The NFT industry has become glorious since its market boomed in late 2021 when billions of dollars worth of cryptocurrency were transacted across platforms for these digital assets. While the 2021 NFT boom revolved around pictures, videos, and memes, it also showed that these blockchain entries could do more than back JPEGs and GIFs.
Multiple NFT marketplace ventures demonstrated the power of NFTs by selling various novel NFTs, which have become remunerative business models ever since. Speaking of NFT marketplaces, Whitelabel NFT marketplaces have become a hot topic in 2022 as more beginner-level ventures aimed to make fortunes selling NFTs.
Whitelabel NFT Marketplaces: An Explainer
A Whitelabel NFT marketplace is a customizable solution built and tested beforehand. Such a ready-made NFT marketplace is advantageous for many reasons, the primary one being its quick-to-launch nature.
These solutions are typically created by third-party developers associated with NFT marketplace development firms that help businesses in launching these platforms as a service. Such ready-to-launch solutions favor ventures that look to test their feasibility in the Web3 space or small-scale startups looking to make it big in the domain.
Such platforms can originate from two types of solutions: Tailor-made Whitelabel NFT marketplaces built by firms and NFT marketplace solutions similar to existing platforms.
Must-haves for a Ready-made NFT Marketplace Solution
- The ready-made NFT marketplace solution should be able to connect to multiple crypto wallets where users can store their cryptocurrencies and NFT assets.
- Such a solution should be affordable for anyone by ensuring that all complexities involved in developing from scratch are eliminated through intricate end-to-end development.
- The Whitelabel NFT marketplace should contain advanced security measures, including MFA (Multi-Factor Authentication), Jail Login, and DDoS, that can ensure user safety while using the application.
- Also, providing multi-currency support is crucial as the crypto world today is more than Bitcoin and Ethereum. A readily-launchable NFT marketplace that supports numerous major cryptos will offer a competitive edge for ventures.
- Apart from the basic features, a ready-made NFT marketplace solution should have a few unique features that could be a game-changer for a business using it.
Whitelabel NFT Marketplace: What’s Present in a Starter Pack?
- Crypto Wallet – A Whitelabel NFT marketplace should have a crypto wallet that can support numerous cryptocurrencies and NFTs from different blockchains.
- Storefront – Such a prefabricated platform should have a vibrant storefront that shows details about NFT assets listed for sale on the marketplace.
- Smart Contracts – Smart contracts in a ready-made NFT marketplace solution can help to process NFT sale transactions quickly and securely between users.
- Auction Portal – In such a marketplace, the auction portal can be beneficial for enabling prospective buyers to place bids on NFT items and know live sale updates.
- Admin Portal – The admin portal in a Whitelabel NFT marketplace application can be useful for marketplace administrators to get analytic data and moderate NFTs before listing.
- Seller Portal – Such a platform also has a portal for sellers where they can access data relevant to the sales of their NFT assets and other statistics.
- Search Engine – Another must-have in any NFT marketplace, search engines assist users in finding their favorite NFT collections faster.
- Filter/Sort Options – These options assist users to refine their search for NFT collections that fit their type and cost preferences.
Business Advantages of a Ready-made NFT Marketplace Platform
While the NFT marketplace platform’s business model in itself provides a lot of advantages for businesses, launching it from a Whitelabel solution only supplements the goodness. As always, a ready-made NFT marketplace solution can be launched easily while incurring economic costs.
The platform can also be customized extensively to suit a venture’s needs which also offers a degree of uniqueness to ventures.
Also, suppose a business wants to have an NFT marketplace similar to an existing platform (Example: OpenSea). In that case, a Whitelabel solution built based on OpenSea’s code can be modified accordingly to fit the needs of the business.
Popular Ready-made NFT Marketplace Solutions
- An NFT Marketplace Solution, Like OpenSea, is based on the popular horizontal trading NFT marketplace’s model that can be customized per business needs.
- An NFT Marketplace, Like Rarible, offers governance powers to users, enabling a collaborative business option for people loving to communicate with the Web3 community.
- An NFT Marketplace, Like Foundation, can be useful for selling exclusive artworks listed after expert checks. Even entering the platform as creators is invitation-based, preserving its nature.
- An NFT Marketplace, Like Nifty Gateway, can be utilized as a digital art gallery where artworks are listed for sale after curation by experts.
How Viable is a Whitelabel NFT Marketplace in the Future?
While the global NFT market growth is expected to get back to another level in a few years. The surge in startups opting to choose the NFT marketplace model is also expected to grow.
Such levels of enthusiasm mean that Whitelabel NFT marketplace solutions will be in demand for at least a few years to come as Web3 slowly becomes mainstream.
For some experts, the scope for ready-made NFT marketplace solutions will stay on even after Web3 becomes mainstream, as there will always be aspiring entrepreneurs who will not have enough resources or time to conduct funding. Adding experimental startups to the list only increases the demand for such solutions.
Hence, utilizing ready-made NFT marketplace solutions (check out blockchainappfactory dotcom) has become prevalent among small-scale ventures trying to make a mark in Web3. The fact that many startups strive to make an impact in the NFT space supports the need for customizable Whitelabel NFT marketplace platforms.
If you are looking to run an NFT marketplace based on any genre and you want to capitalize on the trends, it is always best to opt for a ready-made NFT marketplace solution.
Such platforms are available with experienced NFT marketplace development firms that can launch your business quickly at affordable prices. Benefit from such a readily-available NFT marketplace platform to earn huge recognition in the Web3 world.
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