With NFT sales soaring last year, the term has gone from being a vague and niche thing that only a few weird coders tossed around to becoming one of the most talked-about topics in the world. To facilitate and profit off of the NFT boom, several NFT marketplaces have sprung up, with some turning people into millionaires overnight. With so many opportunities to explore, investors want to figure out and occupy various niches to spread their influence far and wide in this new and flourishing business.
Now you might be wondering why you don't see everyone scrambling to start NFT marketplaces if they are as profitable as they sound. The answer is simple: it’s very hard.
It takes months, if not years to fully develop an NFT marketplace from scratch, so forget about developing it on your own from your mother’s basement. You need a keen grasp of business strategies, as well as a ton of programming knowledge to even begin understanding what goes into NFT marketplace development. This is where white-label NFT marketplace development comes in: to help individuals or small organizations set up their NFT business without needing to know all the technical stuff.
White label software has been around for a long time, even before the advent of blockchain technology. The term refers to a product or service produced by one person or company that another person or company can rebrand as if they had made it. There have been thousands of businesses where the sole purpose is to supply white label software to other businesses.
So when the NFT marketplace development sphere started building momentum, these white-label suppliers were happy to extend a helping hand in the form of white label NFT marketplace development, which is what led to the hype you see now surrounding White Label NFT Marketplace Development.
The biggest hurdle when trying to start an NFT marketplace is the development of the actual marketplace itself or finding the right people to get the job done. White label development companies help people overcome this by building a team of developers who work full time, taking care of all the technical aspects, so clients can focus on the business side of things, resulting in a better product overall. The company that developed the product then receives financial compensation for all its services. This business model is also extremely lucrative, with dozens of new white-label NFT marketplace development companies popping up every day.
It is worth noting that in recent years, one specific niche within the white label NFT marketplace development sphere, called clone script development, has been on the rise. Clone scripts are copies of existing NFT marketplaces but can be customized by adding or removing features and functionalities to better suit the user’s requirements. These clone scripts are popular because they feel familiar to people who have used the original marketplace on which the clone is based, making it easy for the users to transition from one to the other.
Next up, let's talk about some of the functions and features for your business that are considered mandatory to check on the features and functionality. Storefront is a mandatory feature that lists the details of the NFTs listed in the Marketplace. An informative and attractive storefront does wonders for user immersion and satisfaction.
The Filters and categories in your White label NFT Marketplace let the cataloged NFTs be sorted and categorized in order. You can also bring in advanced, user-friendly suggestions based on user data, enhancing the user experience through thoughtful innovations.
The Search option in your Marketplace can be supported with tagging and categories, while advanced search options allow users to get what they are looking for at a quicker pace.
The buy and bid facility is an important aspect that allows traders some flexibility regarding the pricing of their creations. These functions must be tightly coordinated in the platform, Where the buyers check on the functions like base prices, timing, highest bid, etc in real-time.
Last but not least, is Wallet integration. It is always a good idea to let your platform support multiple wallets like Metamask, MyEtherWallet, etc.
Most white label NFT marketplace development companies serve various markets simultaneously. Six of the major markets that have benefited greatly by taking advantage of white label NFT services are:
Now that we have gone over all of that, we are finally ready to answer the question “how did the white label NFT marketplace development hype start?”
The success of the white label development business model can be attributed mostly to
The white label NFT marketplace development business is still pretty new, but thanks to the massive amounts of funding it is receiving, the business is progressing rapidly. Who knows what the landscape will look like in a year or two? The only certain thing is that blockchain technology has shaken up a lot of people’s lives.