Investment decisions have always evolved (over the years) due to advances in technology. However, non-fungible tokens (NFTs) are unique blockchain-bound digital assets that have revolutionized investment decisions since the start of 2021, leaving Gary Vaynerchuck to compare them to beanie babies.
This article discusses such a source of investment in the form of a white label NFT marketplace platform without restraint !
What is a White Label NFT Marketplace?
The White Label NFT Marketplace is a customizable, prebuilt NFT platform that meets your specific business needs. The white label NFT market trades NFTs of various domains similarly to NFT platforms. Rather than NFT platform development (from scratch), most of the entrepreneurs opt for white label NFT market development for their crypto sphere business.
Their rarity and uniqueness demonstrate the importance of NFTs. No third party or anonymous user may use the platform to sell falsified works. Accordingly, the market will first verify the authenticity of NFTs and the credentials of the owners. They operate similarly to auction houses, which prove the authenticity of a product before bidding. Then, the platform will evaluate the NFTs to determine their ownership and authenticity.
What is special about the platform?
The most popular platform in the crypto space for making billion dollar profits is a white label based NFT market software. Therefore, launching a white label NFT marketplace is the most common reason why business owners choose it.
#1 Profitable Platform
Compared to developing a bespoke solution, the most significant advantage of a white label NFT marketplace is the significantly lower cost. For starters, you’ll save money on the initial development costs of building an NFT marketplace from scratch.
You won’t have to pay ongoing maintenance fees with a white label NFT marketplace like you would with a custom marketplace; your service provider will maintain the platform and will be available to help you whenever you need it.
Since each NFT token is distinct, extra care must be taken to determine who owns these NFT tokens. Therefore, special attention should be paid while designing security features for the NFT market. For example, data integrity and security can be compromised if data encryption procedures are faulty. A white label NFT marketplace, on the other hand, comes with built-in security and requires no extra effort. Additionally, since the developing company has rigorously tested and audited the white label NFT marketplace platformyou won’t have to bear the burden and expense of a security audit.
#3 Transparent Customizations
A white label NFT marketplace gives you the customization and flexibility of a custom NFT store without the high costs or long development times. It includes custom features tailored to your NFT project and customizable design and domain name to ensure that your NFT Marketplace perfectly matches your game brand. The ability to customize your NFT Marketplace helps you differentiate yourself from others gaming projects and delivers more value to your customers while increasing your profit per transaction and conversion rate.
Can I monetize the white label platform?
Of course you can!
Monetizing a platform is the foundation of your crypto business. A platform like the white label NFT platform shines brighter (in this aspect).
- Commission – You can charge commission fees for creating, selling and buying NFTs on your market platform. Therefore, commission fees are one of the revenue generators of the NFT market platform.
- Registration fees – You can charge a fee for listing users’ NFTs in your NFT Marketplace’s store, and the pricing value of the NFT determines the cost on the platform.
- Advertising spaces – You will deploy personalized ad spaces for brands within your marketplace platform, allowing you to monetize your business.
Now that we have an overview of monetization opportunities with white label NFT marketplaces, we can start to expand.
On the way to the NFT Marketplace platform
Choosing your niche should be the first and most important step in developing an NFT marketplace platform. Individuals have many options in NFT markets because they are so big. However, this means that specific NFT platforms only focus on one aspect. There are NFT sports markets, for example, where you can trade your NFT sports collectibles. Similarly, several specifications focus on various aspects of NFT use cases such as games, virtual lands, music, art or cryptographic arts, etc.
Choosing an ideal blockchain network is the next step. You can choose from different blockchain networks including Ethereum, TRON, Polygon, Cardano, BSC and others. Choosing a smart blockchain with great features and low transaction fees will attract more people to your market. Unfortunately, Ethereum’s exorbitant gas fees have deterred users from using it.
Moving forward with a white label service provider
The white label NFT marketplace platform may be a new concept, but white labeling (in general) has been around for many years. White labeling offers companies an easy way to extend their service offerings to their customers without developing the product or service themselves.
Many companies don’t want to waste time and internal resources learning skills that can take years to master. By incorporating a white label NFT marketplace platformyou can specialize in your expertise while providing excellent real-time customer service to your clientele.
You might like to develop your platform from scratch, but that will take time and resources away from your core business. There is also no guarantee that your target market will receive your finished product. Investing in a pre-built and tested white label solution will save you time, money and human resources.
One of the most important benefits of white labeling is this. By offering more services to your customers, the white label can help you generate new sources of revenue. It’s also a great way to attract new customers to your business.
Historically, smaller players have struggled to compete with larger players in any industry. They just don’t have the manpower to provide all the services that big companies can provide. In this case, white labeling can help level the playing field.
A white label NFT marketplace platform gives you more control on the promotion side. Traditionally, saying no to a client because you don’t have the time or resources to accept a new service offer has been difficult. You can quickly and easily add the categorical NFTs your customers are looking for with white labeling.
Ultimately – it all boils down to this – hiring a viable technology partner (aka) an NFT market development company that effectively jump-starts your business.
If you need help hiring such a company, drop your query in the comment section.