Last Updated on December 9, 2022 by
Kick start your Web 3 venture with white label NFT marketplace development
What if someone told you to invest in Non-Fungible Tokens a decade ago? Your answer would have unquestionably been “NO” during that point in time.
The story is completely different in the current scenario, where crypto folks, artists, celebrities, business tycoons, and even commoners are curious to invest their money in NFTs.
Are you one among them or an aspiring crypto startup in the pursuit of joining the NFT revolution? Then NFT marketplace development is the best way.
This blog will discuss why white-label NFT marketplace development is a beneficial option for crypto entrepreneurs. So, let’s get started.
A glance at NFT marketplaces
NFT marketplaces are considered as the platforms that connect buyers and sellers under one roof, where NFT trading takes place in a decentralized manner. Some of the top performing NFT marketplaces are – OpenSea, Rarible, and Foundation.
NFT Marketplace Development
NFT marketplace development has been transformed into an advantageous business model that has fully grasped the attention of business entities and startups. But here, the main drawback is the development cost required to develop the platform from scratch. To eliminate such obstacles, NFT geeks devised a path-breaking solution termed “white label NFT marketplace.”
What’s so unique about white-label NFT marketplace development?
A white label NFT marketplace is a 100% pre-built, multi-tested, simple-to-use NFT trading platform solution for purchasing, selling, and auctioning a wide range of NFTs without hassles. More specifically, the white label NFT marketplace is a market-ready platform allowing entrepreneurs to place their foot in the digital world briefly. Launching a white label NFT marketplace takes just a few days, and it has the efficiency to capture the attention of millions of users to start getting into the minting process of NFTs straightaway.
The platform is a completely customizable NFT marketplace site built with the most advanced blockchain technology to streamline NFT trading. The platform eradicates the main liabilities of conventional marketplace development methods. This platform is highly practical for business models and minimizes their development cost and time in joining the NFT ecosystem without compromising the product’s quality.
Best white label NFT marketplaces to keep your eye on
- OpenSea clone
- Rarible clone
- Enjin clone
- Foundation clone
- Sorare clone
- SuperRare clone
- Solsea clone
- Solanart clone
- Nifty Gateway clone
- Binance NFT marketplace clone
Differentiating NFT marketplace development from scratch and white label solutions
From scratch method:
- All steps involved in developing the marketplace are fully executed.
- The duration taken for the final product is comparatively high.
- The expense involved in developing the marketplace from the ground up is way higher when compared to the white label solutions.
- NFT marketplace development from scratch got chances of containing bugs even after launch.
- You are free to decide on the end-to-end features without any restrictions.
- The outcome (fully-customized NFT marketplace) will be unique, unlike any other marketplace.
Using white label solutions
- The entire development process here involves just a few steps.
- The final product’s exact time is comparatively less than the search method.
- The cost of using a white-label solution is reasonable.
- The platform has 0% errors, as it was thoroughly tested beforehand.
- You can customize the user-end features of the white label solution as per your business requirements.
- The marketplace will be just like any of the famous marketplace platforms already in existence in the market.
Reasons that make white label NFT marketplaces the best choice
Still, wondering why white label NFT marketplace development is more valuable than the traditional process. Listed below are some of the primary reasons that explain why opting for white label solutions is a profitable option:
Affordable cost and time saving
To be precise, it may take around 5 to 6 months to develop an NFT marketplace from scratch. If the platform has more complex features, it may also extend to one whole year to create the marketplace. And during this course of time, the amount also gets doubled. By opting for a white-label solution, entrepreneurs can save their spending bucks and their time.
Robust security
Without having high-end security layers, user data in the platform can be easily forged by anti-social elements. That way, improving these security features from scratch can be an arduous task that wastes a lot of your time. A white label solution that is ready-made and tested numerous time give full assurance of the platform’s security.
Level of customization
Another main reason that makes the white-label NFT marketplace solution a great option is its customization option. The platform owners get the privilege to modify the platform’s features according to their business requirements.
Integrated wallet
When you develop an NFT marketplace from scratch, you must build wallet integration services to make the platform function effectively. With white label NFT marketplace development, the process has become simpler as the platform, by default, has an integrated wallet, which saves you money and time.
Monetizing options
Gaining profits is always the primary target for any business. In that case, white-label NFT marketplace development is adaptable in implementing various revenue-making options. Listed below are some of the best ways one can monetize their whole label NFT trading platform.
Initial setup fees
Artists from any nook and corner of the world can register to the platform and upload their digital artworks. A specific initial setup fee is imposed for them if they use the platform for the first time.
Minting fees
Creators who want to convert their digital artworks into NFTs by minting them on a blockchain network using the marketplace must pay a fee for minting to platform owners.
Listing fees
The platform’s storefront is defined so that the type of NFTs is categorized and listed based on their genres. The listing of the digital collectible is carried away upon paying specific listing fees.
Transaction processing fees
In the marketplace, both buying and selling digital assets are done peer-to-peer. The platform owner can impose a transaction fee for each successful transaction via the marketplace. The asset collectors can pay in multiple ways using cryptos or other tokens.
Steps involved in White Label NFT marketplace development
- Selecting the right blockchain network
- User interface development
- Token development
- Coding of smart contracts
- Integration of IPFS storage
- Integrating front-end and back-end
- Beta testing and fixing bugs
- Final deployment
Closing Thoughts
The clock keeps pulsing, and if you are an ambitious cryptopreneur, it’s high time for you to get a perfect white-label solution from a reliable NFT marketplace development company, you can instantly launch an NFT marketplace along the lines of OpenSea, Rarible, and Foundation.
Locating a viable technology partner is not as simple as hundreds of NFT marketplace development companies have recently been available in the market. But not everyone has the real mastership in developing the white label NFT marketplace.
So, you should invest your time researching such firms before investing your bucks in the business. Once you get associated with a reliable white-label NFT marketplace solution provider, you can effortlessly kickstart your entrepreneurial venture and easily become the next frontrunner in the cutthroat market.
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