Blockchain technology has become a driving force in almost every industry and currently, Non-fungible tokens are the hottest trend that caught huge attention in the digital market. As recorded by Reuters, the NFT market hit $2,5 billion in sales in the second quarter of this year, witnessing an increase from $13,7 million in 2020. It means that the market for NFT is getting bigger and many businesses have realized the potential of Non-fungible tokens. Consequently, NFT Development is one of the top searched services in the blockchain industry, including NFT Marketplace Development. Nowadays, along with traditional NFT Marketplace platforms, we have another way to develop a platform, which is Whitelabel NFT Marketplace Development. Then, let’s find out what is white label NFT Marketplace and its benefits.
1. What is Whitelabel NFT Marketplace?
White label products are manufactured by third parties but sold by a different organization with their own branding and logo. Cars are a good example of white label products as all automotive parts are not manufactured by the brand itself. Instead of that, other organizations will take responsibility for producing steering wheels, tires, hoods, windshields, etc. Normally, brands will concentrate on building a brand name, marketing strategies, enhancing users experience, researching and developing new products, and leave producing processes for third-party organizations.
The biggest advantages of white label products are enhancing efficiency, avoiding time and manpower resources wasting for a brand. Instead of spending time and effort to build and train employees in fields that brands do not have expertise and experience, hiring other companies to do it seems to be more effective. That’s why white labeling is used widely. The concept of white labeling in NFT Marketplace is the same as white label products. In traditional NFT Marketplace Development, the whole platforms are built from the scratch and can not be fixed easily, while white label ones are available to use with high flexibility. NFT marketplace is where NFTs are stored, traded, or displayed. Currently, Opensea and Rarible are the most popular NFT marketplace.
2. Benefits of Whitelabel NFT Marketplace Development
a. Time-saving and cost-saving
Normally, it takes at least 3 months to build and develop an NFT marketplace platform. If your platforms require a high level of sophistication and complex features, the process of developing can take 9 months to 12 months. Developing an NFT Marketplace platform from scratch is not easy since it takes a lot of time and money, and these platforms are normally built by experienced experts. Consequently, the cost for an NFT marketplace fluctuates around $100,000, not to mention the fees for adding extra security layers or functions. However, the white label NFT marketplace is considered as a solution to overcome the disadvantages of traditional ones. Publishing a white label NFT marketplace takes less time than traditional ones, even with unique and advanced functionalities. This platform brings opportunities for small businesses that want to build their own NFT marketplace platform but have a tight budget. By using white labeling, they can compete with large-scale organizations.
b. Built-in security
Security is always a huge concern for people who hold non-fungible tokens. If an NFT marketplace lacks a high-security system, it will lead to serious damage since NFTs and users’ information such as wallets can be leaked or stolen. Normal NFT marketplace platforms need advanced security layers but integrating it into a complex platform built from scratch is difficult and expensive. In contrast, a white label NFT marketplace provides their customers available built-in features so that they don’t need any extra work to upgrade security systems. It also cut expenditure on testing and auditing the security systems as white label development companies are in charge of that.
c. Wallet integration
Integrating wallets into the NFT marketplace platforms brings better convenience for customers and enhances users’ experiences. Traders can find it annoying to log in to their personal wallet, then connect with the NFT marketplace before doing trading activities. They prefer a functional marketplace that integrates with wallets for better convenience and non-fungible tokens’ management. White label NFT marketplace not only satisfies traders with an integrated wallet but also saves time and money for businesses as they don't need extra development of functions on the current platform.
d. Highly flexible and customizable
In contrast to normal NFT Marketplace Development, white-label ones provide flexibility as it allows users to customize and configure easily. For example, in the white label NFT marketplace, UX and UI can be customized based on users’ specifications, which makes your platform more special and unique. Moreover, users can integrate the platform with the Polkadot protocol for cross-chain connectivity, which brings a better users experience. However, customizing features in a white-label platform is limited. If you want to have complex and specialized features or strong security systems that require sophisticated layers, perhaps whitelabel NFT Marketplace Development is not a proper choice. Instead of that, you should hire an experienced team to build a suitable plan for platform development. White label marketplace platform is the best suited for businesses that require only basic features.
3. Choosing a Whitelabel NFT Marketplace Development company for your businesses
It is predicted that blockchain and NFT will become huge in the digital market. In the past, it was hard to stabilize and build an NFT market due to several technical problems and high costs. However, now we have white label NFT Marketplace Development as a great solution so that small-scale or large-scale businesses are enabled to develop their own platforms at affordable prices.
The white label NFT marketplace platform is expected to flourish in upcoming years. So, if you have the intention to build your own NFT marketplace from scratch or white label platforms, don’t hesitate to contact us for free blockchain consulting. SotaTek is the leading NFT Development company that provides other blockchain-based services such as Whitelabel Crypto Exchange Development, NFT Game Development, NFT Software Development, NFT Marketplace Development. With a top blockchain developer team, we will help you to build a suitable and detailed roadmap for developing platforms based on your requirements such as the budget, designs, functions at a reasonable price.