Investors are pursuing their hunt to purchase crypto collectibles. Currently, the 24-hour trading volume of Non-Fungible Tokens (NFTs) is a whopping $6 billion. The golden opportunity is here and entrepreneurs have to grab it now. Hence, they can get hold of a White-label NFT Marketplace now and pocket huge returns swiftly.
Know the importance of a Whitelabel NFT Marketplace
“I feel the need, the need for speed”, goes a famous quote. Accordingly, techpreneurs can get a huge advantage by purchasing a ready-to-launch NFT Marketplace solution. The feature-packed solution is apt for organizing auctions and monitoring bids.
Further, cryptopreneurs can rebrand the NFT platform according to their business requirements. They will benefit from an instant launch in the market and get advantages like flexibility and scalability.
Deciphering the supreme features of an NFT Marketplace Solution
Flexible minting of crypto-collectibles – Artists get a lot of comfort and convenience by registering on an NFT trading platform. They can mint and list their work in the form of BEP-721, BEP-1155, ERC-721, ERC-998, and ERC-1155, and TRC-721. The asset standards for each crypto collectible vary depending on the choice of the blockchain network.
Integration with numerous wallets – Where to store digital assets? This is a big question for content creators and investors. They can use both hardware and software wallets. Both NFT buyers and sellers can utilize offline wallets like Trezor and Ledger Nano S. They can safeguard their crypto-collectibles in cold storage facilities.
“Choices are hinges of destiny”. Users can protect their NFTs by using digital wallets. They can use Coinbase Wallet, Dapper, Fortmatic, MetaMask, MyEtherWallet (MEW), Portis, Torus, Trust Wallet, and WalletConnect. They can use private keys and prevent their collectibles from being accessed by hackers and phishers.
Numerous security measures – Collectors and content creators would benefit from a foolproof security mechanism. Artists, as well as investors, can take steps like anti-DDoS protection, digital signature, end-to-end encryption, firewall protection, and two-factor authentication. Frequent changing of passwords would also help shield their assets from scammers and unauthorized parties.
Place a Bid button – Interested investors can submit their bids after the opening of the auction. Of course, both Declining Price and Fixed Price auctions are timed. Hence, it works on a First Come First Serve basis. The buyer who places his/her bid initially would get an advantage provided they are not outbid by other collectors.
Search Panel – It is the core component of a Whitelabel NFT trading platform. Investors can locate their preferred crypto collectible and register while the auction is going on. All the NFTs are placed in separate categories. They can choose various types like artwork, domain names, gaming accessories, memes, music, sports goods, trading cards, and virtual worlds.
Sharing of real-time notifications – Investors need the latest updates so that they do not miss out on a valuable collectible. Be it a lucrative airdrop program or an official release of an NFT, buyers need to start early. Entrepreneurs ought to pass on new updates related to live auctions, upcoming bids, and top-selling collectibles. This will ensure that investors make the right decision before purchasing or reselling a Non-Fungible Token (NFT).
Social media sync option – Importantly, photos and videos are getting sold as NFTs for multi-million dollars. This was not possible earlier due to centralized social media platforms. Likewise, artists can sync their Discord, Facebook, Google, Instagram, and Twitter accounts. This will help them to monetize their unique content.
Stats Section – Transparency in sharing of information is the best aspect of a ready-made NFT buying and selling platform. Techpreneurs can ensure more trust for investors by circulating statistics on a real-time basis.
Content developers and traders will know the latest data related to the number of owners, primary and secondary sales, the total number of assets, and trading volume.
Furthermore, cryptopreneurs aiming to set up multi-chain NFT marketplaces can communicate details about trading activity separately. For example, the OpenSea platform displays stats for 2 blockchain networks (Ethereum and Klaytn) and a sidechain (Polygon). Ultimately, this will lead to an influx of investors who hold different types of cryptocurrencies.
24×7 technical support mechanism – Entrepreneurs must provide round-the-clock technical assistance for all artists, speculators, and traders. Users of an NFT marketplace can sort out issues related to bidding delays, non-payment of royalties, payment processing glitches, privacy and security vulnerabilities
Decoding the key steps for building an NFT Marketplace
- Conducting a meeting with entrepreneurs and knowing their business needs.
- Choosing the right kind of blockchain platform based on scalability.
- Complying with various government laws related to privacy and taxation.
- Designing the user interface (UI) of the NFT platform.
- Deploying the right tech stack (programming languages, security testing tools, and smart contract frameworks).
- Creating the Minimum Viable Product (MVP) of the NFT Marketplace.
- Including all the functionalities related to auctions, bids, and payments.
- Testing the loading capacity and security.
- Removal of security vulnerabilities and technical glitches.
- Coming out with the final version of the NFT marketplace in the industry.
Why choose a service provider for a White-label NFT Marketplace?
Expertise and up-to-date knowledge make a big difference in the ever-changing world of crypto-collectibles. Therefore, a white-label NFT marketplace development company would help entrepreneurs with the right insights.
Add-ons are an important part of the overall buying and selling experience. It comprises the addition of Augmented Reality (AR) and Virtual Reality (VR) elements, integration with converters (crypto to crypto and crypto to fiat), and a Point of Sale (PoS) software for trading merchandise.
Besides that, post-deployment support can make a big difference for artists and investors. It includes API integration, security checking, smart contract auditing, software updates, and technical assistance.
Importantly, NFTs are making a big impact throughout the world now. Initially, it received popularity for artwork after Beeple’s sale of 5000 images in March 2021. However, things are changing now. Currently, crypto-collectibles are making waves in memes, songs, sports goods, and even Covid-19 vaccine passports.
Likewise, the competition is also intensifying every day with new platforms emerging across the globe. Accordingly, entrepreneurs can succeed in this thriving industry by utilizing a White-label NFT marketplace.