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Developing WhiteLabel NFT Marketplace: Basics, Benefits, Scope

Here is some point to understand the development of WhiteLabel NFT Marketplace

By Konstant InfosolutionsPublished 2 years ago 5 min read
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White Label NFT Marketplace

We’ll traverse through the reasons and basic steps to accomplish Whitelabel NFT Marketplace!

Bitcoin is a new currency that is as new as its name. It does not involve any banks and transactions are made with no middlemen. There is no transaction fee and does not necessitates giving your real name. These can be used to buy merchandise anonymously.

Stepping into NFTs

NFT is an abbreviation for Non Fungible Tokens, which is a way to buy and sell physical objects (art, games, music, tweets, digital collectibles, sports, real estate) for cryptocurrencies like Bitcoin. Indian companies across business sectors have started experimenting with NFTs as a marketing tool to expand their presence in the new digital domain of metaverse.

How to Create Your Own NFTs?

To go about creating an NFT - Include what types of content to use, where to source content, add artistic design, write an NFT description, add optional unlockable content, and set an optional ongoing royalty. Additionally, it requires creating a collection, setting a price or starting an auction, minting, selling and buying NFTs have to be done with care to avoid getting scammed. It is also in the best interest to have a primer on Blockchain - Ethereum Cryptocurrency, and “Gas” fees.

What is Metaverse?

Metaverse refers to a shared, round-the-clock digital environment that often makes use of virtual reality (VR). It is trendy as the pandemic forced people to interact online, while advances in VR headsets made it feasible.

How Brands Are Soliciting Into Metaverse?

  • M&M’s 4 NFTs fetched Rupees 26 Lacs
  • MakeMyTrip is also into selling NFTs
  • CEAT is opening a virtual shop
  • MG Motor is selling over 1,000 NFTs at Rupees 500 each. MG Motor India plans to make its followers own a piece of the company through NFTs.

How to Set Up an NFT environment?

  • Creating NFTs is easy. Set up a wallet, create a collection, add NFT to the collection, and list them for sale.
  • Buyers can browse and purchase NFT by paying directly with a cash/credit card or crypto wallet.
  • Sellers can sell their NFTs at a fixed price or via an open auction. There can be two ways to buy and sell NFTs - Crowdsale, and ICO with the token distribution. Either way, you can raise a pre-order in advance of selling tokens outright (like Golem), by being aware of security problems in smart contracts.

Whitelabel NFT Marketplace Development

NFT Marketplace should be able to resolve the issues with high gas fees, user-unfriendliness, lack of protection for buyers and lack of promotion for creators. It securely stores all trade and transaction-related details with complete information about content creators like their name, location, photo, and their work history.

An NFT Marketplace is a platform to list, sell, and purchase Non-Fungible Tokens (NFTs). A White Label Solution is a compatible technology that involves developing new marketplaces to list, mint, and trade NFTs efficiently.

A white-label solution to develop an NFT marketplace is a ready-hand and the most viable way that imbibes the capabilities of pre-existing marketplaces along with additional - new attributes to suit the demand and available platform. This method saves time.

While you think about setting your NFT marketplace, also consider:

  • What deadlines should you set to sell tokens?
  • Should they stay on smart contract forever or should they become accessible within some time window once all payments have been made?

What Features Should a Top-Notch NFT Marketplace App have?

  • Eliminates intermediaries: Content creators on NFT Marketplace get paid right for their valuable work as no third parties are involved. They are not required to pay any brokerage or commission to anyone.
  • Integrated Digital Wallets: The earnings from cryptocurrencies can be safely stored in integrated digital wallets within NFT Marketplace applications. It acts as a database of digital wallets like Fortmatic, Coinbase wallet, MetaMask, Portis, MyEtherWallet, WalletConnect, and Trust Wallet. These are compatible across platforms and can be secured with secret code/passwords, and private keys.
  • Storefront/Dashboard: It lets buyers purchase high-end NFTs sold by top artists, designers, and game developers.
  • Instant Push Notifications: It updates users with auctions, the latest changes in prices, new NFT launches, and the status of bids.
  • Technical Support: Crypto-collectible Traders and NFT Content Creators can access dedicated help centers to resolve any issues faced while using the NFT platform. They can avail of support services to resolve any problems in bidding in the auctions, processing transactions, and uploading content.
  • Making Bids: It enables placing a bid for the NFTs available for open auction.
  • Filters: To search a specific NFT, which are recently listed, highest price, lowest price and most popular.
  • Marking Favourites: Marking as favourites, and saving them in one category
  • Unlockable Content: It unlocks special content only upon a successful NFT purchase. E.g: Coupon code, discount, next purchase offer
  • Add Collaborator: The sellers can add collaborators to create new items, modify collection settings, receive payments and change the collection’s royalty payout address.

Best NFT Marketplaces (2022)

BitDeal, Blockchain Apps Developer, Crypto.com, CryptoCurrency exchange Script, INORU, Maticz, Turnkey Town, NFT LaunchPad, OpenSea, Rarible, Binance, Colexion

How should you decide on the best NFT Marketplace Development?

Here are some key techniques to consider when choosing an NFT Marketplace:

  • Types of NFT Marketplaces - NFT marketplaces can feature universal non-fungible tokens, peer-to-peer markets, levy minting costs, and accept all cryptocurrencies. Before considering the type of NFT marketplace website that you wish to create, consider researching a bit on all these factors, and the tokens upon which the marketplace is to be based like Bitcoin, Ethereum etc.
  • The verification process for creators - Select a platform that offers verification, authentication, authorization, and validation process for creators.
  • Price Discovery - Select the right price for your NFT Marketplace considering buyers, and sellers, price discovery, gas fee, token volatility, risky trading, transparency etc.

Conclusive: What scope do cryptos and NFT Development Services carry forward?

NFT Development companies facilitate Indian digital content creators to seek royalties and do not pose the threat of developing into an unregulated currency. NFTs solve the problem of ownership tracking, decentralization, and value storage. It presents numerous opportunities for digital creators - (1) as they are subject to regulatory rules by the government, (2) these ensure that all content creators get proper royalties from resales or use of their creation. Also, being on the blockchain every transaction that takes place can be tracked by the copyright holder/creator. This is in drastic contrast to the traditional art forms where collecting royalties can prove incredibly difficult. Therefore, NFTs are here to stay.

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About the Creator

Konstant Infosolutions

Konstant Infosolutions is a globally recognized brand for developing web as well as mobile app solutions. Their forte is to satisfy customers, industry wide and work towards greater satisfaction.

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