Launch Your Own NFT Marketplace Like OpenSea!
With the advent of non-fungible tokens in the mid-2010s, they have been slowly making waves and some visionary experts even projected their growth perfectly. But, no one ever expected a massive rise in the sales of assets backed by these virtual tokens in 2021, when the world was still recovering from the devastating viral pandemic. Even though most people that suddenly stumbled upon NFTs or those enthusiasts who did not understand the working flow of NFTs credited celebrities and creators for all the success, the role of NFT marketplaces in facilitating each and every transaction was never spoken loudly.
NFT marketplaces are platforms where assets backed by NFTs can be traded, and one of the best business suggestions in recent times from crypto experts has been “Launch an NFT marketplace; you won’t fail!” The statement is indeed true since a lot of people are yet to embrace this technology, and the time to fulfill this is not very far. In this blog, we will see in more detail about launching an NFT marketplace like OpenSea.
Why Should One Launch an NFT Marketplace Like OpenSea?
Before answering the question given in the title, we will see a little bit about the OpenSea platform. OpenSea is an NFT marketplace platform founded in 2017 by Devin Finzer and Alex Atallah. The platform allows the selling of non-fungible tokens through fixed-price sales and auctions. The NFTs on the platform is based on the ERC-721 standard for the Ethereum network, layer2 solution for Polygon (Formerly Matic), KIP-7 standard for Klaytn, and the SPL standard for the Solana blockchain. The platform was one of the chief architects and top-grossers of the NFT marketplace during the NFT boom of 2021.
Now, jumping into the question, the success and the reputation of OpenSea as an NFT marketplace has been overwhelming, owing to the massive domination of the NFT trade percentage. Also, the user interface of the OpenSea NFT marketplace platform is not very sophisticated, and it looks very similar to Amazon or eBay, or any e-commerce website for that matter. Also, the platform was initially based on the Ethereum blockchain, the powerhouse of the whole crypto and NFT community. Now, with support extended to other prominent networks, including Solana, we can expect an NFT marketplace like OpenSea to fare well in the business.
Whitelabel NFT Marketplace — Launch Your Venture in Less Time at Less Costs!
A Whitelabel NFT marketplace is a platform that has all the basic features an NFT marketplace requires for effective functioning, and some room for customization is provided too. Building an NFT marketplace like OpenSea also involves a similar platform. Still, the platform even has some extra features that OpenSea has on offer, which makes it different from an out-and-out Whitelabel solution. Such platforms are typically pre-built and tested numerous times and troubleshot by expert developers, which makes them a reliable base for a business.
A Whitelabel NFT marketplace platform like OpenSea typically comes with two of the greatest perks any business owner wants — Made soon and costs less. Since development work involved with such a platform is very low (only customizations are applied), the time taken to deploy and launch becomes less, resulting in a lower cost charged.
Features of a Whitelabel NFT Marketplace Platform
- A Whitelabel NFT marketplace platform has all the basic features built into it, and customization from the client’s end will be the only work. This eliminates the time spent on development and subsequent costs.
- Working features contained in such a platform include a listing portal, bidding portal, search engine, filter options, built-in wallet, admin panel, storefront, and more.
- Such an NFT marketplace solution can also offer cloud-based backup solutions to preserve all data in case of catastrophic failure.
- A Whitelabel NFT marketplace platform like OpenSea will also contain different panels for different end-users — buyer, seller, and administrator. The data each needs to view will be different, and OpenSea’s developers have already mastered drawing the borders for each type.
- As mentioned earlier, such a platform can be launched for trading within a short time, while the expenses involved are less.
- Also, a Whitelabel NFT marketplace platform similar to OpenSea can be integrated into additional blockchain(s) if the customer wishes so. It is to be noted that costs increase with the degree of customization required.
Wrapping Up
Hence, we can say that a Whitelabel NFT marketplace can be a great opportunity to establish an NFT-based business within a short time. Launching an NFT marketplace like OpenSea is strongly recommended as the original platform has almost all the basic functionalities for a marketplace portal to succeed. Additionally, OpenSea is a well-known portal among the NFT community, so launching your new business based on an NFT marketplace like OpenSea will not leave you in lonely waters.
People Also Ask
How much does it cost to create an NFT marketplace?
The cost involved in creating an NFT marketplace depends on your needs. Typically, starting from scratch costs more than using a Whitelabel solution. Also, with every additional customization, the expenses increase. Both have their pros and cons, so it is best to plan accordingly.
What is a Whitelabel NFT Marketplace?
A Whitelabel NFT marketplace is a pre-built and tested ready-made platform that contains all the essential features of such a portal. The only requirement here is to perform customizations as per your needs before launching, which takes only a little time while costing less.
What is the Technology Behind Developing NFT Marketplaces?
NFT marketplaces are developed using blockchain networks which are decentralized digital ledgers. Popular blockchain networks where NFT marketplaces exist include Ethereum, Polygon, Binance Smart Chain, Harmony, Flow, Avalanche, Solana, Astar, and Cardano.
Can I Create My Own NFT Marketplace?
Yes, you can create your own NFT marketplace from scratch. The main steps include planning, design, development, testing, and launching. Here, you have all the rights to decide how your platform should function. You can own a unique platform with all the blockchain conditions fulfilled.
Which is the Best NFT Marketplace Development Company?
Blockchain App Factory is one of the best NFT marketplace development companies globally. Its expertise in developing such platforms from scratch and Whitelabel have resulted in satisfaction for a lot of ventures while maintaining a customer-centric attitude in all the phases.
