Emerging Tech

Acing White Label NFT Marketplace Development

November 03, 2022
In this blog, we will explore how to create an NFT Store and important considerations with NFT Marketplace Development; so let’s begin!

When you think of NFTs, digital art and collectables probably come to mind. We’ve smashed the digital barrier to creating multiple types of NFTs that give sports and live event fans a one-of-a-kind experience.  These are all about novelty and collectability. 

The Paradoxical Intention

We can mint NFTs with a mixture of digital and physical assets. It can be of three types – tickets, collectables and souvenirs. Building collectability with limited editions, creating scarcity and using time activation, to make the experience sticky and fun. Add to NFT excitement with the customized NFT distribution, configured with free sale drops, live event ordering, on-site sales, and post-event offers. After the initial sales of your NFTs, you can choose to receive royalties, for each downstream transaction. Best of all, crush NFT complexity, by taking care of everything from concept to fulfillment.

What is an NFT Marketplace (Definition and Meaning)

A white label NFT marketplace is a customizable platform to trade cryptocurrencies (digital assets) in form of NFTs. These can be in form of artifacts, signatures, balls, collectibles like player T-shirts, Shoes, video clippings, match highlights, pictures (images), paintings, a virtual storefront in the metaverse, and a digital avatar. A White Label NFT Marketplace is a multi-tested, pre-built, and ready-to-deploy customizable NFT marketplace to buy and sell (plus bid) NFTs, in form of digital collectibles.

NFT Platforms in 2022

These 10 popular Blockchain platforms/networks are most preferable for launching White Label NFT Marketplace in 2022:

  1. NBA Top Shot: For Sports Fanatics
  2. Foundation: From Premium Artists
  3. Nifty Gateway: For high-End and Rare Drops
  4. Objkt: Provides Royalty To Artists
  5. Binance NFT: Low-Fee, Hassle – Free Trading
  6. SuperRare: Ethereum’s Elite NFT Marketplace
  7. STRMNFT: Home of Lady Ape Club
  8. Solanart: The Marketplace of Ethereum’s Rival Chain
  9. Rarible: The Definition of Multiblockchain
  10. OpenSea: The NFT Marketplace Giant

NFT App Development Process

These NFT development environments help the owners to run a profitable NFT business within a short period of time. An open-source white label solution is production grade. Most brands just don’t want to throw up a sub-domain and change a logo, not get control over their font, or the features on the site, that’s no fun. If you want to be a powerful brand, you want to control everything including all the fees and features. This moderate design takes just one developer and three designers to launch in four weeks.

Start with the design, get the DevOps to come in, stand up the entire thing, set up the automated pipelines, and then get in with the full stack development.  Immaculate the theming, do the logo aspect of it, make sure that all the features match your brand, and then get that thing stand up on your domain. And that costs, if you’re going through Rocket Insights, that’s about 86K USD.

It should not be like Squarespace or WordPress, where you can download, install, put some plugins and get started. It typically uses Docker and Terraform, with default configuration, and CMS runs on PostgreSQL. It is Monorepo and is built in TypeScript and Next.js, which is a modern cutting-edge framework, that uses React on the frontend. Firebase for logging, Google Analytics tied in. You can use SendGrid, but you don’t have to. Use the APIs, CMS, and all the models to build a simple NFT app.

Your clients may not be familiar with the crypto space, they may not have a wallet. They might have a Coinbase account. While onboarding goes through the onboarding flow, you can ask PIN number to encrypt the wallet behind the scenes.

What additional features should you include?

It should support multiple pricing models, out of the box. Free NFTs, or redemption code NFTs. Also, there are fixed price and auction-based NFTs.  Redemption Code NFTs are a great way to tack URLs and create QR codes out of that URL. When you scan that QR code, you aren’t already signed up on that site, it takes you through that registration flow and claims the NFT all in one fell swoop. It is accountable for an impressive user experience.

NFT payments can be made via credit card.  The circle can be used to accomplish that. It stores credit card details, and whatever comes in into USDC – the US dollar coin, which is a stablecoin, one-to-one with the US dollar. So, you can hold that in your CIRCLE account. It does not have the volatile swings of another crypto, and at that point, once the transactions happen, you can just move the NFT into the user’s wallet.

What features should a Modern NFT Marketplace include?

  • White Label NFT Minting
  • White Label NFT Staking
  • Lazy Minting
  • IPFS NFT Storage Facility
  • Multi-chain compatibility
  • 100% bug-free source code
  • Unlimited wallet integration
  • Integration of IPFS storage
  • Integrating backend & frontend
  • Multi-tier security
  • Option to change themes (Dark theme or light theme)
  • Multi-functional admin and user dashboard
  • Determine Blockchain network
  • UI development
  • Token Development
  • Coding of smart contracts
  • Deployment in client’s server
  • Beta testing & Bug Fixing

Whitelabel NFT Marketplace Platform Monetization

  • Commission – Charge a commission fee for creating-selling-buying NFT
  • Listing – Charge a fee for listing NFTs
  • Marketing/Promotion – Feature ads on the NFT marketplace platform
  • Auction – Charge a fee for completing every successful auction and boost immediate liquidity of NFT on your platform

Carving Out A Successful NFT App

White Label NFT Solutions ensure a bug-free, fast-performing, and exceptional success rate.  Conduct a smart contract audit to find out inaccuracies, security problems, and liabilities along with methods to fix and alleviate them. It helps protect NFT platforms from attackers and hackers and augments interactions. It should be inexpensive, easy to use, feature-rich and resourceful. Follow up with security standards including CSRF, SSRF, DDOS, etc. to create a safe NFT Development Environment.

Follow up with top NFT development companies for Agile-based NFT Development process which leads to faster development, bug fixing, deployment, maintenance and reduced overall testing time. Rapidly launch white label NFT Marketplace App at a fine price compared to other NFT marketplace development firms.

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