Whitelabel NFT Marketplace Development – A Comprehensive Guide

There are many good NFT marketplaces where NFTs creators and buyers can trade digital assets. 

The report shows that the global NFT market size can reach $20 billion from $4.36 billion between 2021 and 2028.

The lucrative earnings of these marketplaces have encouraged many entrepreneurs and business owners to launch their digital assets trading platforms. 

However, many prefer white-label NFT trading platforms instead of creating them starting from scratch as they are fast and easy to build and launch. 

Let’s learn about white-label NFT listing stores and understand how you can use them to launch your digital asset store in your preferred blockchain network.

What is the white-label NFT marketplace?

A white-label marketplace serves as a ready-to-use NFT marketplace for exchanging NFTs with cryptocurrencies or other payment methods. This ready-to-use marketplace can be modified by adding customized features or making other changes based on business needs. 

A white-label NFT trading platform takes less time to build than a customized one. It’s because a customized marketplace requires building all the features starting from scratch, which is not the same as building white-label non fungible stores.

There are the following characteristics of the white-label NFT listing store that separate it from marketplaces that are built starting from sketch. Let’s understand them in detail.

Features of the white-label NFT marketplace

Check how the white-label NFT listing stores differ from creating the customized one.

1. Support to wallets

Supporting as much as a crypto wallet to your NFT trading platform can offer a more incredible experience to your app users. Offering support for a wide range of crypto wallets will help you attract a large audience to your platform.

Allow your users to join your platform and enable them to connect digital wallets from your NFT trading platform.

2. Affordable in many ways

Since the white-label marketplace has all the required features, it will be affordable to build a white-label digital assets trading store compared to developing a customized NFT listing store by avoiding recreating all the marketplace features starting from scratch. 

You may need to recreate all the APIs and functions for your customized marketplace that you can avoid when you decide to go for white-label Nft trading platforms. 

3. Better security measures

Offer a secure environment to your app users by adding multiple layers of security protection. You can add multiple security features to your NFT trading platforms, such as two-factor authentication, encryption, firewall integration, and KYC verification.

4. Multi-currency support

Offering your platform multi-currency support will help users buy NFT based on their purchasing preferences. 

Supporting many cryptocurrencies will allow app users to purchase NFTs with their available payment mode, which can help you offer a great platform experience. 

5. Fast platform development 

Creating your customized NFT trading platform will take much more time than building your white-label NFT trading platform. 

There is more complexity involved in building features and APIs starting from scratch. 

However, creating a white-label NFT trading platform is easy, as the product offers ready-made features and functionalities needed to run your NFT listing store. 

6. More flexibility

White label NFT listing stores provide flexibility to create and add new customized features to their product. 

If you find any features missing from any particular white-label marketplace, you can contact blockchain developers to tell them to add additional features.

Adding new customized features to the existing white-label products will help you get a competitive advantage. New features can help you provide a better platform experience for your app users.

Check how the marketplace works. 

How does the white label NFT marketplace function?

The marketplace works with programmed smart contracts, where there is the involvement of NFT buyers and sellers:

I. Buyer

Users who want to buy nonfungible tokens must sign up on the NFT platform with their crypto wallets and provide the required information. 

After signing up for the NFT platform, they can buy tokens by placing bids. The user can only place bids for digital assets available for auction. Once the NFT creator accepts the bidding value, the NFT gets transferred to the address of the buyer’s wallet.

In open bidding, the seller pre-determines the value of their NFTs and lists them on these platforms. In this case, once the buyer bids the value, the NFT gets transferred to the buyer’s wallet, and their cryptos get transferred to the seller’s wallet. 

II. Seller

Creators that list their NFTs on the marketplace are sellers, and they create their accounts on  NFT platforms to mint their digital assets. 

Minting is a process where the digital asset is listed on a blockchain network, and the NFT information will be stored on a particular blockchain network.

Sellers put the bidding price of NFT once they get minted on the marketplace, allowing buyers to place bids and purchase NFTs.

There are many best white-label NFT stores available; what is the procedure to establish them for your business? Let’s check.

How to establish an NFT Marketplace?

There are two options to create your NFT listing store for your business: build your customized NFT trading platform starting from scratch or go for a white-label NFT trading platform. 

However, going for a white label marketplace is advisable as they are fast and easy to build and require less development budget to launch to your targeted market.

Also, creating a customized marketplace will require a significant number of blockchain developers, which will include huge fees to create your customized marketplace.

If you wish to add out-of-the-box features to ready to use NFT trading platforms, no worries. The white-label NFT listing stores allow you to make modifications based on your business needs.

However, there are many other benefits of choosing whitelabel NFT stores over creating them starting from scratch.

Advantages of the white label NFT marketplace for businesses

Being easy to create and requiring less budget, the Whitelabel NFT trading platform offers multiple advantages to businesses, such as

1. Saves time and resources

Building a customized marketplace typically takes three months to years, depending on the features and functionality that you want in your platform. 

Also, creating your marketplace is challenging if you decide to build it starting from scratch cause it will take huge effort and time from blockchain developers to make your platform ready to use.

This will eventually end up increasing the requirement for your budget for your marketplace project.

While if you go for a white-label NFT marketplace, you will get ready-made features that you can easily customize and launch in the market.

2. Great security 

Whitelabel NFT listing store is safer than the newly built market because developers get enough time to check every possible drawback regarding security.

There are multiple security issues in the marketplace, such as stealing user information like their wallet address and credit card information in others. 

There is a high possibility that a newly built marketplace will have such security concerns because developers need to test that marketplace multiple times, which can take months to a year to ensure its security.

3. Supports many crypto wallets 

White-label NFT marketplace offers excellent support to an extensive range of crypto wallets. This marketplace integrates multiple crypto wallets to allow users to buy non fungible tokens.

However, when creating a marketplace starting from scratch, you will need to support popular crypto wallets, which is challenging and time-consuming.

Integrating each crypto wallet of different cryptocurrencies will require a separate procedure to create your marketplace starting from scratch.

4. Highly customizable

It is easy and fast to customize the white-label NFT listing store. The ready-made marketplace allows you to add UI elements and features to your platform.

Now let’s understand the best way to create your white-label NFT listing store.

White label NFT marketplace development steps

You can follow the given development steps to create your ready-to-use digital asset marketplace:

1. Build a business strategy 

Before moving to the development process of your marketplace, create a proven strategy where you will decide monetization model, list of features, blockchain network, token standard, and other essential factors to start building your ready-made digital asset marketplace.

2. Choose your ready-made NFT marketplace product

There are many best whitelabel NFT stores available in the market.

However, to select the best one, check their feature list and choose the one that offers all the required features such as crypto wallet integration, NFT listing feature, and others that fulfill your business needs.

3. UI Development

To make your product unique from the rest of the marketplace, you must perform additional UI modifications to your platform. You can add your business logo, color theme, and other custom UI modifications to your NFT listing store.

4. Choose a blockchain network 

You need to select a blockchain network that fulfills your business needs. Many based options are available such as Ethereum, Binance Smart chain, Polygon, Cardano, and Solana.

However, we suggest you go for Solana because of its low maintenance fees and high transaction speed. Also, you can do extensive research on the different blockchain networks to identify which would be best for your business.

 5. Determine the token standard

The token standard for NFTs is important as they allow them to mint on the specific blockchain network. 

There are multiple token standards available such as 721 or 1155 standards. These cryptographic assets have unique code in metadata that differentiates them from each other on a specific blockchain network.

6. Create Smart contracts 

Smart contracts are important for your NFT listing store as they can help you verify that each NFT is unique and non-replicable. Smart contracts help NFT buyers assign ownership on a specific blockchain network.

You can hire blockchain developers to create smart contracts for your white-label NFT listing store. 

7. Integrate IFPS storage

All the NFTs listed on the marketplace are stored in an IFPS storage database system that helps blockchain networks store user data information. 

However, many white-label non fungible trading stores come with an integrated IFPS system that can help you avoid the reintegration of IFPS storage.

8. Test your product

To ensure your marketplace is free from every technical glitch and drawback, you can test your marketplace multiple times. 

Hiring blockchain developers can help you efficiently test your product to identify all the security issues or drawbacks in your NFT trading platform. 

9. Deploy your marketplace

After following the process, your white-label NFT trading platform is ready to launch. You can perform different marketing practices such as AirDrop, social media marketing, and others to attract potential customers to your NFT listing store.

How can Idea Usher help?

Finding good blockchain developers takes a lot of work. 

Various factors determine the skill set of blockchain developers, such as whether they can write smart contracts and develop apps on specific blockchain networks.

Also, the right team can integrate third-party solutions to the NFT trading platform, crypto wallets, blockchain networks, etc. 

If you are looking to hire a blockchain developer that can help you modify and launch your NFT listing store on your preferred blockchain network, you can contact Idea Usher.

We offer complete solutions for businesses looking to establish, scale, and upgrade their business with blockchain.

Contact Idea Usher 

Email:

[email protected]

Phone:

(+1)732 962 4560

(+91)859 140 7140

FAQ

Q. What is a white-label NFT marketplace? 

A. A white-label NFT trading platform is a ready-made trading platform where users can trade NFTs. 

It offers a digital trading solution for business owners who want to launch their own marketplace by monetizing their digital arts or allowing other creators to sell their NFTs and take commissions. 

Q. What are the top 5 NFT marketplaces?

A. These are the top five NFT listing stores:

• OpenSea
• Rarible
• NBA Top Shot 
• Binance
• Nifty Gateway 
• SuperRare