Non fungible tokens or NFTs have taken the world by storm. We are not only looking at celebrities and renowned artists launching their own NFTs but even the smallest of aspiring entrepreneurs. The problem with clutter, however, is the fact that even the most awesome NFT collections might get lost in the crowd. While marketing your NFT is a task in itself, there is also a need for you to compete with other players who might be vying it to attract the same audience as yours.
In this fast-moving world when NFTs and NFT projects are getting launched left, right, and center, one of the most lucrative business avenues you can capitalize on it’s by launching your own NFT marketplace. Launching your own marketplace today can be considered quite similar to launching your own e-commerce marketplace in the break of the new millennium. If you are early to start, the possibility of you making a profit is proportionally higher.
Why Start Your Own NFT Marketplace?
As we have said before, an NFT marketplace is one of the most lucrative businesses you can look at in this Web3 era powered by the blockchain.
With a flurry of people launching their own NFTs, they will need to look at a marketplace to effect transactions. For the volume of NFTs that are being created, there is always an opportunity for any new marketplace to not only make a presence but also a massive profit in the space.
What are The Different Avenues of Profit?
There are multiple ways in which an NFT marketplace can make a profit. Let us look at a few of them:
Listing Fees:
Any NFT marketplace can charge a small amount from people who want to list their NFTs for sale. While this listing fee can cover the main cost, you might also want to consider taking a small profit from this transaction.
Transaction Fees:
Every time an NFT gets traded on the marketplace, you can take a small cut from the transaction amount. This is a classic example of how little drops make a mighty ocean. It should not be forgotten that some gaming NFT marketplaces made a profit of $45,000 within 24 hours of its launch with just the transaction fees alone!
Premium Listings:
In desperation to sell their NFTs, some users will be willing to pay a premium amount to get their NFTs listed on the top of the homepage or the search results. This is quite similar to advertising on high visibility platforms like YouTube and Google. Needless to say, any aggregator can make a profit by introducing sponsored/premium listings.
Collection Launches:
Some people drop NFTs as individual creations but there are some projects that are taken as complete collections. If these collections are launched on your marketplace (because your marketplace has a certain value/brand image associated with it), you can, in addition to the transaction and listing fees, also charge a premium amount for listing the collection. While this might work symbiotically, it is also one of the most lucrative avenues for you to explore when it comes to making big profits with fewer projects.
With so many possibilities, it is only sensible that you invest in NFT marketplace development… Because it has a high probability of giving you a good return on your investment.
The Importance of Going White Label NFT Marketplace Development
In an extremely competitive landscape like NFT marketplace development, time is of crucial importance. Every moment wasted in launching your NFT marketplace costs you heavily because someone else is taking that place. Conversely, your quick launches would ensure that you have a head start ahead of your competition.
Here is where the relevance and importance of having a dependable quick launch solution for your NFT marketplace come in. There is nothing else that is more dependable than a white label NFT marketplace.
Why Go White Label NFT Marketplace Development?
Unlike the classic NFT marketplace development process which starts from scratch to build your platform, the white label solution is available as a product and you can pick it just off the shelf. This would mean that you save a considerable amount of not just money but also time.
Since it is purchased as a ready-made product, you can be assured that it is free from bugs and glitches that might interfere with the expected basic functionality of the system. The product has been thoroughly tested for performance, and what you get is nothing short of a completely finished and perfected product, offering you a turnkey solution for launching your own NFT marketplace.
Does this mean that you compromise on customizability? Definitely not! Most white label Austin marketplace solutions are extremely customizable, and the extent of customizability is so much that in the end, you will not even feel that it was a white label product. The product can be made to have your visual signature in every possible way, giving it your signature style.
Therefore, a white label solution is one of the most reliable ways to launch your NFT marketplace in 2022.
What Should You Look For?
There are a lot of white-label NFT marketplace solution providers in the market. Here arises the need for you to distinguish the mediocre from the excellent. You should consider certain factors when you choose your white label NFT marketplace solution.
Security:
Security is of paramount importance for any blockchain product, and an NFT marketplace is not an exception. Your NFT marketplace, for the administrator, should have two-factor authentication to ensure that there is no unauthorized access. The marketplace, while it should seamlessly integrate with major wallet providers, should also ensure that there is no compromise on security when it comes to bridges. In addition, if the marketplace has its own wallet, a multi-signature wallet will ensure added safety.
Versatility:
Your marketplace should be able to accept a variety of NFTs. The NFTs might include art, music, videos, and even domains. The more versatile and accommodative your NFT, the more volume of transactions/users you will be able to attract. The white label solution that you go for should be able to provide you with enough options for you to expand your offerings. Your marketplace should also be able to operate across multiple blockchains, giving you an option to attract NFTs minted on all major blockchains.
Intuitiveness:
At the end of the day, your marketplace is something that faces a user. Therefore, the marketplace experience should be designed in such a way that it is intuitive, interactive, and easy to use. The user experience should be flawless and it should be able to attract users with different levels of understanding. In most cases, the user interface is the one that defines the awesomeness and marketability of your NFT marketplace.
Final Words
White label solutions are nothing short of bliss, and when it comes to white label NFT marketplaces, they present as the most dependable solutions. If you are one of those aspiring entrepreneurs who would like to invest in white label NFT marketplace development, you will need to get in touch with one of the best white label NFT marketplace solution providers.
They will take care to understand your requirements and present you with a perfectly functional, completely customized, and extremely marketable NFT marketplace, so you can jumpstart your NFT marketplace business in the shortest possible time.
