In recent times, every corner of the world has been talking about NFTs and NFT marketplaces. In this blog, let’s explore the reason behind such a swift growth of the NFTs and why it is the best option for you to invest in white-label NFT marketplace development. The crypto-punks are showing keen interest in buying digital assets and selling them to make profits or treasuring them.
A gist about NFT and NFT marketplaces
The non-fungible tokens are immutable digital assets that are distinct. NFTs represent the digital assets or the digital artworks done by eminent artists across the globe. The creators can mint their file to an NFT and place it in the NFT marketplace for the zealous cryptonauts to buy, sell and trade. The NFT marketplaces work in association with blockchain technology. Each non-fungible token is unique and immutable. The transaction and origin details of each token get stored in the digital ledger, which is unchangeable. Thus the authenticity of the non-fungible token ownership is preserved and transparent for everyone in the equation to view.
White-Label NFT Marketplace Development
Many entrepreneurs around the world are racing to launch their own NFT marketplace first. A white-label NFT marketplace development is an efficient way to enter into the flourishing crypto world. Upon rebranding and redesigning a white-label solution, you can easily launch your app into the market right away and gain a vast user base to join your app. We at TurnkeyTown offer a 100% customizable solution that helps you to reshape your platform to a great extent.
Before getting your hands into the development process, it is vital to understand how the NFT marketplace solutions work. Hence let’s dive in deep to know everything about an NFT marketplace platform.
Workflow of an NFT marketplace Solution
The convenient workflow of the NFT marketplace attracts investors and creators to join your platform in no time. In the upcoming passage, let’s understand how an efficient NFT marketplace work.
- The creators or the artists can register on the platform by entering the required information. Similarly, the users take up a sign-up process as well.
- In order to maintain an authentic user base, the app makes it mandatory for the users to take up a KYC verification process.
- Upon successful verification, the users can now step into the platform and surf through an ocean of Non-fungible tokens available.
- The creators pay a certain fee, mint their digital artworks to an NFT, and place them on the blockchain network.
- The creators can list their NFTs for sale along with relevant information such as token name, description of the token, ownership details, starting bid price, etc.
- They can sell their digital collectibles in two ways: through instant sales or by placing them for an auction.
- In the case of an auction, the users can start bidding and wait for the end results. The one who placed the highest bidding amount wins the auction and gains the ownership of the token.
Steps to make a fortune with an NFT marketplace
Generating revenue is vital for any business to attain new heights. A white-label NFT marketplace development is flexible in implementing multiple money-spinning strategies. Therefore it is important to choose the right revenue or business model and insert it into your platform. Thus a few effective ways to monetize your platform are discussed in the forthcoming passage,
Initial setup fee
Eminent artists across the globe can register to the platform and upload their alluring digital artwork to the platform. When they want to upload it on the platform for the initial time, then initial payment of setup fees is imposed. Upon successful payment completion, the digital collectible will be available for commercial sale.
The storefront of the marketplace is designed in such a way that the type of NFTs is categorized and listed based on their genres. The listing of the digital collectible is done upon paying certain listing fees. This way, the creators can showcase their artwork on the platform.
The creators or the artists convert digital artworks into non-fungible tokens by minting them on a blockchain network using the NFT platform. To achieve this, the creators have to pay a certain amount of minting fee which includes the gas charges.
Transaction processing fee
In NFT marketplaces, buying and selling digital assets are done with p2p transactions. The digital asset collectors can pay in multiple ways using top cryptocurrencies or any such tokens. For each transaction through the NFT marketplace, the platform can impose a transaction fee.
Why is TurnkeyTown the best place to get an NFT marketplace solution?
We at TurnkeyTown offer complete support right from the development to the deployment of your platform. Our dexterous development team is all geared up to help you build a robust NFT exchange platform that has the potential to create a buzz in the crypto world. The NFT marketplace solution we offer comes with futuristic features that ensure utmost user convenience. The scalability of our solution exceeds your expectations. Therefore you can expand the features and functions of your platform anytime in the future when you gain vast popularity among the audience.
Benefits of launching a Marketplace
By launching an NFT exchange platform, you get a chance to relish the endless benefits it has to offer. Some of the key benefits are discussed below,
A white-label NFT marketplace solution will enable you to launch your platform in the market within a short span. Thus you can save an ample amount of time. Every second, the value of the NFTs is consistently rising.
The NFT marketplace connects the global crypto and NFT investors with eminent artists. Hence any third-party broker interruption is eliminated.
The transparency of the blockchain network is the key benefit of an NFT marketplace. Each transaction detail gets stored, and it cannot be modified or removed by anyone. This makes it a completely secure place to invest.
To wrap it all up,
It is wise to initiate a business that matches the current trends. The NFTs and the NFT marketplaces are the hot topics of the crypto world. Looking at the current events, it is evident that there is no better time than this to get into NFT marketplace Solution than now. Therefore launch an NFT exchange platform that can seize the attention of billions of cryptonauts in no time.