Recently, there has been an influx of decentralized applications (dApps) built on blockchain technology.
A significant reason behind this growth is the emergence of Non-Fungible Tokens (NFTs). These tokens have unique properties and can be used as collateral, tickets, or play video games in some cases.
Non-fungible tokens, more commonly known as NFTs, have quickly become the hottest topic in crypto, especially since the introduction of the ERC721 protocol and the popularity of CryptoKitties.
However, many people are still confused about what makes this new technology so exciting and how to use it in their business. For that reason, we’ve put together this ultimate guide to white label NFT marketplace platforms!
Brief Intro to Non-Fungible Tokens
Recently, Non-Fungible Tokens (NFTs) have been a hot topic in crypto circles.
While fungible tokens are relatively easy to understand, and their value lies in their ability to substitute one like-token for another, non-fungible tokens are unique digital assets with different properties and utilities on various platforms.
To highlight these differences in digital assets, we’ll use CryptoKitties as an example. The launch of CryptoKitties was a turning point for blockchain technology.
It brought non-fungible tokens into mainstream conversations and proved that they were not just theoretical but could be used in practical applications right now.
Benefits of Blockchain-Based Art Marketplaces
If you’re a budding artist looking for a way to build a name for yourself and sell your art, blockchain-based art marketplaces offer some great benefits.
By taking advantage of features like blockchain-based security and cutting-edge payments technologies, artists can get their work out there without worrying about leaving themselves open to fraud.
Art marketplace platforms provide new opportunities for buyers and sellers every day as artists across all genres explore new ways of showing off their creativity.
Why White-label NFT Marketplace Platforms
You might be asking yourself, why would I want a Whitelabel NFT marketplace? The answer is simple: time and money. The market for non-fungible tokens is growing, with $150 million being transacted on CryptoKitties in December 2017 alone.
To compete in such a lucrative market, companies often have to build their infrastructure from scratch, which takes both time and money. Companies can save both by acquiring an existing NFT Marketplace marketplace platform.
You will save months or even years of development time, but you’ll also likely find that you’ll need less investment capital (both monetary and human) than if you tried building your solution from scratch.
Pros of White-labeling NFT Marketplace Platforms
Easy To Start – This is a very attractive feature of white-label marketplaces, particularly if you already have or want to create an established business.
One reason for going with a white label solution is that it allows you to enter a completely new business field without any initial infrastructure development. All you need is your front-end, which can use one of several existing templates from 3rd party developers, and your tokenized platform will be ready for launch.
Easy To Scale – Another plus side of using a white label solution instead of building your marketplace from scratch is that you don’t have to go through any additional scaling process once things start moving in and outside your system.
Cons of White-labeling NFT Marketplace Platforms
The downside of white-labeling an NFT marketplace platform is that it may not necessarily have all of your desired features, especially if you’re a big brand or business.
You may also need to hire programmers with specific skills in order to customize it for your needs. Most importantly, white-labeled platforms usually don’t come with long-term customer service and technical support; if anything goes wrong on your end, you might be on your own.
Purchase a white-label NFT marketplace platform
We have built ready-made NFT marketplace and blockchain solutions in-house. Connect with Minoid’s blockchain consultants today to see a demo of our Whitelabel NFT marketplace platform. Moreover, we can develop an NFT marketplace based on your needs from scratch!