Getting Started with White-label NFT Marketplace Development [Breakdown Analysis]
Blockchain, the emerging technology with an unhackable network, is making its way into every industry as it ushers in a new era of web 3.0. As this becomes more popular, a slew of blockchains emerge and compete for supremacy. Despite the fact that Ethereum is a powerful chain in terms of security and popularity, Solana, Avalanche, Cardano, and more are emerging as Ethereum rivals, and users prefer them lately. So, which is a suitable blockchain network for NFTs other than Ethereum? Are you an entrepreneur looking for an answer to this question?
At the same time, Are you interested in NFT marketplace development? What are the basics you should know? Here is a complete blog to enlighten you with all the insights on the white-label NFT marketplace.
Why are NFTs the most popular tech today despite Elon Musk’s hate towards Web3.0?
When compared to its early years, the popularity of NFTs has been far too high lately. In recent years, the image of NFTs has grown to the point where people are willing to pay millions of dollars for them. Many influencers and celebrities flaunt their NFTs on Twitter, and as a result, a large number of newcomers have been intimidated into purchasing NFTs. As a result, the sales volume in 2021 was significantly higher than the sales volume of previous years combined.
The number of unique NFT users, NFT collections, NFT marketplaces, and sales volume are all at an all-time high. Many celebrities have started to launch their own NFT collection. This has not only brought better fan service and interaction but also brought many celebrities to fund charities through NFTs.
This has made this tech a rewarding field of investment in blockchain, and experts consider NFT marketplace development as a gateway to enter this emerging technology. So if you have decided to launch a dedicated marketplace or a platform that can host all, you have just taken the right decision.
Now that you made the right decision, what should you do now? What should you know before you take the first step? Let’s dig this deeper.
Before getting started — Let’s learn the ABCs of NFT marketplaces
You know the NFT marketplace is a platform where people can buy and sell their NFTs. What else should you know as an entrepreneur before giving your project to a developer? Here are a few things you must find an answer to initiate the process.
- Which blockchain network are you choosing for your NFT marketplace platform?- As mentioned earlier, though Ethereum is the best network for NFTs now, they have faced many issues lately like high minting cost, low transaction speed, high traffic, and more. This has made blockchain experts choose polygon, Solana, Cardano, and Avalanche chain for NFTs recently. Go through the benefits of every blockchain and choose the desirable one.
- What type of marketplace are you developing? Are you going to launch a platform for dedicated NFTs like art, music, designs, photographs, Celebrity NFTs, etc.? Or are you going to develop a platform where people can find all NFTs under one roof?
- What are the features you will include in your platform? For this, you will have to go through famous NFT marketplaces in the market like Opensea, Nifty Gateway, Solsea, Rarible, Binance, and others. Every platform has its own unique features. You can find amazing features for your platform from them, making yours better than others in the market.
- How will your users store their NFTs on the platform? Will they use a dedicated Native wallet you develop, or they use an existing web 3.0 wallet like Metamask, Trustwallet, Coinbase wallet, etc.
- What are the workflow and security features you offer for the users?
- What will be the payment mode for the users to buy and sell the NFTs from the platform? Since NFTs are monetizing assets, this will be the deciding factor for many individuals to choose your platform over others.
The White-label NFT marketplace development process
In recent times, the white-label development process has been trending in the blockchain realm. Instead of building a platform from scratch, developers come up with a white-label solution of an existing platform and customize them to bring out the platform of your dreams.
Since blockchain is itself an open-source, taking advantage of this to bring out a new and welcoming White-label NFT Marketplace Development Solution is truly beneficial and rewarding.
A beneficial option
You might wonder how beneficial white-label NFT marketplace development is when compared to the traditional development process? Here are a few facts that will help you justify the same.
- It is a pre-developed script that is prepared from a pre-existing platform making the entire development process easier and reducing the resources required.
- It has already been tested for bugs and rectified, reducing the time to test the platform multiple times.
- It is open to customization that it can be customized to any level, building a new platform over the skeleton of a clone script.
- Customization can be to any extent that you can choose the desired blockchain for development, decide the features, modify the existing and upscale the current features or even add new features to the platform.
- It reduces the time taken for the entire development and testing process in half, whereas it needs the time only for the customization. The time is taken for customization also depends on its complexity.
- This process requires fewer resources and reduces the development cost to a great extent making it a suitable option for budding entrepreneurs and crypto startups.
Factors of careful Contemplation
White-label NFT marketplaces or even No-code NFT marketplaces are trending in the NFT space. Celebrities, sports clubs, and aspiring tycoons in blockchain are now taking up this choice to launch their NFT marketplace. Now that you have a clear idea about the white-label NFT marketplace and its benefits, it’s time to dig further. Some deciding factors determine the perfect functioning of the platform. Some of them are given below.
- The workflow of the platform must be easy for beginners to understand. Having a beginner-friendly version and advanced version, like many platforms, will attract users of both categories.
- Having simple, unique, and self-explaining features that help essay navigation through the platform is also important to give a better user experience.
- Wallet integration is also important because it decides the security of the NFTs user own. Integrating an existing web 3.0 wallet or developing a dedicated native wallet will determine the user experience.
- The payment method is the next crucial factor. It is important to offer multiple payment options through cryptocurrencies and fiat currencies, making it easy for users to buy and sell NFTs easily.
- Selecting the right developer impacts the entire platform, so it is important to give a careful evaluation before choosing the developer.
When it comes to selecting your NFT marketplace development company, look out for their previous projects, their experience in the blockchain field, their team, and the services they provide.
NFTs are making their way into anything and everything globally, from real estate NFTs to supply chain and logistics. White-label NFT platform will be the best choice for NFT marketplace development. Since NFTs sales are skyrocketing, this will be the right time to get into this lucrative market. Be it crypto trading or NFT trading; Blockchain has been shining a bit brighter in NFTs recently. So, buckle up, do your research, and hit the blockchain industry as soon as possible.