A Vivacious Guide To Increase Your Profit Potential With a White-Label NFT Marketplace
To understand what technology has been offering in recent times, it is crucial to get clear on a few terms. Decentralization, scalability, and liquidity — these words must have gotten to your eyes often when you surf the internet. Now, onto the technological part, blockchains being the agent carrying all the lucrative elements for the users, which include diverse networks, such as Ethereum, Binance, and many more. One of such commercial elements is cryptos which later further bloomed into Non-Fungible Tokens (NFTs).
NFTs are cryptographic assets sustained on the blockchain network that gain the attribute of immutability. These digital assets can be of diverse verticals, from simple artworks to magnificent AI-generated articles. One of the significant perks of creating NFTs is they mark the owners with a permanent ownership towards the tokenized asset. In this blog, we will be discerning on the platform that facilitates the trades of such unique and demand-creating White-Label NFT Marketplace.
What you have to know about the market?
Though it is only a couple of years since the sudden surge of NFTs, they have disrupted verticals beyond imagination and have proved successful time and again. Ventures and individuals taking their chances at this futuristic economy has led to record a ginormous level of data, which reads as follows.
- From 10,000 per month in 2020 to 40,000 per month in 2021 — a 450% increase — the number of unique buyers for NFTs has witnessed a considerable growth.
- Numerous market evaluations show the existence of about 30 million crypto wallets.
- NFT sales volumes are expected to hit $80 billion in the fiscal year 2024.
- The sales volumes of NFT categories like collectibles, and utility have surged to $116,567 and $103,909, respectively this 2023.
Since we have seen a glimpse of the efficient performance of the NFTs in the growing crypto market, the next section will discuss the features and perks of the NFT trading platform.
Democratizing Ownership: Why NFT Marketplaces Are the Future of Creative Economies?
There are countless reasons to build NFT marketplaces, but let’s focus on the most exciting ones! To start off with, non-fungible tokens (NFTs) open up a whole new universe of creative and financial possibilities. Artists, musicians, and producers of all types can now monetize their digital products in previously unimaginable ways. NFTs enable creators to sell their unique, one-of-a-kind digital works and have ownership and provenance recorded immutably on the blockchain.
But the benefits don’t stop there! By building an NFT marketplace, you’re also contributing to the growth of a vibrant and dynamic new economy. You’re providing a platform for collectors and enthusiasts to discover and invest in new and exciting NFTs. You’re supporting a community of creators, developers, and investors who are pushing the boundaries of what’s possible in the digital world.
Moreover, NFT marketplaces are incredibly versatile and can be tailored to meet a wide range of needs. Whether you’re looking to build a specialized platform for gaming NFTs, music NFTs, or art NFTs, the possibilities are endless. So, if you’re looking to be a part of a groundbreaking new industry and make a real impact, building an NFT marketplace is an opportunity that should be noticed!
Attributes that make up your NFT Marketplace with White-label solutions
NFT Dashboard/Storefront:
The NFT dashboard acts as a showcase for all the digital assets in the marketplace, which are available for users to trade. The dashboard offers several items, such as the NFT price list, NFT description, NFT categories, and more.
Crypto Wallet Integration:
Crypto wallets integrated into the NFT marketplace allow users to store, maintain, and manage digital assets other than using them for transactions.
NFT Listings:
Users can use this feature to mint their NFT collectibles on the platform and list them for trading, all in one place. Available content within the platform includes value tags and NFT categories, such as arts, videos, music, and more.
Auction NFTs:
Auction NFTs enable users to list themselves on the platform based on the categories already offered on the forum. Interested buyers can then make bids and track the NFT’s trading status, such as current status, NFT holders, and more.
Advanced Search Optimization:
Advanced search filters are optimized to provide users with quick access to all relevant information regarding their desired NFTs. This includes value, ownership, transaction history, NFT categories, and other collectibles such as digital arts, generative arts, fractional NFTs, and more.
Trade History:
Users can easily access their NFT’s trading history at any time from the platform, including minting date, price history, creator, seller, and more.
IPFS Storage Mechanism:
InterPlanetary File System (IPFS) allow for the secure storage and maintenance of the vast number of NFTs minted and indexed within the platform. Based on the cryptographic hashes of digital assets, customers can easily retrieve NFT information, ensuring these virtual assets remain unaltered and non-mutated in the blockchain network.
Push Notifications:
This comprehensive feature from NFT marketplace development solutions provides users with more immediate and straightforward updates about products, such as new bids, most favorite, most sold, and others.
Reviews and Ratings:
Including reviews and ratings in a crypto platform, such as an NFT marketplace, allows for greater transparency, encouraging customers to be more engaged with the platform’s reputation among online users. This prevents the platform from exhibiting poor behavior and ensures the reliable buying and selling of virtual assets.
Since all fundamental aspects of the marketplace are covered, let us delve deeper into the development solutions for launching an NFT marketplace. Implementing the above facets significantly enhances the platform’s quality, thereby attracting a wide range of audiences. Any crypto user can find a home in the prestigious world of NFTs as long as they seek intuitive and innovative experiences on a platform.
Innovative Revenue Streams from a White-label NFT Marketplace
White-label NFT marketplace solutions offer several revenue streams that can benefit the platform and its stakeholders. By leveraging these revenue streams, NFT marketplaces can generate a significant amount of income while providing a seamless experience to their users. These streams, when combined with the cost-saving benefits of White-label solutions, can help NFT marketplaces become profitable and sustainable.
Listing fees: These are charged to sellers for listing their NFTs on the marketplace.
Gas fees: These are deducted from transactions on the platform.
Setup fees: These are charged to creators for their first-time NFT listings.
Bidding fees: These are charged to bidders for each bid placed on the marketplace.
Advertising and promotions: This involves charging businesses to promote their NFTs on the marketplace.
Costs involved in building an NFT marketplace:
Development costs: The cost of building an NFT marketplace can range from $60,000 to $200,000, depending on factors such as customization, third-party integrations, and the tech stacks used.
Customization: The more customized the platform, the higher the cost incurred for your brand or your venture.
Third-party integrations: Integrating with third-party services such as payment gateways can add to the cost of White-label NFT marketplace development.
Tech stacks: The choice of technology used to build the platform can also impact the cost highly, as they can directly impact the customer base attracted to your brand.
Building Your Brand with a White-Label NFT Marketplace
When it comes to creating an NFT marketplace for your business, using a White-label solution can bring numerous advantages. To begin, White-label solutions are completely configurable, allowing you to establish an NFT marketplace that is ideally matched to your brand’s own personality and needs. This level of personalization ensures your marketplace stands out from the competition and provides a seamless user experience that your customers will appreciate.
With mountaineering launches in the market, White-label solutions are frequently used and faster to adopt than creating a marketplace from scratch. This means you can build up an NFT marketplace quickly and begin selling your digital assets and engaging with your customers more efficiently.
Another significant benefit of using a White-label solution is that it is frequently less expensive than establishing a custom marketplace from scratch. This is because White-label solutions are often pre-built, so development costs are already covered. This can save you a lot of time and money, allowing you to focus on expanding your business and giving value to your consumers. That being said, if you want to develop an NFT marketplace for your brand, a White-label solution is a wise alternative that provides a variety of advantages. With a fully customizable platform, speedier deployment, and cost savings, you can construct a marketplace that is ideally matched to your brand’s unique demands and ambitions in lesser costs and time frames.
Where to go for a successful NFT marketplace development campaign?
When selecting an NFT marketplace development company, it’s crucial to consider factors such as their track record of success, market reach, your budget, and their willingness to work with you. By following the guidelines provided in this blog, you can find a suitable corporate model for your project and pave the way for a lucrative business venture in the coming years.
Closing Thoughts!
To close up on the details discussed in the blog, an NFT marketplace developed from an easy-deployable solution offers a seamless experience tailored to users, enabling them to make informed trading decisions, even with NFTs worth millions. Additionally, developing from a White-label NFT marketplace has numerous benefits, including revenue streams such as gas fees, hosting fees, and listing fees, which can multiply profits. If you are an NFT enthusiast looking to create your own profit pool, why not explore an all-in-one platform that provides a variety of services for an engaging crypto journey?
