With NFT sales soaring last year, the term has gone from being a vague and niche thing that only a few weird coders tossed around. it becoming one of the most talked-about topics in the world. To facilitate and profit off of the NFT boom, several NFT marketplaces have sprung up. Some of these NFT marketplaces have turned people into millionaires overnight. This is why investors are fighting to occupy various niches to spread their influence in this new and flourishing business.
But why are people not scrambling to start NFT marketplaces if they are as profitable as they sound? The answer is simple: it’s very hard.
It takes months, if not years to fully develop an NFT marketplace from scratch. You need a keen grasp of business strategies, as well as years of programming knowledge to understand what goes into NFT marketplace development. This is where white-label NFT marketplace development comes in. White label software can help individuals or small organizations set up their NFT business without worrying too much about technical stuff.
Let’s slow down. What in the world does the term “ white label NFT marketplace” even mean?
White label software has been around for a long time, even before the advent of blockchain technology. The term refers to a product or service produced by one entity that another entity can rebrand as if they had made it. There have been thousands of businesses where the sole purpose is to supply white label software to other businesses.
So when the NFT marketplace development sphere started building momentum, these white-label suppliers were happy to extend a helping hand in the form of white label NFT marketplace development, which is what led to the hype you see now surrounding White Label NFT Marketplace Development.
The White Label NFT Marketplace Development Business Model
The biggest hurdle when trying to start an NFT marketplace is the development of the software. White label development companies help people overcome this by hiring a team of developers. These developers work full time, taking care of all the technical aspects, so clients can focus on the business side of things, resulting in a better product overall. The company that developed the product then receives financial compensation for all its services. This business model is also extremely lucrative, with dozens of new white-label NFT marketplace development companies popping up every day.
It is worth noting that in recent years, one specific niche within the white label NFT marketplace development sphere, called clone script development, has been on the rise. Clone scripts are copies of existing NFT marketplaces. They can be customized by adding or removing features and functionalities to better suit the user’s requirements. These clone scripts are popular because they feel familiar to people who have used the original marketplace on which the clone is based, making it easy for the users to transition from one to the other.
The Benefits Of Using White Label Nft Marketplaces
- Transparency: The white label NFT marketplaces are transparent and accessible by all the users, giving them the raw data with no room for alternate interpretations.
- Security: One of the important aspects of the NFT business is safety. A strong multi-layered security system is commonplace in most White label NFT Marketplaces.
- Decentralization: This is the main selling point of all top NFT marketplaces. Decentralization gets rid of any and all 3rd party involvement during transactions, thus keeping everything private.
- Smart Contract: Smart contracts are responsible for defining the functionality and properties of the NFTs listed in the platform. Smart contracts form the core of any decentralized platform and eliminate inconsistencies and external involvement.
- Customization: Another hallmark feature of white label NFT marketplace development is that they are highly customizable, letting users choose each and every feature they want, and the dev team makes it happen.
Next up, here’s some of the functions and features for your business that are must-haves.
- Storefront is a mandatory feature that lists the details of the NFTs listed in the Marketplace. An informative and attractive storefront does wonders for user immersion and satisfaction.
- The Filters and categories in your White label NFT Marketplace let the cataloged NFTs be sorted and categorized in order. You can also bring in advanced, user-friendly suggestions based on user data, enhancing the user experience through thoughtful innovations.
- The Search option in your Marketplace can be supported with tagging and categories, while advanced search options allow users to get what they are looking for at a quicker pace.
- The buy and bid facility is an important aspect that allows traders some flexibility regarding the pricing of their creations. Buyers tend to use functions like base prices, timing, highest bid, etc in real-time.
- Last but not least, is Wallet integration. It is always a good idea to let your platform support multiple wallets like Metamask, MyEtherWallet, etc.
Which Industries do Whitelabel NFT Marketplace Development Companies Cater to?
Most White Label NFT Marketplace Development Companies serve various markets simultaneously. Six of the major markets that have benefited greatly by taking advantage of White Label NFT Services:
- Art: Probably the community in which NFT marketplaces have had the biggest impact, as they Openly allow users to trade artworks without worrying about copyright infringement, art duplication, and theft.
- Digital Collectables: By leveraging the digital asset tokenization capabilities offered by white label NFT marketplaces, blockchain technology has enabled easy ways to authenticate and verify the authenticity of digital collectibles, and even trace their ownership history.
- Games: Piracy and exploits are commonplace in the gaming world. Gaming assets can be safely transferred within their respective ecosystems thanks to the rise of NFT marketplaces.
- Music: Tokenization eradicates the risk of piracy of musical creations, seemingly putting an end to monetization issues that artists have been struggling to deal with since the early days of the industry.
- Sports: As unlikely as it may seem, NFTs and sports go together seamlessly, enabling sports enthusiasts to buy or sell tokenized sports assets right from their favorite athletes or teams.
- Real Estate: By seamlessly integrating legal ownership provisions into the traditional systems as a part of the blockchain, allowing land properties to be tokenized and listed on the market for sale.
- Internet of Things (IoT): NFTs can help secure IoT networks by acting as a device authenticator by physically binding an NFT using physical unclonable functions (PUF) that enables the recovery of its blockchain account address (BCA).
- Healthcare: As the healthcare industry becomes increasingly digitized, NFTs could allow personal health data to be tokenized, with the ability to choose which data people want to share or sell, and allow them to track how the data is used.
- Live Events: Fake tickets have always been the bane of event promoters and fans who attend live events. Ticket authenticity can be easily verified if they are minted as NFTs. This, along with KYC policies, can abolish counterfeits completely.
- Advertising: This might sound weird, but it’s true. Collectors only see NFTs as collectibles and evaluate them based on their rarity. Let’s say someone were to turn a rare game moment into an NFT and sell it for a million dollars. This will become the headline on various outlets, thus increasing exposure.
The White Label NFT marketplace Development business model’s success can be attributed mostly to
- The convenience of not having to worry about technical details
- The software deployment process is quick and easy.
- It drastically reduces the cost of development and the time to launch
- The company developing the software will put it through rigorous testing processes, so you don’t have to worry about bugs and exploits.
- Multiple industries have started investing heavily in white label NFT marketplace development. Developers have taken full advantage of this funding. This has led to many innovative ways to push the boundaries of software.
- The modular nature of White label software helps users add or remove features easily. This makes the software versatile and handy when dealing with a constantly evolving market.
The white label NFT marketplace development business is still pretty new. However, thanks to the massive amounts of funding it is receiving, the business is progressing rapidly. Who knows what the landscape will look like in a year or two? The only certain thing is that blockchain technology has shaken up a lot of people’s lives.