White Label NFT Marketplace — Guide To Launch An NFT Marketplace Right Away

NFT trends are happening right now! Entrepreneurs in the nook and cranny of the cities are taking advantage of it and starting an NFT venture. Why can’t you too capitalize on it as early as possible to dominate the NFT world in 2022? Employ a white-label NFT marketplace solution wrapped with exclusive features, holding a considerable benefit. Employ it and launch your NFT trading platform built on multiple blockchains to hit the NFT space sooner.

Know About What A White-Label NFT Marketplace Is

A white-label NFT marketplace is a prefabricated solution replicating the typical functionality of the NFT trading platform. It is equipped with basic features ensuring the seamless execution of buying and selling digital assets in the form of NFTs, which might be anything like images, arts, or any other digital collectibles. It is undeniably the entrepreneur’s first choice as it holds benefits.

What’s So Special About A White-Label NFT Marketplace? — Know Its Benefits

There are a plethora of perks when it comes to employing a white-label NFT marketplace rather than going with creating the NFT marketplace from the ground. Let’s here look at the benefits of a white-label NFT marketplace that will entitle entrepreneurs like you to employ it.

• Cost-effectiveness

The most significant benefit is you will considerably save money. That is, you’ll be aware of the fact that building the NFT marketplace from scratch needs more time and eventually money.

• End-To-End Customizations

The attribute of the white-label NFT marketplace comes with end-to-end customizations, which will lay the foundation for entitling your NFT trading platform “outstanding” with a unique set of features. Ensure that your platform gives more value to the target audiences.

• Go-To-Market In An Instant

The launch of the NFT marketplace takes time when it is created from the beginning compared to opting for a white-label NFT marketplace solution. As only customizations are required, it is quite possible to hit the market sooner. Most probably, within a few weeks/months.

Fundamental Aspects To Consider During White-Label NFT Marketplace Development

The proprietor has control over the NFT trading platform as they could decide how they want the white-label NFT marketplace to be, which is in accordance with functionality & features. The following are the aspects to be taken into contemplation prior to going ahead with the actual development. Check this out.

• Define Your Niche

The very first thing you have to contemplate is knowing your niche. Narrowing it down is much obligatory as it will lead you to particularly target the audiences for your niche. Think about an NFT marketplace for any of the following niches.

➜ Art
➜ Music
➜ Sports
➜ Trading Cards
➜ Gaming
➜ Photography
➜ Videos
➜ Collectibles, etc.

• Choose A Blockchain Framework

Blockchain technology is to be chosen beforehand. The choice has to be made by considering significant factors like transaction speed, robust smart contract, security, etc. Ethereum is the secure blockchain network, being the entrepreneurs’ first choice. Other best blockchains include the following.

➔ Binance Smart Chain
➔ Cardano
➔ Solana
➔ Flow
➔ Avalanche
➔ Tezos
➔ EOS
➔ Stellar, etc.

Pick The Features To Incorporate Into Your White-Label NFT Marketplace

Based on the functionality of the NFT trading platform, features have to be chosen. Besides the basic ones, picking the supplementary features will give a competitive edge over others. The following are the top features of the white-label NFT marketplace that should be taken into account.

⮞ The shop window/storefront is a place where users can showcase their NFTs with deets like price, payment method, owner, name, and description. This will optimally trigger sales.

⮞ The crypto wallet is the most prominent feature which plays a considerable role in transactions. Users are given an option to link crypto wallets like Metamask, WalletConnect, and Coinbase with the account created.

⮞ The robust search option will give users the ease and convenience to look for the desired NFTs without hassles. As these collections are categorized into art, memes, photography, and many others, it does not take much time to search the NFT with the help of the filter.

⮞ The white-label NFT marketplace with the built-in user history feature will allow users to check over their details, including their activity on the platform. That is, users’ history includes the following: trading data, transaction history, and NFTs listed, bought, & sold.

⮞ The users can either list their NFTs for direct selling or auction (Dutch auction or English auction). The counterparty buys the digital works for a fixed price (direct-selling) or participates in the auction and starts bidding to own the NFT.

• Smart Contract Creation

NFTs run on a smart contract, which holds the business logic of the NFT marketplace. Developing a smart contract is used to mint & list NFT and then triggers the purchase transactions in an automated manner when the sales conditions have been met.

• Develop An NFT Wallet

NFT wallet plays an important role. Its functionality is quite similar to a crypto wallet. The NFT wallet is a place where NFTs and cryptocurrencies are stored in one place. This will aid users in sending and receiving digital assets.

• Designing UI/UX

The UI/UX design should be given utmost importance, which gives the first impression to users. That is, how the users interact with the platform and whether they have an intuitive experience or not. The value of the digital asset cannot be conveyed properly if UI/UX is not designed properly.

• IPFS Storage

It is well-known that the data of the users will be stored on the blockchain ledger, whereas the details of the digital assets are available in the IPFS storage. While creating your NFT marketplace, come up with the IPFS storage system.

Ways To Monetize A White-Label NFT Marketplace

Though multiple revenue-generating streams can be implemented to monetize a white-label NFT marketplace, the following are the three major approaches that will yield a considerable profit. Check this out.

Commission Fees Or Gas Fees — This is the very common revenue-generating model when it comes to NFT trading platforms. You could incur charges for every transaction that takes place in the marketplace. That is, the commission fees or gas fees are to be levied when users buy, sell, or trade non-fungible tokens. For instance, OpenSea takes 2.5% of every transaction the users make on their platform.

Listing Fees — Apart from charging a certain percentage of the amount as a listing fee, levy listing fees when users mint and list their NFTs on the NFT marketplace. The fee percentage varies depending on the platform. The choice is yours to set the listing fee percentage.

Advertisement Fees — Create a separate space for advertising and let brands advertise on your NFT trading platform. Thereby, you will have monetizing opportunities to earn significant revenue from your platform.

Steps For NFT Marketplace Development

Initially, you have to decide on which company to affiliate with or hire freelancer developers for NFT marketplace development.

❖ Moreover, it is your choice to go ahead with NFT marketplace development from scratch or utilize a white-label NFT marketplace solution.

❖ If choosing a ready-to-go solution, customize the platform as you wish. In the case of going for development from the beginning, the platform has to be designed and developed.

❖ Thereafter, the NFT marketplace has to undergo various testing levels. This is to ensure that there will be no bugs, errors, or technical glitches found.

❖ The final stage is launching the robust, feature-packed NFT trading platform with no issues, making certain that users have ease in navigating through various options for the execution of trading digital assets.

To Conclude,

The value of the non-fungible tokens is on the rise. This has started to happen in the early months of 2021, which is the year when the hype about NFTs was so high. Literally, it is the most talked about topic in the town.

Do you think that the hype went down? No, anticipatingly will not. The global NFT market size is expected to be valued at $122.43 billion by 2028, with a compound annual growth rate (CAGR) of 34.10%.