The Beginner’s Guide to White-label NFT Marketplace Platform
Investment decisions have always evolved (over the years) due to advancing technologies. However, non-fungible Tokens (NFTs) are one-of-a-kind blockchain-linked digital assets that have revolutionized investment decisions since early 2021, leaving Gary Vaynerchuck to compare them with beanie babies.
This article deals with one such investment source in the form of a white-label NFT marketplace platform with no holds barred!
What Is A White-label NFT Marketplace Platform?
White label NFT marketplace is a customizable and pre-built NFT platform that meets your specific business needs. White label NFT Marketplace trades NFTs from various domains in the same way NFT platforms do. Rather than NFT platform development (from scratch), most entrepreneurs opt for white label NFT marketplace development for their crypto sphere business.
Their rarity and uniqueness demonstrate the importance of NFTs. No third party or anonymous user can use the platform to sell forged work. As a result, the marketplace will first verify the NFTs’ authenticity and the owners’ credentials. They work similarly to auction houses, which prove a product’s authenticity before bidding. Next, the platform will assess the NFTs to determine their ownership and authenticity.
What’s Peculiar About The Platform?
The most popular platform in the crypto space for making billion-dollar profits is a white label-based NFT marketplace Software. As a result, launching a white label NFT marketplace is the most common reason for business owners to choose it.
#1 Cost-effective Platform
Compared to developing a bespoke solution, the most significant advantage of a white-label NFT marketplace is its significantly lower cost. To begin with, you’ll save money on the initial development costs of building an NFT marketplace from the ground up.
You won’t have to pay ongoing maintenance costs with a white-label NFT marketplace as you would with a custom marketplace; your service provider will maintain the platform and be available to help whenever you need it.
#2 Built-in Security
Because each NFT token is distinct, extra caution must be exercised in determining who owns these NFT tokens. As a result, special care must be taken when designing security features for the NFT market. For example, data integrity and security may be jeopardized if flawed data encryption procedures. A white label NFT marketplace, on the other hand, comes with built-in security and requires no additional effort. Furthermore, because the developing firm rigorously tested and audited the white-label NFT marketplace platform, you will not have to bear the burden and expense of security auditing.
#3 Seamless Customizations
A white-label NFT marketplace gives you the customization and flexibility of a custom NFT store without the high cost or lengthy development time. It includes custom features tailored to your NFT project and a customizable design and domain name to ensure that your NFT marketplace matches your game’s branding perfectly. The ability to customize your NFT marketplace allows you to differentiate yourself from other gaming projects and provides more value to your customers while increasing your profit per transaction and conversion rate.
Can I Monetize The White-label Platform?
Of course, you can!
Monetizing a platform is the bedrock of your crypto business. A platform like the white-label NFT platform shines brighter (in that aspect).
- Commission — You may charge a commission fee for creating, selling, and buying NFT on your marketplace platform. Therefore, the commission charge is one of the NFT marketplace platform’s revenue generators.
- Listing Fee — You can charge a fee for listing user NFTs in your NFT Marketplace’s shop, and the NFT’s pricing value determines the cost on the platform.
- Ad Spaces — You shall deploy personalized Advertisement spaces for brands within your marketplace platform, allowing you to monetize your business.
Now that we have an overview of monetizing opportunities with white-label NFT marketplaces, we can begin developing.
En route to the NFT Marketplace Platform
Choosing your niche must be the first and foremost step in developing an NFT marketplace platform. Individuals have many options in NFT marketplaces because they are so large. However, it means that specific NFT platforms focus solely on one aspect. There are NFT sports marketplaces, for example, where you can trade your NFT sports collectibles. Similarly, several specifications concentrate on various aspects of NFT use-cases such as games, virtual lands, music, art or crypto arts, etc.
Cherry-picking an ideal blockchain network is the next step. You can choose from various blockchain networks, including Ethereum, TRON, Polygon, Cardano, BSC, and others. Choosing a smart blockchain with excellent features and low transaction fees will attract more people to your marketplace. Unfortunately, Ethereum’s exorbitant gas fee has deterred users from using it.
Move Forward with A White-label Service Provider
The White-label NFT marketplace platform may be a new concept, but white-labeling (in general) has been around for many years. White labeling provides a simple way for businesses to expand their service offerings to their customers without developing the product or service themselves.
Many companies don’t want to waste time and internal resources learning skills that can take years to master. By incorporating a white-label NFT marketplace platform, you can specialize in your expertise while also providing excellent real-time customer service to your customer base.
You may like developing your platform from scratch, but this will divert time and resources away from your core business. There’s also no guarantee that your target market will receive your finished product well. Investing in a pre-built, tested white label solution will save you time, money, and human resources.
One of the most significant advantages of white labeling is this. By offering more services to your customer base, white labeling can help you generate new revenue streams. It is also a great way to bring new customers to your company.
Historically, small players have found it difficult to compete with more prominent players in any industry. They simply do not have the workforce to provide all of the services that larger corporations can. In this case, white labeling can help level the playing field.
A white-label NFT marketplace platform gives you more control on the promotion side. Traditionally, saying no to a customer because you don’t have the time or resources to take on a new service offering has been difficult. You can quickly and easily add the categorical NFTs that your clients are looking for with white labeling.
End of the day — everything boils down to this — hiring a viable technology partner (aka) NFT marketplace development company who effectively jump-starts your entrepreneurial venture.
If you need assistance in hiring such a company, drop your query in the comment section.
The Beginner’s Guide to White-label NFT Marketplace Platform was originally published on ReadWrite on May 12, 2022 by Carol Denvers