NFT marketplaces have become a common forum where NFT enthusiasts hover around. Multiple reports say that almost 250,000 people trade NFTs each month on one of the largest marketplaces – OpenSea. The question of white-label NFT marketplace development cost arises once you decide to go ahead with your NFT venture.
In the case of creating a marketplace platform, any entrepreneur would need the right information right from design & development to the cost associated with it.
But, before that, I would like to start this blog from scratch before unfurling the intended context.
Let’s get started!
Where Does this term ‘White-label’ come from?
This decade-old term ‘white-label’ hails from the product world when a product manufactured by one company is rebranded (& launched) by another company. Let’s take Laptop companies (for instance), where other companies manufacture the built-in accessories but with a common brand name (for example, the American brand – DELL).
Fast forward to the mid-2010s, white-labeling became a prominent concept in mobile app development. A white-label app is a platform (mobile or web) developed by a white-label service provider, which some other company then rebrands. Since entrepreneurs wanted economical and efficient service, many on-demand companies took this route!
We’re in mid-2022 (while writing this article), and non-fungible tokens (NFTs) have become a ‘thing’ now. Eventually, the technological world would find ways to minimize money & time spent on the development process. One such way is white-label NFT marketplace development services, including a cost-effective yet tried-and-tested module.
What’s Your NFT Business Idea?
Since you’re reading this blog, I guess you would already have an NFT marketplace business idea. If not, let me list out some of the viable business ideas
- Is it a sports NFT marketplace?
Sports collectibles set a new trend in the cryptographic collectible market. Deloitte Global forecasts that sporting NFTs will generate $2 billion during the entirety of 2022. The research article also highlights the fact that many sporting athletes embracing the NFT trend could be the main reason.
- Or is it an art NFT marketplace?
The NFT art sales are skyrocketing is an understatement. Starting from digital artist Mike Winkelmann’s NFT sale of $69 million to Artist Pak’s $91 million NFT sales, art-based NFTs have taken the dominant side.
Ever since blockchain technology led to the adoption of artworks (as NFTs), minting and monetizing have become easier.
- Would you fancy a gaming NFT marketplace?
If you don’t know the idea clearly, creating a gaming NFT marketplace like NFTb or Airnfts can be difficult. With the introduction of user-centric NFTs for gamers and cross-chain trade, the gaming NFT business is rapidly expanding.
A team of gaming NFT marketplace developers can assist you in identifying current trends and turning your idea into a vibrant NFT marketplace for gamers.
A Primer on White-label NFT Marketplace Development
The developers create the best user interface for the platform with the most appealing theme and highlight the platform’s features. Creating an attractive user interface with the most up-to-date information will drive initial market traffic.
Develop Smart Contracts
The NFT marketplaces are decentralized platforms with no third-party or administrative oversight. However, these marketplaces must be managed to eliminate spam and deceptive transactions and ensure that smart contracts are coded and that these smart contracts supervise all marketplace activities.
Once the platform has been fully constructed, the developers will run the entire white label NFT marketplace on testnet to find any flaws and work to fix them. Experts work on the testnet until the marketplace is completely functional.
How Much will the White-label NFT Marketplace cost?
While I haven’t indulged in the marketplace development process to ascertain the exact cost, here are the factors that could possibly determine the exact cost:
- Your Priorities
The golden rule of any development process: you get what you pay for. If you stumble upon a company claiming them as cheap development solutions, that’s a warning sign, dear reader!
What if you want to build a platform within a few weeks or a few months? Either way, embracing the white-label concept is a brilliant idea.
- Types of Platforms
The platform requirement you want for your NFT project will ultimately determine the cost. Say, for instance, if you just wish to develop a web platform, the cost will be more or less affordable.
But what if you wish to develop a mobile application, like OpenSea?! The tech stack required for building an app-based marketplace platform determines the exact cost.
- Features & Functionality
The more the features, the more the cost will be: you better remember that! If you’re running short of budget, better to start with a simple and basic version. If budget isn’t any limitation, you can incorporate advanced features.
Paying close attention to these factors will have a clear-cut say in the final cost of developing a white-label NFT marketplace.
Frequently Asked Questions (FAQs)
- How Many Hours does it take to Build A white-label NFT marketplace?
I’m not sure about the maximum time, but it takes at least three months minimum to build a marketplace platform. The timespan of white-label NFT marketplace development mainly depends on your requirements.
- What are the Prerequisites for Building a marketplace?
The pre-stage to development process involves market research, competitor analysis, risk analysis, etc.
- How Can I choose my Ideal Development Company?
You can choose your ideal NFT marketplace development company based on data records, client feedback, recommendations, etc. While these factors play an important role, the timeline and budget (allocated) play a decisive role.