White label NFT marketplace development cost (in 2022)
white label NFT marketplace development
it is predicted that the future of NFT will be reached a considerable value of $ 163.83 billion by 2029. This may tempt many people to enter this market, try their luck to earn money, and turn it into cryptocurrencies by launching an NFT platform. However, the cost of developing such NFT marketplaces is high. However, a white label NFT marketplace solution would be a cost-effective approach to quick lunch an NFT marketplace platform. White label NFT marketplace is an outstanding customizable NFT marketplace to list and trade digital assets in the form of NFTs. This article provides essential information about a white label NFT marketplace development cost and the advantages and disadvantages of such a platform.
Overall white label NFT marketplace development cost
based on some estimations, a feature-packed white label NFT marketplace has a price ranging from 10000 to 90000 USD. More precisely, the price of a white label NFT marketplace largely depends on the features the customer wants to include in his/her NFT marketplace. For example, choosing a popular blockchain like Ethereum or BSC with advanced features takes much time to develop, resulting in an enhanced development cost. Apart from features, the security features and functionalities contribute to the cost of the white label NFT marketplace. Here we provide information about how much it costs to develop each part of a best white label NFT marketplace cost in detail.
After we separately analyze each part of a white label NFT marketplace development cost, it would be great if you could assess the core features of a white label NFT marketplace features and corns and pons of adopting a white label NFT marketplace.
Characteristics should you consider when selecting your NFT white label solution that influences the cost:
Before choosing an NFT white label solution, it is recommended that to start the project with the below features:
- User-friendly sore front: this encourages your platform visitors to study and educate more about NFTs. They can be also able to discover the history of the NFT and the owners of each item.
- A critical feature of each white label NFT marketplace is its listing feature, allowing creators and artists to enlist their NFT collections for bidding or trading.
- A great platform should allow its visitors to browse the NFT libraries on the platform and choose them based on their interests.
- The user interface (UX) of your white label solution should be user-friendly enough to attract users
- Last but not least is a payment option. Your solution must contain several available payment options for users.
Advantages and disadvantages of a white label NFT marketplace
each platform has its cons and pros.
Pros
- Ready to lunch: owing to the fact that developing an NFT marketplace from scratch actually takes a long time and needs vast investments, the development of a white label platform like Opensea would be a more cost-effective option that requires less time and is readily available.
- Customizable: although a white label marketplace necessarily has all features and functionalities of the existing NFT platform, you can still customize your NFT market based on your taste. You can also apply your branding to the NFT marketplace. In addition, a white label marketplace provider can provide a custom NFT marketplace based on your needs and requirements.
- Low cost: as mentioned earlier, developing an NFT marketplace from scratch requires a high amount of money and time. However, the pre-made nature of an NFT white label can reduces the overall white label NFT marketplace development cost, and you just need to pay for customization based on your needs.
- Wallet integration: using an NFT white label solution, you can get an in-built wallet that is more efficient and reduces a lot of tries and money. You are allowed to integrate any wallet based on any blockchain technology. On the contrary, to develop an NFT marketplace from scratch, you have to write codes for wallet development and security.
Cons
- Custom features: due to the pre-made nature of a white label solution, developing new, customized features tailored for your business needs is pretty challenging and takes time.
- Brand identity overlap: depending on the degree of customization allowed in the UI/UX of a white label NFT solution, you may face issues where your NFT marketplace looks similar to other NFT marketplaces using the same solutions.
Features of a white label NFT marketplace
each white label NFT marketplace has unique characteristics used for a fantastic trading and exchanging experience. Some of these features include:
- NFT rankings
An NFT white label marketplace platform can rank various NFTs based on volume, price, and the latest NFT insights on an hourly basis.
- Collections
Using this feature, you can list NFTs under selected collections and buy/sell multiple NFTs in a single go with an efficient fee.
- Bidding
A transparent and secure platform enables you to participate in open auctions and place bids for available NFTs through a white label NFT marketplace.
- Category-wise browsing
Using various categories, you can search for specific NFTs on the platform.
- Filtering
Filtering options including likes, lowest or highest price, most popular, and recently listed, you can conveniently find NFT you are searching for.
- Favorites marking
Viewing NFTs under a favor in a folder helps you mark your most preferred tokens in the white label platform.
- Secure content
Security of a platform is one of the essential features of each NFT white label platform. A fully secured platform makes you sure that your content has confidential until and unless it is successfully purchased through a white label marketplace.
- Easy collaborator addition
One of the features that a white label marketplace should have is the ability to add collaborators and allow collection settings modification, item creation, receiving payments, etc.
- Seamless wallet integration
Integration of wallets to an NFT white label allows seamless fund storage, forwarding, and receiving.
Highlight features a prominent white label NFT marketplace better to have
A fully functional white-label NFT platform should be per-integrated with the below-mentioned features and NFT functionalities:
NFT minting process using white label NFT marketplace
One of the most critical features of a white label NFT marketplace development, like Suffescom, is that it should have been that the whole NFT minting process is error-free and functional since an NFT marketplace contributes to a daily NFT transaction. Some white label NFT minting platforms provides both lazy minting and traditional minting methods. The first one means NFT gas fees which are paid at the point of purchase, while the latter one means the gas fees that are paid at the point of NFT creation. Each of these methods offers different purposes for different target users.
Crypto payment
In addition to NFT minting, a white label NFT solution needs crypto payment for virtually all transactions. It is an essential feature for each NFT marketplace; you can do nothing without it. Crypto payment enables creators and sellers to have a safe, secure, and transparent transaction using cryptocurrencies. These transactions stay forever on the blockchain and are available for observation with all their details.
Customizable
As mentioned earlier, the nature of a white label NFT solution like Tron allows you to introduce different levels of customization with which you can apply your branding. For popularity, an NFT white label solution should support such a feature. The basic customizability you should expect for each white label solution is the ability to change the header and footer of the NFT marketplace to add some touches to your brand. On a more advanced level, you should be able to further customize your NFT marketplace with theme customization, add ones, etc.
Management dashboard
The importance of choosing a white label NFT marketplace with a holistic management dashboard is that you can be sure that your white label solution would be scalable and its management won’t be problematic for you. A holistic management dashboard enables you to see and control everything that goes inside your white label NFT platform in one place. In addition, the dashboard should contain reports of your NFT dales, recent transactions, user activity, etc.
