NFTs have already proven to be a thriving industry with a variety of applications for any business. Digital assets owned by NFTs are easily minted, traded, and sold on dedicated marketplaces. Also, if you want to develop your business from a long-term perspective, having your own NFT marketplace is essential in order to have complete control over operations and management.
However, developing one from scratch is prohibitively expensive and time consuming. So what are the low-cost and time-efficient alternatives? It’s a white label solution. In this 7-minute article, get a better understanding of what makes a good white label NFT marketplace and what makes a good solution provider.
What does a white label NFT marketplace need?
Creators and traders conduct various transactions on the NFT marketplace. best consulting service give you good opinion Also, due to the nature of the NFT business, some functions are essential no matter what industry you sell it to.
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Easy upload process
Marketplaces only demonstrate their value through the NFTs they offer. Creators and traders need a way to list not just a few, but hundreds or even thousands of NFTs on a marketplace.
NFTs exist in a variety of file formats. This can be anything that is stored digitally, such as images, audio, videos, 3D models, etc. Therefore, your marketplace upload system must be able to accept, process, and preview that many formats.
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Diverse sales methods
For NFTs , there are two general sales methods: list price sale and auction. Items at list price can be purchased immediately, and in the case of an auction, the NFT will go to the person who bids the highest price within a set time.
There is no doubt that NFT Marketplace Development is more robust with exclusive features such as whitelists and mystery boxes. That’s why the white label you choose should be able to support these sales methods.
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Chain and wallet support
Depending on the blockchain you want to develop on, the white label NFT marketplace you choose should be able to integrate it well.
The chain you choose also determines the types of wallets your marketplace can support. Every transaction has a fee, so you’ll want to make sure your system can handle high volumes of transactions from multiple sources.
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Customizable storefront
90% of average users are likely to abandon a poorly designed website. Create a marketplace that captures their attention, sets you apart, and perfectly conveys your brand message.
White label products usually come with design services, so you should choose the one with the most beginner-friendly UX/UI to make your trading activities the easiest. Additionally, it is important to understand the essentials for future updates and maintenance. See how you can adjust everything from basic elements like layout, buttons, text, and colors to advanced elements like effects and interactions.
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Storewide management
A good white label NFT marketplace should be built in a convenient way to manage user activity, as well as NFT revenue and royalties from both primary and secondary sales. Additionally, partners and collaborators are essential to scaling the marketplace. These members must be given access to upload, sell, and manage their NFTs, while giving you an overview of all your NFTs.
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Cooperation with marketing tools
This is the final criterion. Marketing is a key element in ensuring your market gets the attention it deserves.
To achieve maximum effectiveness, you need a thorough marketing strategy and a high-performance website to implement it. Lead generation, search engine optimization (SEO), email marketing, analytics, content management system (CMS), and more are a list of key features.
Easily get the features you absolutely need, including an NFT Marketplace Development Company to smooth the upload process, support for multiple chains and wallets, easy customization of your storefront, easy management of your entire store, and openness for marketing. I have summarised it in
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Competent track record
It is said that “actions speak louder than words”. Therefore, researching and inquiring about a provider’s track record should be your first step in making an evaluation. For example, it would be great if you could check the provider’s track record with reviews from actual clients.
How many clients has the provider worked with? What is the customer’s level? How have their solutions transformed business outcomes? etc.
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Technical expertise
To build a great white label NFT marketplace, it is imperative that the provider has a strong technology stack. On the backend, you need to be an expert in the nuances of smart contracts in programming languages such as Rust, Solidity, and Javascript.
Apart from smart contracts, you should also make sure that your provider can develop decentralised data storage systems like IPFS. Turning to the front end, it is preferable that the provider is familiar with languages such as React, HTML, and CSS.
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Appropriate resources
Check whether the provider has adequate resources to customise the white label solution for your company within the expected time frame. This process requires input from various departments, including design, development, management, and operations.
And by resources, I mean both infrastructure and manpower. So be sure to clearly communicate your needs to your provider and see if they can come up with a workable plan.
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Proven security
Your marketplace, unlike blockchain, is not immune to cyberattacks. That’s why you should pay special attention to the security layers applied to your site. It’s important to protect your accounts with multi-factor authentication and limit privileges by account role. Additionally, each transaction must be authenticated directly by the user.
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Clear delivery model
An experienced provider will be able to clearly outline the steps required to develop an NFT marketplace and the estimated time frame for each.
After many years of working with global companies, we have determined that this model is the most effective.