owner clarify the potential user’s requirements and improve the platform accordingly.
Major Benefits of White Label NFT Marketplace Development
The White Label NFT marketplace’s great user interface and user experience (UX) increase visitors to the platform, ultimately generating significant profits for investors.
It will consume more time if you want to develop your own NFT marketplace from square one. It might take nearly 3 to 6 months to create an NFT marketplace. But it might get exceeded up to 12 months or more depending on the features incorporation and level of sophistication. On the other hand, using a white-label solution to develop an NFT marketplace takes less development time (even with complex functionalities).
The White-label NFT marketplace is user-friendly, enabling the entrepreneurs to customize the platform according to their business specifications. That means one can add or exclude the platform’s features per their business demands.
Instead of shelling out a lot of bucks from your side, white-label NFT marketplace saves you from becoming an empty pocket. However, you can add more features and additional security layers to your platform, which can gain users’ attention after its launch.
Ensures an Unmatched Level of Security
A crucial requirement for digital transactions is always security. A lack of security can risk your user’s data and business credibility. Therefore, a white-label NFT marketplace with built-in security layers does not need additional effort. The firm’s developers’ crew will regularly test and audit the white-label solution until it becomes perfect. Moreover, you can avoid bearing extra charges for your platform’s security audit process.
Wallet Integration Enhances User Satisfaction
The wallet feature included with the White Label NFT marketplaces eventually improves the trading experience for users. Users may keep and maintain their funds without hassles, so a digital wallet is crucial to the NFT trading process. Another key issue with developing an NFT marketplace from scratch is that you must focus on wallet creation separately.
Due to its attractive benefits and features, entrepreneurs who urge to step into the NFT marketplace ASAP go for the white-label NFT marketplace at a very high ratio.
If you are seeking a way to develop an NFT marketplace using white-label solutions, connect with a leading white-label NFT marketplace development service provider to power up your business’s efficiency in the lucrative NFT space.
An ocean of white-label NFT marketplace solution providers is available in the market, making the task tougher for entrepreneurs to find out the best. Before selecting the firm, one needs to consider the company’s expertise in the domain, development cost, previous client feedback, and user reviews.
A reliable white-label NFT marketplace development company takes care of the technical aspect of your platform with their proven expertise in the field. Once you have finalized your technology partner, no force can cease you from making massive profits.
Good luck, folks.