In recent times people have gone crazy over NFTs. NFTs are predominantly ruling the economy worldwide. Many people are very curious about NFTs, and many have the urge to invest in them and enter the NFT world. Due to the increased demand and potential future of NFTs, new NFT marketplaces are getting launched in the market frequently. The future market of NFT is predicted to reach a whooping value of $163.83 billion by 2029. Many are using this opportunity as a means to earn money and are turning into cryptopreneurs by launching an NFT platform with a white-label NFT marketplace development solution. Let us see in detail about NFTs and a white-label NFT platform in the rest of this blog.
List of Items that can be minted as NFTs and traded on an NFT marketplace:
NFT enthusiasts can mint and trade a different number of items on an NFT marketplace. There are NFT marketplaces exclusive to art, music, sports collectibles, etc. Let us see the variety of items that can be minted and sold on an NFT marketplace:
- Video clips
- In-game items
- Plots of metaverse land
- Profile picture (PFP) images
- Accessories and Wearables
- Antique collectibles
- Web domains
- Play to earn games
- Memes, and more.
Now that you have an idea about NFTs potential let’s see the white-label NFT marketplace development in detail.
A white-label solution is a pre-built software that can be customized to your needs. Since it is pre-built, the development cost and time will be much less. In contrast, developing a marketplace from scratch requires time and resources. It is best to use the ready-made white-label solution to build your NFT marketplace. Even, you can choose to develop a platform similar to the existing popular NFT marketplace using white-label clone software. For example, you can choose to clone the world-famous NFT marketplace OpenSea. In this way, you can launch a platform similar to a famous one, inherit all the features and functionalities and customize it to your taste. What else do you need? Everything is made easily available for quicker deployment of your NFT marketplace. Get in touch with a White-label NFT Marketplace Development Company and begin your NFT marketplace development.
Popular White-label NFT Marketplace Development Solutions
Here are some of the popular white-label solutions available in the market from which you can choose the suitable one for your business niche.
- OpenSea clone
- Rarible clone
- CryptoPunks clone
- Foundation clone
- SuperRare clone
- ArtBlocks clone
- Alien Worlds clone
- Bored Ape Yacht Club clone, etc.
Benefits of Opting for White-Label NFT marketplace development:
Let us see in detail the benefits of choosing White-Label NFT marketplace development.
- A ready-to-launch solution: Opting for a White-label solution is a wiser choice as it is cost-effective, requires less time and is readily available. On the other hand, developing an NFT marketplace from scratch can take at least one year and require huge investments.
- Customizable: Though the white-label solution inherits all the features and functionalities of the existing NFT platform, you can still choose to customize your NFT marketplace to your taste exclusively.
- Low Cost: As already mentioned in the blog, developing an NFT marketplace from scratch can cost a large amount of money, whereas, with a white-label solution, you can cut the cost, which is based on the customizations you require..
- Security: Maintaining security is one of the very major requirements in an NFT marketplace. Any fault will lead to the hacking of a wallet and the loss of crypto assets. Since the white-label software is pre-built and multi-tested, there is no chance of security risk. There are multi-layers of security that are very hard to be breached.
- Wallet Integration: With a white-label solution, you get an in-built wallet which is more efficient and saves a lot of effort and money. You can choose to integrate any kind of wallet based on any blockchain technology. In contrast, developing a NFT marketplace from scratch requires you to write codes for wallet development and security. Any error in them can lead to huge
In what ways can you monetize your NFT marketplace:
An NFT marketplace can be monetized in various ways by collecting a small fee for each transaction or sale happening on your platform.
- A Listing fee is collected from the seller when a new NFT is listed on the marketplace.
- A Transaction fee is collected whenever a transaction takes place between buyer and seller.
- A Minting fee is collected from the creators like artists when an NFT is minted. This is to support the resources used while minting an NFT.
Similarly, other fees like initial setup fees, private sale fees, etc., can be collected from your platform users, and you can easily make a fortune out of it.
Now that you have gained some insights on NFTs and NFT marketplace development. Hence you have the opportunity to decide whether you want to be a part of this lucrative market and launch your own NFT marketplace. Get in touch with a White-label NFT Marketplace Development Company and become a part of the crypto world.