Starting out with a question, if given options, between developing a White label NFT marketplace from the baseline and customizing the ready-made solution, and simply launching it. Tell me which one you would punch for? I guess you will head to adopt the second option without second thoughts.
The definition for White Label NFT Marketplace is- a Marketplace that has been vetted for comprises customization, Metamask integration, wallet integration, along with API integrations with trade charts to indicate the price changes and integrated with the new NFT trends. The white label NFT marketplace is user-friendly and customizable so that it can be developed under multiple technologies such as Polygon, Ethereum, Binance smart chain, along with other platforms and can be integrated with popular auction portals.
We will comprehensively explain the perks of making an investment in the white-label NFT marketplace.
How do White label NFT marketplace development spill advantages?
The NFT industry is steadily shaping up. Billions of content creators, who convert their content or any sort of assets into NFTs, and the buyers chip in for such stable growth. Entrepreneurs from different parts of the globe are swarming towards NFT development companies seeking their development services.
If you are a spirit-stocked entrepreneur who has a strong desire to enter the vigorously-growing NFT industry spontaneously, then you should plow money into the white-label NFT marketplace development. Sticking to the topic, let me state the advantages being offered by the white-label solution.
● Cost-effective in multiple aspects
Initiating a business or developing an application to support the business – both are going to consume more time than you generally speculate. First, “scratch app development” is a highly time-consuming process. Alongside, the amount of investment required for developing a fully functional application will definitely be high. That too, NFT marketplace development will be pricey since the process is coupled with multiple tiers of complexities.
Integrating features and APIs are costly. However, the cost depends on the type of API and features to choose to add to your marketplace.
Whereas the white-label method has benefits for you as the solution you get will be immediately deployable. And thus, it is clear that you don’t have to develop from scratch.
● Wallet integration
When you say that it is a white-label solution, then it is a fully functional one. Meaning it will have all the required features and functionalities in place. One of the salient features is the digital wallet. Simply launching a marketplace integrated with the digital wallet benefits users.
Even if your marketplace users have already signed up for a digital wallet, they can integrate that with your trading platform.
● In-built security features
In order to avoid any sort of security breach, your marketplace should comprise tiers of security features. Since data integrity is of utmost importance, the marketplace will have a lavish number of security features from KYC verification to 2FA to encryption and firewall integration.
● Multi-currency support
Let every investor unlock their interest in trading NFTs on your platform. So, the ready-made, otherwise called white-label marketplace supports not just one or two types of currencies but a pack of them. Ultimately, your marketplace platform shouldn’t be a blockade for investors who wish to choose from a variety of currencies – cryptocurrencies and fiat currencies.
Basic Features Of A Ready-Made NFT Marketplace
If creating enchanting NFTs is important to lure buyers, then a storefront is important to captivate buyers. Simply, the storefront has an accumulation of data regarding the NFTs available.
● Digital wallet
We have discussed the integration of the wallet already. For seamless transactions of cryptocurrencies, integrate popular wallets like MetaMask, Coinbase, MyEtherWallet, Formatic, etc.
● Search field
Let buyers directly dive into the category of NFT they are looking for investing by keying the name in the search field. For example, Art, Games, Domain names, Music, etc., are the categories of NFTs.
Applying filters while searching is the quickest way to land on the category of NFT. Adding a whole lot of filters will help your platform users to find the digital collectibles in two shakes.
● List creator
Creators need to unfold their digital collectibles so that they will stand a better chance to get the attention of buyers. Buyers who are surfing through the platform to find captivating NFTs will view the list created. The list has an array of digital collectibles in addition to the name, description, etc., and any user can view such properties on the platform.
● List status
As said, the list is the collection of digital collectibles uploaded by creators on the platform. The list status defines the actual status of the collectibles. For example, if a particular collectible is sold, then its status will be “sold.” Suppose the collectible is out for auction, then the status will automatically be updated.
● IPFS integration
IPFS is an Interplanetary File Storage. It is necessary to save the data associated with the digital collectibles, and for that, the IPFS integration is used. Regardless of any condition, the data on the platform will not be lost if it has IPFS integration.
Workflow Of An Whitelabel NFT Marketplace
● NFT aficionados, both creators and buyers, will sign up for your decentralized NFT trading marketplace platform.
● A digital collection showcasing the creators’ NFTs will be created to captivate the potential buyers on the platform.
● Moving to the next step, each creator will have to choose the cryptocurrency they are ready to accept from the buyers in case the buyers indicate interest.
● And post choosing the type of cryptocurrency, participating in the auction taking place on the platform is the next step. Then buyers join the auction and place their bids within the time period. After the creator finalizes a bid amount, the smart contract will run, and the NFT will be transferred to the respective buyer.
How Could You Monetize From Your White-Label NFT Marketplace?
● Commission charges
The top source of monetization from your marketplace is the commission charges that your users will pay you. As the trading pattern keeps surging, you have possibilities for getting hefty commissions.
● Fees for listing
We saw, in brief, the listing feature. A listing is done by creators or owners of digital collectibles to unfurl their collectibles to buyers, listing fees have to be paid.
● Auction fees
To participate in in-app auctions, where the NFTs come for sale, interested ones will have to pay the auction fees.
To have a high hand in the industry, the white-label NFT marketplace you launch should showcase different collectibles, be rigorously tested, and you must have efficient strategies to expose it to audiences. And not to miss out, your platform must support users with a wide spectrum of cryptocurrencies and fiat currencies.