NFT – The New Craze
Until recently, the combination of the three letters N, F, and T did not mean anything. However, suddenly, everybody is talking about non-fungible tokens, commonly abbreviated NFT. Although NFTs have been existing as a concept since 2012, and we have seen flickers of NFTs happening every now and then, it garnered its well-deserved attention only in late 2020 and the first three months of 2021.
March 2021 could be considered one of the most prolific chapters in the history of blockchain and art. An NFT artwork was sold for a staggering sum of $69 million, making it one of the most significant epochs in the history of auctions.
What are the NFTs?
Non-Fungible tokens are special kinds of tokens that operate on the blockchain. Unlike cryptocurrency, the token standard for NFTs ensures that certain values are preserved. The attributes of the NFT include:
- Uniqueness: Every NFT should be unique. That should be no other NFT that has ever existed or exists or will ever exist like something that exists now. It is this uniqueness that makes it a great candidate for representing collectibles.
- An NFT should preserve its integrity. It can only be treated as a whole entity and cannot be broken down into smaller components. This will ensure that even the integrity of the asset represented by the NFT is preserved.
The Potential That The Future Holds
The NFT has paved the way for establishing the authenticity and uniqueness of something in the digital space. This was the silver bullet that the digital space was looking for. One of the biggest problems in the digital world was the establishment of authenticity and the attribution of creatorship. The introduction of NFT opens up a plethora of opportunities.
NFTs can aid in creating digital collectibles and digital representatives of real-world collectibles. The collectibles can even include trophy/vanity real estate, and virtual representations of real-world paintings and art.
In the long run, it can even be used as a recordkeeping mechanism for such collectibles and real estate properties. It can also enhance the gaming experience by introducing a factor of rarity for gaming assets. This also opens opportunities for reading those assets within the gaming ecosystem and dedicated marketplaces.
Considering all these possibilities, the time is right right now for NFT development and NFT marketplace development. The marketplace can be considered the hangout joint for NFTs. Without a marketplace, it would be very difficult for people to understand NFTs, leave alone purchasing and trading them.
The marketplace takes a commission for every transaction it facilitates. This also makes a lucrative business opportunity. Any aspiring entrepreneur who wants to make a big profit in this NFT wave can do so by developing their own NFT marketplace.
Why Go White Label?
There are different ways in which you can build your own NFT marketplace. You could choose to hire your own team or you could outsource it to a company that specializes in NFT marketplace development. However, better than this is going for a white label NFT marketplace. The reason is that the white label solution has already been perfect as a product. This would mean that the bugs that interfere with the expected basic functionality.
Most white label solutions are customizable. You can garnish the white label NFT marketplace with the features of your choice and an interface that reflects the philosophy of your brand. The white label NFT marketplace also ensures that you launch your product in the shortest possible time as you do not spend a lot of time in development and testing.
The Features Checklist
Even if you go for a white label solution, it is strongly recommended that you are aware of the basic features expected out of an NFT marketplace. The features given below should serve as a checklist for you when you choose your NFT marketplace from the white label solution provider.
As you may have guessed from the way marketplaces work, there are two distinct interfaces, one for the creator and the other for the customer.
– For the Creator
- Registration: The creator should be able to easily register for selling their NFTs on the marketplace. The registration process should be simple and easy where vital details like the identity and the crypto wallet address of the creator are connected. Registration should immediately create a profile for them that keeps a record of all their listings, the record of sales, the total revenue earned, and the reviews by other customers.
- Easy Listing: The creator should be able to easily list their creation by providing details such as the symbol for the token, the price of the creation, and if they would like to sell it over an auction or if they would like to directly sell it.
- Easy Processing of Payments: The payment made towards the purchase of a creator’s work should be easily transferred to their wallet, and there should be no hassle in transferring the earnings from their wallet to their bank account after the due verification process is completed.
- Communicating with Customer: The creator should have an option to communicate to the customer over a chat engine enabled within the marketplace. This will ensure a smooth transaction, and will also keep a record of the communication.
- Reviewing Experience: Based on the experience that they have with the client, they should be able to review and rate them.
– For the Consumer
- Registration: just like the creator, the customer should also be able to easily register without any hassle. The registration should create a profile that will keep a record of their recent searches, the purchases, the filters that they usually like to apply, and of course the address of their wallet.
- Storefront: The customer should be provided with an intuitive storefront. The storefront should display the NFTs that the customer is likely to purchase based on their browsing history and purchase history.
- Search & Filtering: A robust search and filtering feature should be in place to ensure that the customer is able to find what I want without any hassle. It is to be remembered that if the customer can easily find what they want, the more likely they have to complete the purchase. The number of purchases by the customer directly fuels the revenue for the ostrich marketplace platform.
- Crypto Wallet: A multi-currency wallet should be made available for the customer, so they can easily make purchases from the creators. The more diverse the range of tokens the wallet can accept, the greater the possibility of the customers making a purchase.
- Easy Buying & Selling: The buying and selling of NFTs should be a simple and easy process, and the intended action should be executed in as few clicks as possible.
- Review & Rating: A proper review and rating system should be in place, so the customers can also review the experience with the creators, their art, and the overall experience with the platform and the transaction.
Conclusion
Now that you are aware of the awesomeness of NFTs, the lucrative business opportunity presents, and how easy it is to launch your own NFT by considering white label NFT marketplace development, all that is left for you to do is to get in touch with a company that specializes in NFT marketplace development and White label NFT marketplace development and customization.
They will take care to understand your requirements and present you with a perfect solution that will launch you into this wonderful territory of profitability!
