Of late, people have been going bonkers over NFT marketplaces… Especially over white label NFT marketplaces. There have been a lot of instances where entrepreneurs in the Web3 space have made a fortune out of using white label NFT marketplace solutions to launch their own NFT marketplace.
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For any person who has benefited from a particular manifestation of technology, it’s only natural that they endorse the awesomeness of that manifestation. However, we are called to look at things with a critical eye from a business perspective.
This prompts us to analyze if white label NFT marketplaces are worth the hype. Let us find out!
Before we embark on a mission to unravel the awesomeness or the awfulness of white label NFT marketplace development and the business solutions they offer, we will need to understand the concept of NFTs and the advantages they bring.
What are NFTs?
To understand NFTs, it is mandatory to understand the concept of fungibility and its antonym. An asset is considered to be fungible if it can easily be exchanged for another similar asset without any change in its value… The best example of which is the $100 bill.
A non-fungible asset is something that cannot easily be exchanged… The best example of which would be the original Mona Lisa painted by Leonardo da Vinci. Even if you have a replica of it hanging in your bedroom, the museum that houses the original would not agree to have it exchanged even though they are visually the same.
All right… So what?
Non-fungibility seems like a simple concept and a child’s play rather. However, the kind of opportunities it opens up or nothing short of infinite.
NFTs solve one of the biggest issues with respect to digital asset exchange… Which was proving the originality of an asset in the digital space without compromising on the versatility offered by the digital landscape.
What was conveyed in a single statement above means a lot for creators and artists. While they took advantage of global reach offered by the digital world, somewhere along the line, the attribution to original work was lost and it was quite difficult or rather impossible to retrieve and reinstate the attributes of the creator.
With NFTs, however, all the information regarding the digital asset is stored on the decentralized, distributed digital ledger called the blockchain. The blockchain is immutable by nature, and it is almost impossible for anyone to tamper with the information without having a universal consensus. This provides complete security and reliability for the pieces of information stored on the blockchain. Blockchain serves as the skeleton for the NFT ecosystem.
Getting back to white label…
Let us know get back to the original question of whether or not white label NFT marketplace development solutions are worth the hype. The “hype“ is generally a byproduct of skyrocketed sales or popularity.
The popularity of NFT marketplaces as a business has been unprecedented… And it can be attribute it to the growing popularity of NFTs as a whole. There have been instances where people have made millions of dollars if not billions out of just NFT trading and flipping.
Ask any business guru and they will tell you that any marketplace business is like a casino. Just like how a casino would make money irrespective of the gambler making money or not, the NFT marketplace is bound to make its profit irrespective of what happens to the trader or the collector.
If that is such a lucrative business opportunity, it is only natural for any entrepreneur to look at it like how anyone would look at a puddle of water in the desert. However, the catch is that almost everyone is looking at the same object with the same business lust!
What other options can you consider?
In this stampede of supremacy, time becomes an important variable. It would not be an exaggeration to say that the person to start first has a greater probability of becoming the most successful business.
The natural instinct would be to accelerate the process of NFT marketplace development. However, the most efficient marketplace development processes are bound to cost… Sometimes in time, sometimes in money, and sometimes in terms of business reputation.
It would be easy to consider the option of downloading the script for an NFT marketplace from a platform like GitHub and customize it a little to make it our own. However, such open source platforms are quite susceptible to malicious actions. The cost that you spent in development would be a lot less than what you would pay for the reparations you will need to pay for the damage control for your brand.
Does that make going for building the marketplace from scratch a great idea?! Maybe not. You will spend a humongous amount of time and effort in hiring resources and building the product from scratch. At the end of it, there’s not even an assurance that the end product will be free from bugs and glitches that might interfere with the expected basic functionality.
Your dauntless endeavor to create the perfect product for your NFT marketplace has now fallen short of its pinnacle in perfection.
Enter white label
Given all the above shortcomings of other development methods, the best way would be to go for a white label solution. On the surface, it might seem a little odd that something that is available as a product is being recommended… And ask if it does not give any room for innovations and improvement.
Let us all admit it! Under the hood, everything is the same. At the end of the day, users want is to purchase NFTs without any glitches on your platform. Sell them smoothly, be uncompromising on security, and pay very less fees with respect to transactions and resource utilization charges.
The white label NFT marketplace takes care of it all… And that too, very effectively. Since it is purchased as a product, it is almost ready to be deployed into the market. The customization might not take a lot of time.
That brings us to the next stage… Customization. Most white label solutions are extremely customizable not only in terms of aesthetics but also in terms of features. Most white label NFT marketplace development companies also give customization as an auxiliary service. With the customization, you can give the product a completely new and unique visual signature.
You do not have to spend your effort in testing the product. Instead, you could consider diverting those investments into marketing.
Closing words
Investing in market for the product that is a result of meticulous white label hostile marketplace development. It is far better than investing in a speculative area of developing your marketplace from scratch. The susceptibility of timeline lapses, bugs, and market uncertainties would render the entire exercise futile.
It would be very safe to say that white label NFT marketplace solutions are not only worth the hype. What matters in most cases is not building a product that is technically sound. But building a business that is scalable and sensible.
