Why Is a White-Label NFT Marketplace A Better Solution Than Building Your Own?
In recent times, unique assets are being traded for mind-boggling amounts. As a result, content creators are getting huge value. How does this happen? Investors are buying and selling digital collectibles worth $11:41 billion every day as per CoinMarketCap. Having broken every record in the trading of financial assets, choosing a White-label NFT marketplace is the right option for entrepreneurs.
What is an NFT Marketplace?
It is a blockchain-powered marketplace where artists, celebrities, and influencers can mint, list, and sell collectibles to the whole world. For instance, NFT marketplace operates on Binance Smart Chain (BSC), Cardano, Ethereum, Flow, Harmony, Polkadot, and TRON, etc.
How does NFT buying and selling happen? The entire process happens via auctioning and bidding. Content creators can choose different types like a fixed and declining price for conducting auctions. They can choose English or Dutch-style as per their requirements.
Interested investors need to submit bids once an auction has been opened by an artist. They have to register on an NFT platform and choose their preferred asset. An automatic timer will keep updating till the auction ends. Buyers need to make attractive bids within a certain deadline. This will prevent them from being outbid by other investors.
Why is a White label NFT marketplace a better solution?
It is a pre-built NFT platform with features and functionalities similar to popular platforms. Entrepreneurs also have full freedom to add their brand name and logo as per their requirements.
It is budget-friendly and can be deployed in just a few days. This gives techpreneurs a huge advantage over their rivals.
What are the benefits for entrepreneurs by obtaining a White-label NFT marketplace?
Low operating costs
The operating expenditure is minimum while owning an NFT marketplace. This is because of cross-chain compatibility and integration with sidechains. Moreover, integrations with sidechains like Polygon will increase operating capacity significantly. Cryptopreneurs can scale up their NFT trading venture easily. They will gain the upper hand from abundant staking rewards, integration with Ethereum-compatible networks, and low transaction processing fees.
Multiple sources of revenue
An NFT buying and selling platform provides several revenue streams for techpreneurs. They can pocket auction fees, bidding charges, a commission on every primary and secondary sale, gas fees, minting charges, and transaction processing fees.
This will help them to maximize their wealth. They can also pocket additional fees by partnering with popular artists, brands, and celebrities.
Safe trading experience
Entrepreneurs ought to offer secure buying and selling options for content creators, collectors, and investors. They can integrate numerous security steps like antivirus software, DDoS protection, end-to-end data encryption, usage of digital signatures, and two-factor authentication (2FA). This will safeguard funds and NFTs from hacking and phishing attacks.
The cost and time to create an NFT Marketplace
The cost of developing a White-label NFT marketplace depends on several factors. It relies on the choice of features and functionalities, level of customization needed by entrepreneurs, nature of features and functionalities, the type of tech stack, and wages paid to the front-end and back-end developers.
Read also: The Role of DevOps in Custom Software Development
Unquestionably, setting up an NFT marketplace from scratch involves humongous investment. The costs are high to assemble the needed tech stack and hiring skilled blockchain developers. However, a white-label NFT platform is pocket-friendly since it is a pre-built solution with advanced features.
The tech stack behind the Development of White-label NFT marketplace
Front-end and back-end creation frameworks
Database Management Systems (DMS)
Importantly, NFT trading platforms handle huge traffic across the world. Hence, safe backup of financial and personal information is essential. An assortment of Database Management Systems (DMS) like MongoDB, MySQL, and PostgreSQL will store the information of content creators and investors. This lifts the credibility as military-grade infrastructure is established to prevent leakage of information.
Numerous programming languages
Decentralized Storage Systems
Wish to get away from centralized authorities? Yes, it is possible now! Entrepreneurs can permit artists to store digital collectibles on platforms like InterPlanetary File System (IPFS) and Filecoin. This will offer advantages such as censorship protection, tamper-free storage of data, and a unique fingerprint enabled by a Content Identifier (CID).
Smart contract testing frameworks
Pre-programmed software is essential for trading collectibles round the clock. 3 frameworks, Drizzle, Ganache, and Truffle will implement the terms and conditions in smart contracts. OpenZeppelin also reduces risks for investors significantly. It operates decentralized applications (DApps) and eliminates vulnerabilities from pre-programmed software.
How will NFTs evolve in the future?
With the entry of big tech companies, instant messaging platforms, and payment giants, the NFT space is exciting and growing. In the upcoming years, crypto-collectibles will be traded by artists and bought by investors in millions. Of course, the future will depend on factors like awareness of laws, the introduction of collections by different brands, and multi-chain compatibility.
The adoption of blockchain technology, cryptocurrency, and decentralized finance (DeFi) by numerous stakeholders will also play a big role. Safety measures are also important in the NFT trading world. This will prevent problems for artists like duplication of content, morphing, and unauthorized sale of their collectibles.
Crypto collectibles come with special characteristics like indivisibility, interoperability, non-interchangeability, and uniqueness. Artists are experiencing unbelievable value by listing their collectibles on different marketplaces. Besides that, funds are pouring in for NFT marketplaces from venture capitalists.
Moreover, digital collectibles also bring a social angle through charity campaigns. Auctioned NFTs will support programs and projects related to education, environment, and health.
Entrepreneurs can also turn into money-spinners in a quick time. They can obtain a White-label NFT marketplace solution from a reputed enterprise and fill their coffers.