What are NFTs and why their prices are exploding?
Before diving into the White Label NFT marketplace, we must have to understand what really NFTs are and how they work. Minting an NFT is a process where a unique ownership ID is given to digital art and records all ownership data into a distributed ledger, usually Ethereum Blockchain.
In Lehman’s terms, NFTs are an ownership certificate attached to digital art that proves authenticity. Artists use their NFTs to monetize their artwork. According to data from Statista report, the NFT market cap showed 138.7% growth on year on year basis. Some NFTs were also traded for Millions of dollars. The reason behind this steep growth is that NFT not only provides you DIgital art but you are also getting ownership and commercial rights of digital art.
White Label NFT Marketplace Development
In an era where every digital artist rushes to mint their art into NFTs (non-fungible tokens) because of surging NFT voguishness and user base. White label NFT marketplace solutions are gaining popularity among them for building an NFT trading website ergo demand and spending on white label NFT solutions are also soaring.
This drastic increase in demand for white-label NFT marketplace development couldn’t go unnoticed. product managers eagerly want white-label solutions on their lists of products. However main reasons for grabbing attention and popularity are swift development and cost-effectiveness.
What is a white-label NFT marketplace?
White-label NFT marketplaces are ready to trade fully customizable NFT platforms. Because they are pre-built and include all the essential features, Business owners just need to customize them according to their business needs, without worrying about designing, developing, testing, and building an NFT platform from scratch. It saves lots of time and energy because of its ready-to-deploy nature.
Characteristics of white label NFT website
A White label NFT marketplace comes with numerous amount of in-built features which are essential to running an NFT marketplace and at the same time fulfilling all the needs of business owners. Following are NFT marketplace features
| FEATURES | UTILITY |
| Powerful Admin Dashboard | For easy administration of the website |
| In-built NFT minting | To convert digital art into NFT |
| Trading options | For buying and selling NFTs |
| Variety Of payment gateways | For payment convenience |
| Crypto wallet integration | For trading through Crypto |
| Easy NFT Staking | To provide interest in NFTS |
| Filter and search options | To narrow down search results |
| Multi-Chain compatibility | Include Ethereum, Solana and Polygon |
| Reviews and Ratings | For getting Feedback from users |
Benefits of White Label NFT Marketplace
- Highly customizable – White label NFT software gives a Long range of customizations so that Business owners can add personalized features according to their preferences without any knowledge of coding.
- Time-saving – Because software is already meticulously Developed and extensively tested to ensure Flawless and bug-free working. It is unessential to invest time and resources for its development and just use customizable features and it is ready to launch.
- Economical solution- as previously mentioned there is no need to hire different experts to put in lots of money and build it from scratch.
How Does the White Label NFT Marketplace Work?
A white label NFT marketplace company must have to understand that Customers who are interested to develop their NFT marketplace through a White label company want to build a project according to their personnel requirements so they expect high customization and they tend to go with a company with increased customization options. white label NFT marketplace development platforms work productively with smart contracts and distinctive features from different buyers to different sellers.
Buyers
If you are a buyer, Firstly you have to fill in the sign-up details on the NFT marketplace home page then they will ask you to go through with verification process, and once you are completely verified according to their guidelines.
They authorized you to trade NFTs. There are two different ways to buy NFT either by bidding or by auction. In bidding, you have to pay the highest price and wait for the seller to accept. on the other hand in auctions, you have to pay a fixed price.
Sellers
Like buyers sellers also need to sign up and go through with verification process. After signing up sellers can attach a unique ownership id to their digital artwork through the NFT minting process.
They can also choose different blockchains to store their data. usually, a new seller can’t afford the high gas fee of Ethereum blockchain so they choose more pocket-friendly options like Ethereum layer-2 solution Polygon Matic or Solana Blockchain. After the minting process seller can choose a medium (Bidding or Auctioning) to sell their newly minted digital artwork.
Different ways a business owner can monetize their white label NFT platform
For a Business owner who is willing to build an NFT marketplace one of the main motives in their mind is to set up a profitable business. So here are different ways to monetize your white-label NFT marketplace.
- By charging a fee for the minting and listing NFTs into your marketplace.
- By charging a commission for every sale and purchase on your marketplace. You can also charge a commission for creating an NFT. commissions can generate major portions of your total expected revenue.
- Once your platform reaches a high trading volume and a large user base. You can start advertising and marketing for brands.
- You can organize auctions for NFTs and charge fees for putting NFTs into your auction and also you can earn by successfully completing the auction.
- As your business grows you can hire an experienced team of artists to create an NFT collection under your brand name or you can take contracts for building an NFT collection with your Artists.
How to Build Your Own NFT Marketplace?
If an entrepreneur planning to take advantage of the exponentially growing NFT market and want to develop own NFT marketplace. There is no need to put a lot of time, money, and resources to build one. As it has the complete solution with all the essential features to start an NFT marketplace. Likewise many NFT marketplaces around the globe benefited from features like the NFT marketplace script. and they are thriving in this highly competitive market. So it is a secure and faster solution, to begin with, your own NFT trading marketplace.
Are white-label NFT marketplaces have a bright future?
In 2021 NFT market has seen dramatic growth. Many early investors and NFt marketPlace owners made Tons of profits by trading NFTs. one crucial point about NFTs is that NFT markets are still in their infant stage and the NFT revolution is just started.
There are myriad opportunities present in the NFT market and interestingly only difference between traditional and white label NFT marketplace is that they provide pre-built ready-to-deploy platforms. So future of white label NFT marketplaces is bright and shining with tremendous growth opportunities coming on their way.
SAG IPL – NFT Development Company
There are many NFT Development companies out there that provide NFT marketplace services on various blockchains. SAG IPL is a Dominant NFT Marketplace development company and SAG IPL provides high-rated white label NFT marketplace development solutions to their customers so that they can convert their dream projects into reality and gain huge success from them.
The company has a large team of experts who are specifically hired to develop the NFT- marketplace. The company has many years of experience and a strong background. The organization has thousands of clients across the globe. So if you are finding a one-stop solution for NFT marketplace development then feel free to contact SAG IPL as soon as possible.
Also Read: The Real Estate Industry Changed Due to Blockchain Technology
