Non-fungible tokens (NFTs) are an outstanding example of how blockchain technology’s applicability and use cases have continually expanded. As a fresh asset class, these crypto tokens have sparked the continuing “NFT revolution” in the crypto world. So much so that in the first six months of 2021, these digital assets sold for more than $2.5 billion.
The marketplace in which an NFT token is traded is what makes it a success. Its security and user experience contribute considerably to income, which raises the question of whether you should employ an existing NFT marketplace Whitelabel development solution or create one from the ground up.
What is the Nft White Label Marketplace, exactly?
The white-label NFT platform is known for quickly entering the NFT sector, and white-label refers to the task of making a platform with high customizability and sophisticated features at the same period. These pre-built white-label marketplaces can be downloaded and implemented by the customer.
White-label NFT markets are one of the best ways for customers to be on the cutting edge when it comes to selling NFT services.
Is a White Label NFT Marketplace Right for You?
We’ve created a list of reasons why we think you’ll benefit from a white label NFT marketplace:
Adding things that aren’t included in the standard
Every marketplace platform has its own set of traits that distinguishes it and makes it desirable. While you can accomplish it on your own, a white label solution will save you time and money. Because the majority of these NFT marketplaces are open source, you can add bespoke features to meet your specific needs.
The Benefits of a White-Label NFT Market
When it comes to the development process, the main benefit of a white-label NFT marketplace is accessibility. Because these platforms appear to be completely generic at first appearance, they become simple to develop, and you’ll be able to accomplish so in minutes. Furthermore, with Moralis, this procedure is made even easier because you can use a pre-built backend infrastructure. As a result, you won’t have to “reinvent the wheel” because the platform will handle the majority of the hard lifting.
An implementation that is both cost-effective and efficient
You can build your own NFT marketplace from the ground up, but expect to pay at least $100,000. The expenses escalate as more levels of safety and functionality are implemented. Building a white label NFT marketplace, on the other hand, will be less expensive, saving you thousands of dollars.
Built-in safety features
Although each NFT token is distinct, more care must be exercised in discovering who owns these NFT tokens. As a result, when building security features for the NFT sector, special care must be taken. Data integrity and, ultimately, security may be jeopardized if data encryption processes have flaws. A white label NFT marketplace, on the other hand, comes with security built-in and requires no additional work. Furthermore, because the white label solution is rigorously tested and audited by the developing firm, you will not have to bear the burden and expense of security auditing.
The addition of a wallet
The problem with building your own NFT marketplace platform is that you’ll have to focus on wallet generation separately. You must also focus on building wallet integration services in order for the platform to function. A white label NFT marketplace, on the other hand, includes a built-in wallet, saving time and money.
Rapid technological advancement
It would take a long time to create your own NFT marketplace from the ground up. The development of an average NFT marketplace platform takes at least three months. However, depending on the level of sophistication and specific platform features, it could take up to a year or more. On the contrary, even with complicated functionality, launching a white label NFT marketplace takes substantially less time.
Furthermore, although being generic, white-label items serve as excellent foundations for additional personalization. You can relieve much of your workload with a rapid and straightforward development process, allowing you to focus more on building a compelling user interface (UI) and user experience (UX).
When working with Moralis, launching a white-label NFT marketplace also allows you a lot of freedom. You can quickly customize and implement new features by using the operating system’s tools. As a result, you can ensure that the platform is tailored to your target market and includes the functionality you require while avoiding gimmicks.
Finally, white-labeled software has undergone extensive testing. As a result, when developing a white-label NFT marketplace, you won’t have to worry about bugs or other development concerns.
We can go on to the main half of this post, which is about launching the NFT marketplace, now that we have a clearer knowledge of what a white-label NFT marketplace is and the benefits of launching one.
The advantages and disadvantages of utilizing Open NFT
We believe you’ve gotten a solid notion of the advantages of a white label solution by now. We also hope that you have a clear understanding of why OpenNFT is the best option for you. Right now, though, we have something different to say. However, it is also our job to inform you when a white label solution should not be used.
Specifically, if you require a high level of customization and specialized features, a white label product may not be appropriate, and it will be far preferable to construct it from the ground up. The only catch is that you’ll need adequate resources to do so–either hire a reliable staff or keep it in-house.
Having said that, Ethereum offers a lot of advantages when it comes to creating NFTs and marketplaces, and it might be a good fit for a lot of projects, especially those who want to take advantage of its network size. However, it also introduces challenges like as high development and maintenance expenses. In light of these issues, we believe Algorand is a better option for meeting your needs.
Suffescom has a team of professionals who can help you start from the ground up with your NFT marketplace. However, if what you’ve read about OpenNFT convinces you that it’s a better fit for your needs, we may assist you in tailoring it to your needs. Because the OpenNFT code is available under an open source license, you can use it to build anything.
Non-fungible tokens (NFTs) are an outstanding example of how blockchain technology’s applicability and use cases have continually expanded. As a fresh asset class, these crypto tokens have sparked the continuing “NFT revolution” in the crypto world. So much so that in the first six months of 2021, these digital assets sold for more than $2.5 billion.
The marketplace in which an NFT token is traded is what makes it a success. Its security and user experience contribute considerably to income, which raises the question of whether you should employ an existing white label NFT marketplace solution or create one from the ground up. You can even go for an NFT gaming platform development company for the gaming marketplace.
