White Label NFT Marketplace: A Complete Beginner’s Guide

1 . What is a White Label NFT Marketplace? An Overview

A white label NFT marketplace is a pre-built and ready-to-deploy digital trading platform where anyone can buy, sell, and bid on NFTs. Thanks to the path-breaking technology, Blockchain, which made the creation of unique and irreplaceable NFTs or digital collectibles possible.

The scarcity and singularity attributes ensure that no anonymous user or third party can replicate someone else’s artwork for personal monetary gain or interest.

The platform meticulously examines the legitimacy and originality of the NFTs and their owners. The marketplace works in the same way auction houses demand product authentication before a bid is placed.

A specialized and tested marketplace for NFT trading provides ample opportunities for creators to monetize their digital assets.  In fact, this ready-made solution is customizable and can be tailored to cater to specific business needs.

2 . Benefits of a White Label NFT Marketplace for Your Business

There are multiple persuasive benefits of the NFT marketplace that compel businesses and entrepreneurs to venture into the NFT world with a top-notch white-label NFT marketplace. Let’s take a look at its noteworthy advantages.

Time-efficient

Building a traditional NFT marketplace is a time-consuming affair, extending more than three to four months. White label marketplace is pre-built and hence, requires only a minimum level of customization to launch.

The drawbacks of building an NFT trading platform from scratch can be addressed with a pre-made white label NFT marketplace as it expedites the process of development.

The streamlined method ensures that businesses get to make the most of the market opportunities and stay ahead of the competition.

Customizable

With the underlying framework of the marketplace already set, the only thing that needs focus is customizing it as per your business needs. You can incorporate your branding elements and  UX requirements to make it a one-of-a-kind and brand-focused marketplace.

By striking a perfect balance between customization and scalability, the White label NFT marketplaces guarantee that the platform stays updated and meets the preferences and expectations of the target audience.

Cost-effective

Since this type of NFT marketplace is not built from the ground up with intricate processes of coding and testing, the cost is comparatively much lower. Particularly, for startup and medium-sized companies where budget is an issue, While label solution is the savior.

It relieves them from the financial burden of developing a traditional NFT marketplace with exorbitant costs. They can get a fully functional and customizable NFT marketplace with a minimum investment.

Simplified Integration

Building an NFT trading platform involves complex integration such as digital wallet, payment gateways, user interfaces, smart contracts, and community features.

The integrations in a White label platform are pre-configured which allows businesses to deliver a flawless user experience. With the key features already integrated, your platform owns a chance to stand out from other NFT marketplaces and add value to your users, boosting revenue, and conversion rate.

Built-in Security

The unique nature of the NFTs demands that proper attention be paid while establishing asset ownership. Built-in security features and pre-configured security protocols in the white label NFT marketplaces minimize the risk of threats to NFT assets.

Since they are already equipped with security features, they ensure that the distinguished assets of the creators remain secure and immune from vulnerabilities.

Scalability

 White-label NFT marketplaces offer great scalability and flexibility to ensure they accommodate a large number of active users and handle more asset inventories without any interruption. The seamless customization guarantees that your company’s branding is adequately reflected in your NFT shop.

The domain name, design, and features can be specifically tailored to your NFT project needs. In fact, it offers businesses a great level of flexibility and convenience.

3 . Key Technical Features of a White Label NFT Marketplace

White Label NFT marketplace has gained momentum over the past few years and has become a subject of interest for entrepreneurs and stakeholders due to its high customizability and cost-effectiveness.

Features of any platform can make or break its success. However, with faster time to market and high-end functionalities, white label NFT marketplace has been topping the charts. This segment outlines the significant features that are must-haves in an NFT marketplace.

Custom Design and Branding

The white-label NFT marketplace offers businesses immense scope to customize the platform in a way that resonates with their brand. Whether it is the logo, color choices, graphical elements, or the platform’s overall look and feel, everything rests in your hands.

Customizing the platform according to your brand’s tone and message will help you connect better with your target audience and enhance recognition in the industry. Customized platform branding and design ensure a higher level of user engagement.

Scalability

The scalable infrastructure of a White label NFT marketplace ensures that it can handle the sudden inflow of traffic and larger volumes of transactions without affecting the platform’s performance.

A robust White label NFT trading platform emphasizes performance optimization, swift browsing by visitors, and faster page loading. Hence, scalability is a critical aspect for every NFT marketplace because you need to prepare to accommodate growing numbers of users while maintaining optimal performance during peak times.

Multi-Blockchain Support

The blockchain ecosystem is diverse, encompassing multiple networks and types. Hence, it becomes an absolute mandate for an NFT marketplace to be able to support multiple blockchain networks.

Multi-blockchain compatibility implies that your NFT trading platform supports various blockchains, thus allowing users to trade NFTs on networks of their choice like Ethereum, Polygon, Flow, Binance Smart Chain, etc.

A white label NFT marketplace with multi-blockchain support ensures that users enjoy a seamless experience by having access to a wide range of NFTs. Moreover, it helps your business capture a broader market by drawing the attention of users of several blockchain communities.

Read Also: Introduction to Private Blockchain: A Beginner’s Guide

Wallet Integration

Any NFT marketplace should seamlessly integrate with popular crypto wallets and a White label NFT marketplace is no exception to this! When users are able to connect wallets of their choice to the platform, it enhances their NFT trading experiences.

White label NFT marketplace allows flawless integration of the industry’s popular wallets like MetaMask, Coinbase, and Trust Wallet into the platform. Besides initiating secure transactions through the wallet, NFT enthusiasts can view their collections and store cryptocurrencies.

Without a wallet integration feature, the onboarding process of the users becomes cumbersome and results in poor user convenience. A user should be able to easily manage NFTs, trade, and interact with the platform directly from their wallets.

NFT Minting & Listing

Another fundamental characteristic of an NFT marketplace that you simply cannot ignore is the power of minting and listing NFTs. Every platform must have an intuitive interface that allows creators to mint their distinguished non-fungible tokens and has complete ownership rights over the assets.

Additionally, an NFT artist should be able to list those NFTs in a very simple and clean manner to attract maximum potential buyers. To make way for a vibrant marketplace with loads of passionate token creators, a marketplace should offer easy NFT minting and listing options.

Auctions & Bidding

Providing users with the auction and bidding facility in the NFT marketplace promotes user engagement and excites them for competitive bidding. With dynamic pricing and automated bid increments, buyers indulge in intense competition to acquire their favorite NFTs.

Further, a white label NFT marketplace lets its users track their bid histories and place bids effortlessly. It promotes a healthy trading environment for the participants and drives their overall trading activities.

 Royalty Management

 Another factor that the white label NFT marketplace takes care of is royalty management. As the marketplace involves buying, selling, and reselling digital assets, the original creator receives a percentage of the sale price every time from a secondary sale of his or her assets. This is referred to as royalty payment.

A built-in royalty management system in an NFT trading platform is of great advantage to both platform owners and creators because it automatically calculates royalties and distributes them to the creator.

It ensures creators are incentivized for their creation and continue to enjoy a sustainable source of income. This strengthens the relationship and builds trust between the creators and platform owners.

4 . How to Build a White Label NFT Marketplace: Step-by-Step Guide

Since you have scrolled through the benefits and advantages of a white label NFT marketplace, it can be assumed that you are curious about further details of this innovative trading platform.

 If you are interested in building your own ready-to-deploy NFT marketplace, then you need to follow the below steps.

Step 1: Defining your business strategy

Before proceeding with the development stages, you need to have a clear understanding of your requirements and proven business strategy. The facets that need to be considered in the strategy analysis phase are the marketplace design, features, blockchain network, selection of monetization model, token standard, and other such critical aspects.

Step 2: UI/UX development

Your white label NFT marketplace will be a reflection of your brand and at the same time, unique from the rest of the NFT trading platforms out there. To ensure this, you need an aesthetically designed marketplace that appeals to your users.

To make your platform unique and visually attractive, you need to customize the UI and UX features such as the business logo, brand colors, theme, and other modifications.

Step 3: Selecting Blockchain Network

This stage holds paramount importance in the entire development process because you need to choose a blockchain network that suits your business and platform needs. There are plenty of blockchain platforms available for you starting from Ethereum to Polygon, Cardano to Binance Smart Chain, Solana, and more.

If you are befuddled by so many options, approaching an experienced blockchain development company is the best thing to do! Based on your platform requirements, maintenance fees, and transaction speed, they will suggest you the appropriate blockchain network.

Step 4: Determining Token Standard

The step that follows next is the token standard because this aids in NFT minting on your chosen blockchain network. There are multiple non-fungible token standards like ERC721 and ERC1155 which are used for representing ownership rights of NFTs.

The token standards have unique codes in the form of metadata which differentiates an NFT from another NFT,  making them unique and non-interchangeable.

Step 5: Creation of Smart Contracts

Smart contract development is the cornerstone of your NFT trading platform. It is imperative for the success of your white-label NFT listing store because it aids in the verification and validation of NFTs minted.

Through smart contracts, the creators are assigned ownership of their distinct digital assets. Since it is a self-executing virtual agreement, it facilitates faster verification and processing of transactions between NFT buyers and sellers.

Step 6: Integration of IFPS Storage 

All the NFTs featured on the marketplace are securely stored within an IFPS storage database system, which serves as a means for blockchain networks to store user data information.

Furthermore, numerous white-label non-fungible trading platforms include a built-in IFPS system which obviates the need for the reintegration of IFPS storage.

Step 7: Test Your Platform

To guarantee the flawless performance of your marketplace, it is vital to conduct rigorous testing.

Engaging the expertise of White label NFT marketplace development company can significantly streamline the testing process. They will pinpoint any security concerns or shortcomings within your NFT trading platform and implement preventive measures in advance.

Step 8: Deploy NFT Marketplace

The last and final stage is platform deployment. Upon completing the above seven steps, your white-label NFT trading platform is absolutely prepared for launch.

Step 9: Marketing your NFT marketplace

After launching your marketplace, you need to create buzz and generate excitement among NFT creators and potential buyers to draw genuine traffic to your NFT listing store.

You can initiate various marketing strategies offered by a digital marketing company, which include AirDrop campaigns, landing page creation, social media marketing, and more. Also, consider exploring other marketing tactics like issuing press releases, collaborating with influencers, and providing incentives to early adopters.

5 . White Label NFT Marketplace vs. Building Your Own

White label Marketplace triumphs over scratch-built NFT Marketplace for some obvious reasons and it is impossible for any business to ignore them.

Without further ado, let’s get into the details of why investing in a white label NFT trading store is better than relying on the traditional method of building from the ground up.

• Faster time to market

 The first and foremost reason why white label platforms have an upper hand over traditional “Build your own” platforms is that it significantly takes less time to launch to the market.

With existing underlying infrastructure and pre-built templates, you can get your marketplace up and running in no time. If you choose to design and develop your own marketplace from scratch, it will take months to finish.

• Lower Costs

 Apart from being time-consuming, developing your own custom NFT marketplace from zero is a costly affair. On the contrary, a white-label solution is inexpensive because it doesn’t involve early development expenditures.

In addition to this, there is no continual payment of maintenance fees like in the custom NFT marketplace because the white label service provider takes care of the maintenance and they are readily accessible whenever you need any help.

• Built-in Security

NFT marketplaces house millions of unique NFT tokens whose ownership rights need to be taken care of by the service providers. Asset security and data integrity must be ensured by implementing stringent security measures.

When you go for a white label NFT marketplace,  you need not worry about token security because it is already equipped with in-built security.

Also, you need not spend a single penny on security auditing because the white label NFT solutions provider thoroughly tests and audits the platform before launching.

• Customizable Design

Businesses often remain under the misconception that white label solutions are non-customizable and so, they stick to developing a platform from scratch.

But this is not true! The design of your white label marketplace can be customized as per your brand tone, colors, and theme. With uncountable options for design templates, you have greater control over the design and outlook of your platform.

•  Pre-built features

 Another major advantage of using a ready-to-deploy NFT marketplace is access to advanced pre-built features that enhance the trading journeys of the users in the platform. From user profile management, payment gateway, transaction processing, placing bids, royalty payments, and user authentication, everything is already in place.

 Integrating these features on a custom and scratch-built NFT marketplace takes time and is also the reason for the high development cost charged by NFT marketplace development companies.

6. How does the White Label NFT Marketplace Work

A White Label NFT marketplace functions in the same way any online marketplace does. It is a virtual platform connecting buyers and sellers of NFTs. Programmed with smart contracts,  the NFT marketplace allows digital artists to create or mint unique assets.

The technical aspects of the trading platform such as hosting, maintenance, and security are taken care of by the service provider. Here’s a quick rundown of the process or functioning of a white label NFT marketplace.

• NFT creation  – Artists leverage the “mint NFT” feature of the platform to create unique artworks which can be anything, from images, paintings, music, gifs, videos, short clips, and more.
• Listing NFT – After the minting is complete, the NFT is listed for sale by the creators by specifying the details of the NFT such as description, title, any external link, and other information. The information gets stored on the blockchain network.
• Price of NFT – The creators or sellers can either set a fixed price or a bidding price through an auction system to sell their NFTs. Once the price is determined, buyers can start bidding to purchase the NFT.
• NFT Purchase – NFT purchase is made by buyers using cryptocurrency, after which the NFT is transferred to the buyer’s digital wallet.
•  Transfer of Ownership – The last and final step in a white label NFT marketplace is the transfer of asset ownership with the help of a smart contract. After ownership transfer, buyers can either hold the asset as a precious possession or resell it in the marketplace.

Read Also: Understanding Multichain in Blockchain: A Detailed Insight

Last Thoughts

The art world underwent a remarkable transformation with the origin of the White label NFT marketplace. In simple words, these NFT trading platforms are revolutionizing the way digital collectibles like artwork, images, music, videos, etc. are owned, valued, and traded.

Needless to say, the soaring popularity of NFTs is offering a multitude of profitable and lucrative business ideas. As a leading White Label NFT marketplace development company, Webgen Technologies USA aims to fulfill the dreams of entrepreneurs of getting a spotless and foolproof NFT marketplace business model.

With our extensive expertise in blockchain technology, we strive to create your desired platform with built-in security, flexibility, and preferred payment options. Our mission is to deliver ready-to-deploy white-label NFT marketplace development that provides the best user experiences to your customers.

Thanks for reading! If you have any questions or want to know more about white label NFT marketplace development, feel free to leave a comment below.