The application and use cases of blockchain technology have steadily expanded, as demonstrated by non-fungible tokens (NFTs). The current “NFT revolution” in the crypto sector as a new asset class was started by these cryptocurrency tokens. So much so that in the first half of 2021, these digital assets generated total revenues of more than $2.5 billion.
The exchange where an NFT token is traded is what makes the sale of that token successful. The question of whether to employ an existing white label NFT marketplace solution or to create such a marketplace from scratch arises because of the marketplace’s security and user experience, both of which have a substantial impact on income.
What is an NFT Marketplace?
Let’s start the discussion right now. A website where NFTs can be purchased and sold is, in general, an NFT marketplace platform. An NFT marketplace solution includes features for minting NFTs and holding NFT auctions in addition to providing a venue where buyers and sellers may connect. As a result, creators can produce their own digital artefacts and works of art, which are then bought through a bidding process.
Everyone wants to be a part of the NFT movement since they are selling like hotcakes and flying off the shelves. Creating your own NFT marketplace is a fantastic way to become involved in this chaotic industry. You can either use a White Label NFT Marketplace or construct your own marketplace from scratch to accomplish that.
The latter can be a fantastic option for you for a number of reasons. This is why.
What Situations Call for a White Label NFT Marketplace?
We have compiled a list of the reasons we believe white label NFT marketplace will be more beneficial for you:
- Rapid technological progress
It would take a long time to create your own NFT marketplace from the start. It takes at least three months to construct an average NFT marketplace platform. However, it may take up to a year or longer, depending on the platform’s level of sophistication and special features. On the other hand, even with complicated functionality, launching a white label NFT marketplace takes substantially less time.
- Including characteristics that go beyond the norm
Every marketplace platform has a distinct set of qualities that set it apart and make it desirable. Although you could do this on your own, a white label solution uses fewer resources. Since the majority of these NFT marketplaces are open source, you can add unique features in accordance with your particular needs.
- Cost-effective execution
If you want to create your own NFT marketplace from scratch, go ahead, but expect to spend at least $100,000. As you continue to include more features and security measures, the costs rise. However, starting a white label NFT marketplace will be more affordable and enable you to save thousands of dollars.
- Integrated security
Because each NFT token is distinct, extra care must be taken to determine who owns these NFT tokens. When it comes to creating its security measures, NFT marketplace development requires specific consideration. Any flaw in data encryption methods has the potential to substantially impair data integrity and, in the end, undermine security. However, a white label NFT marketplace doesn’t need further development and already has built-in security protections. Additionally, since the creating firm rigorously tests and audits the white label solution, you are spared the hassle and expense of security auditing.
- Integration of wallets
The issue with developing an NFT marketplace platform independently is that wallet development must be handled separately. To make the platform usable, you should also concentrate on creating wallet integration services. However, a white label NFT marketplace has a built-in wallet that helps you save time and money.
A Platform to Start Your NFT Project
The open-source NFT market place called OpenNFT has all the capabilities required for easy implementation and customization. The platform enables even those without any coding skills to develop or interact with a variety of NFTs.
Different non-fungible token standards exist on different blockchain networks, such as Ethereum and Binance Smart Chain. With these networks, high transaction fees are a key worry as they make regular, modest NFT transactions exceedingly pricey. In addition to scalability issues, these networks run the risk of hard forks, which makes it more difficult to connect the NFT to its true owner.
On the other hand, OpenNFT is based on the Algorand forkless blockchain. Given the rarity of NFT tokens, ownership of one is nearly sacred. NFTs cannot be copied thanks to a forkless chain. This guarantee that Algorand offers to its users will never be available for use with other NFT coins. Because the platform is connected to users’ MyAlgo Wallet or AlgoSigner wallets, ownership is also entirely under the authority of the users. OpenNFT includes built-in wallet integration, providing a seamless NFT purchasing experience.
The USDC and USDT stablecoins are supported by the OpenNFT platform as payment methods. We think that the solution will always have liquidity because it uses cryptos that are pegged to fiat money.
The generic out-of-the-box marketplace nature of OpenNFT is perfectly balanced with space for simple branding adjustments. Depending on your business plan and the frontend or backend of the programme you may either release it as is or add specific functionality.
An outstanding secondary market is provided by OpenNFT for artists to profit from NFT auctions. Simultaneously, the marketplace owner can charge a small platform commission fee for each transaction on the platform. This business model will drive the overall growth of NFTs and help drive sales.
The specifics of utilising Open NFT
We rely on the fact that you now have a solid understanding of the advantages of a white label solution. We also hope you fully get why OpenNFT is maybe the greatest option for you. We do, however, have something else to communicate at this time. We must, however, also advise you when not to utilise a white label solution.
Also Read: How To Create An NFT Minting Website
Primarily, a white label product might not be appropriate if you need a high level of customization and specific features; it would be wiser to construct it from the ground up instead. The only need is that you have the necessary tools; you may either hire a trustworthy crew or do it yourself.
Having said that, Ethereum undoubtedly offers advantages when it comes to the development of NFTs and marketplaces, and it may be suitable for many projects, particularly those who wish to take advantage of its large network. However, it also creates challenges like expensive maintenance and development expenditures.