White Label NFT Marketplace
White label NFT marketplace is an exclusive customized marketplace developed to list digital assets in the form of NFTs. The NFTs listed may be any digital assets like arts, videos, images, metaverse and more digital collectibles. Creators list their NFTs in auction or openbid as per their needs and users trade NFTs in exchange for cryptos in the marketplace. White label NFT marketplace can be customized upon the client's business requirements to drive traffic and build a brand reputation for their marketplace.
White label NFT marketplace is a ready-made platform that can be customized as per the client's business requirement. A white label NFT Marketplace has become the most popular platform in the crypto sphere to generate profits in millions. Entrepreneurs mostly choose white label NFT marketplace because of the business benefits in launching a white label NFT Marketplace.
White Label NFT Marketplace Development
NFT marketplace is developed mostly in either of the two ways. NFT platform development from scratch and another one is a customized white label NFT marketplace development. Developers work on the developed marketplace script as per their clients requirement to present a white label NFT marketplace. The NFT marketplaces are mostly built on famous blockchain networks like Ethereum, Binance Smart Chain, Solana, Cardano, Polygon and other blockchain networks that are in current trend.
White label NFT Marketplace Development Process
Blockchain experts plan white label NFT marketplace development according to the following workflow. Entrepreneurs and businessmen need to pre-plan their platform features with the experts for a better result.
UI development
Smart contract development
Storage Setup
Integrating backend frontend
On testnet
Deployment
UI development
The developers build the best user interface of the platform with the most attractive theme and to showcase the platform's features, developing an attractive user interface providing the best information of the platform will drive initial traffic to the marketplace.
Smart Contract development
The NFT marketplaces are decentralized platforms and are not monitored by a third person or by any admin. But these marketplaces have to be monitored to avoid spam and misleading transactions, to monitor that smart contracts are programmed and all functions in the marketplace are monitored with these smart contracts.
Storage Setup
The transaction information of the platform and user’s information has to be stored and at the same time, the NFTs listed on the marketplace also has to be stored. Developers build IPFS storage to store the NFTs and develop DB to store user's data.
Integrating backend frontend
After completing the backend and frontend development process developers integrate the frontend user interface with the backend functions by setting up buttons and more. Developers start their integration process once the clients accept the UI design.
On Testnet
Once the platform is completely developed the developers run the whole white label NFT marketplace on testnet to identify the bugs in the platform and work on it to remove all those bugs. Experts work on testnet till the marketplace works perfectly.
Deployment
Once the platform works perfectly, developers deploy the white label NFT marketplace in the client's server and will be made live for the global users to access the platform and trade NFTs with cryptos.
To know NFT marketplace development process in detail check out How to create an NFT marketplace blog.
How does White Label NFT Marketplace function?
White label NFT marketplace functions with the programmed smart contracts and the platform functions vary for NFT buyer and seller.
Buyer
A crypto user who wants to buy NFT needs to sign up to the NFT platform with his crypto wallet and by providing the user information. Once signed up the users will be able to trade NFTs listed on the platform by bidding. The listed NFTs will be in auction or openbid if NFTs are placed under auction then the user will be able to bid and only if the seller accepts the bid value the NFT is transferred to the buyer wallet. In the case of openbid, the seller pre-determines the NFT value and lists it on the NFT platform. So in this case, once the buyer bids the NFT and NFT is transferred to the buyer wallet and the cryptos are transferred to the seller wallet.
Seller
A seller also has to sign up to the NFT platform as mentioned with all the information. After signing up to the platform the user has to mint his digital asset as NFT. Minting is a process where the digital asset is minted on a blockchain network and the NFT information will be stored with an address on the blockchain network. Once minted the seller lists NFT in the marketplace in auction or openbid by determining the crypto value for the NFT. The NFT is minted on the marketplace once the seller pays off some service fee to mint the digital asset as NFT.
Why should one launch White Label NFT Marketplace?
Crypto enthusiasts may think of why should I choose a white label NFT marketplace instead of developing a marketplace from scratch. Let me clear it, developing an NFT marketplace from scratch is a good idea as it presents a unique platform, unique functionalities, and unique features. But the development of the NFT marketplace from scratch will take a lot of time and cost when compared to the white label NFT marketplace. As an entrepreneur and a businessman entering a crypto sphere business for the first time may think of developing and launching a white label NFT marketplace because of its cost-cutting benefit and it can be launched within a minimum time period.
Summing up
NFTs have been the most trending topic of 2021 and the same continues in 2022, the NFTs business has skyrocketed and this is never going to be down. NFTs have set over a billion-dollar market value record in 2021 and it is expected that NFT will reach new heights and make new records in 2022 when compared to 2021. Entrepreneurs launching their crypto sphere business with white label NFT marketplace will be making their profits in millions. Maticz, the leading white label NFT Marketplace development company will plan and develop your world-class NFT platform on various blockchain networks like Ethereum, Binance Smart Chain, Tron, Cardano, Polygon and Solana. Rarible clone and Opensea clone script are the famous white lable NFT marketplaces
