How to develop an NFT Marketplace and how much does it cost?
NFTs, or Non-Fungible tokens, you might have heard about them in some form, in at least some circles by now. NFTs are all the rage right now.
But what are they? NFTs are the crypto equivalent of what people might call ‘creative artwork’. If Bitcoin is the crypto equivalent of the US Dollar or the Euro, then an NFT is the crypto equivalent of the painting of the Mona Lisa. Priceless artistic items, but not in the conventional sense. They are essentially collectible items that are created via blockchain.
If you think buying NFTs is cool, then you’ll certainly love the idea of a platform that allows users to sell, buy and trade NFTs and furthermore allows a creator to create new NFTs for the platform’s users. And this kind of platform is called an NFT marketplace.
What is an NFT Marketplace?
An NFT Marketplace is a decentralized online platform that conducts and facilitates the creation and trading of digital assets called NFTs. That would be the official definition if there was one.
Basically, users with a DeFi wallet like Metamask can log in to the website, buy NFTs and store them in their wallets, or sell the NFTs that are in their wallets. Or users/creators can log in and upload their own unique NFT and have it minted on the blockchain that the platform is integrated with and set the price they want to sell it. It’s that easy.
Now you know why it’s suddenly so popular. If anything creative can be monetized and profited from, there are going to be interested parties. And if the platform itself is easy to access and work on for the large majority of users, then it’s automatically going to be popular.
How does an NFT Marketplace work? (For an Owner)
So, we saw how the NFT Marketplace works for the user’s benefit, let’s see how it works for the owner who’s running it.
Since the NFTs can be anything from the digital scans of a photograph to a gif file or a funny audio recording, as an admin of a platform, you won’t have a lot of time on your hands to create them for your users. But you don’t have to, users will mint their own NFTs and sell them to the other users.
Minting an NFT is essentially uploading a copy of the NFT to the blockchain, which will timestamp it and store it under a cryptographic hash so that there will always be a record of it from the moment it’s created. And the minting itself requires a small fee, from which you will get a part as you facilitated the minting process for the benefit of the blockchain. And when someone buys or sells that NFT, that generates a transaction fee, which is another revenue stream for the platform.
More traffic means more users, which means more NFTs get minted, which leads to more buy/sell transactions and hence more fees, it’s a cycle of cash flow.
Notable Reasons to Develop an NFT Marketplace
As stated above, an NFT Marketplace is a viable business model with a flowing revenue stream. But beyond that, the NFT market is an emerging market. Emerging markets are always the best place to invest in or start a business venture because it has the most potential to grow. And the bigger it grows, the better it is for the market and you, as a business owner. This will be the ideal place to see huge gains.
There is one other reason for developing an NFT Marketplace. Games are now emerging like play to earn blockchain games, metaverse games, etc. Cryptocurrencies and NFTs have already made their way into these games, The Sandbox is a fine example of it. This field has limitless applications, and you might want to capitalize on that.
How to Create an NFT marketplace Platform?
First and foremost, it is important to have a specific niche that appeals to the target audience. A horizontal market sells NFTs of every kind to the general audience, which isn’t wise from a business perspective. People have specific tastes in art and they are going to be picky, and it’s necessary that you satisfy their taste buds. So, focus on vertical market growth with defined niches in a collective set of niches alongside horizontal market growth.
During the developmental stage, make sure to select the proper front-end development and framework for the platform to ensure fast operation and reliability. Enhance the interface of the platform with solid UI/UX designs to improve the functionality and user experience. A UI/UX must be straightforward, and easy to understand, as its job is mainly to act as an interface between the user and the platform. If the UI feels attractive and easy to peruse, the more the users will prefer your platform over others.
Although, the back-end development of your site will not be the same as any other trading platform. Since NFT Marketplaces are decentralized and rely heavily on blockchain technology, everything will have to be done by the standard set by the blockchain you’ve chosen to integrate with the platform. However, wallet payment interface and token generation, transactions, and smart contracts. You should test and execute them thoroughly before putting them in use and deploying the platform for widespread use.
And this is where a white label NFT marketplace can help you. White label NFT marketplaces are ready-made software solutions that are fully customizable. Often white label scripts come with all the features necessary to facilitate the processes mentioned above.
Desirable Features of White Label NFT Marketplace
An NFT Marketplace is essentially a digital collectible platform. And the features you provide in the platform determine the standing of the platform itself. Features are the determiners of how else you can upgrade your NFT marketplace and that’s a sign that indicates steady growth, which in turn attracts a wider range of audiences. Here are the features of a white label NFT Marketplace.
- Creator’s Details
- Individual Profiles for Users and NFT Collections
- Advanced Token Search
- Secure Crypto Wallet Integration
- Quick Smart Contracts
- Adjustable Listing Options
- Listing Status
- Bidding Option
A wide range of features will help the crypto enthusiast to experience a seamless NFT marketplace platform and that will help them retain their interest in your marketplace in the future.
Benefits of White Label NFT Marketplace development
White Label products are pre-made and fully customizable, it eliminates the time-consuming and resource-intensive matter of software development for your platform. You do not have to create the interface from scratch or build any of the software code from the ground up. Furthermore, it can be customized and perfectly tailored to fit any features that imitate the current market trend for maximum output.
However, it doesn’t end there, more features can be added to the product itself with software patches and modified. Thus making it the perfect development tool for a budding entrepreneur to start and expand their business. This can help you offer features that the other platforms will not, enrich the customer experience, and thus improve your platform’s profits.
One of the things not often talked about when it comes to White Label NFT Marketplace is the product’s robustness. As it has a wide variety of customers, most white label products are field-tested and have a reliable track record for it. This is what makes it reliable for an entrepreneur to purchase with confidence.
How Much Does it Cost to Develop a White label NFT Marketplace?
The cost of a white label NFT marketplace depends on the requirements you expect from it. It depends on what kind of features and functions the entrepreneur expects from the product.
If you’re looking for an NFT marketplace software with upgradable features and pathways to further development, you must invest a reasonable amount of capital. The capital you invest is not just for the product itself but for the continuous technical assistance of the company you’re buying it from. The software developers from the script providers are more likely to be knowledgeable about the product than your own in-house software expert.
But in case you’re looking for ready-made software solutions with their most basic features, the price will be quite low. The prices can range from $8K up to $14K, depending on your requirement and the features you wish to purchase.
This is the ideal time to wade into the crypto market. The NFT marketplace is flourishing and it is likely to proliferate further with this Web 3.0 generation that is about to come. The crypto industry is already a 1.8 trillion dollar industry and the NFT market is a whopping 100 billion dollar market. With the Metaverse, DeFi, and NFT, even corporate giants like Facebook, Nike, and even one of the world’s biggest financial and banking institutions like JP Morgan have invested in the crypto space. With the money that is being poured in, this is an industry that has enormous room to grow and it will.
A decentralized NFT Marketplace might be your way as an entrepreneur into the crypto business market and a White Label NFT Marketplace software could be the ideal investment for you. Choose the right white label NFT marketplace software provider for your business as the ideal technical partner to help your business grow into its true potential.