Non-fungible tokens are one of the best examples of how blockchain technology is used in a wide range of applications. These tokens have started the ongoing “NFT revolution” in the crypto space as a brand new asset class. This has been done to the extent that digital assets have driven total sales of more than $2.5 billion in the first six months of 2021, as per a leading independent digital media out there. What makes the sale of such tokens a success is the NFT marketplace where the trade occurs. The security and user experience offered by such marketplaces contribute extensively to the revenue. But the question emerges, what is suitable for you between white label NFT marketplace solution and a custom NFT marketplace solution? We will learn that today through this content piece.
What is an NFT Marketplace?
First, you need to understand that an NFT is a digital certificate that represents the ownership of virtual assets, such as:
- Art
- Music
- Videos
- Digitized real estate
Coming to the NFT marketplace, it is a digital platform, where users can buy, sell, and deposit non-fungible tokens. These marketplaces take advantage of blockchain technology to introduce transparency and record the entire trading process. They basically levy some charges to manage the transfer of a non-fungible token from one party to another.
Just to let you know, a global data and business intelligence platform has recently predicted that the revenue in the NFT market will grow up to USD 683.9m by the end of 2024. It shows how essential it is for business owners to invest in custom or white label NFT marketplace solutions now.
Types of NFT Marketplace
The way global adoption and popularity of non-fungible tokens are continuously increasing, the demand for dedicated marketplaces, to simplify their trade and exchange, is growing aggressively. Two main categories of NFT marketplaces have cropped up to fulfill this demand, i.e., white label NFT marketplace and customized NFT marketplace.
1. White Label NFT Marketplace
Assume a pre-built, branded storefront ready to operate. That’s the representation of a white label NFT marketplace platform. It’s quick and affordable, allowing you to start swiftly without compelling you to build everything from scratch. You can leverage scalability, cost-effectiveness, and standard personalization within a merchant’s platform. However, you must know that the scalability might be limited, leaving you with less control over features and potentially stuck with the provider. While you develop a white label NFT trading platform, it is suitable for budget-conscious business owners looking for a quick entry into the NFT world.
2. Custom NFT Marketplace
Think of your dream NFT platform, created exactly as you imagine it. That’s the potential of a custom NFT marketplace. It needs a significant amount of time and investment, but the payoff is excellent in the long run. You can customize everything ranging from design to functionality, to boldly reflect your brand and vision. Additionally, you can leverage complete control, data ownership, and the capacity to scale and adapt to your needs. With a customized NFT marketplace at your disposal, you can stand out from the crowd with a distinctive offering. However, you need to be ready for the technical expertise and ongoing management that it may require. This option is highly suitable for organizations focusing on long-term control, a unique user experience, and a bespoke platform, no matter the expenses it attracts.
Custom Vs White Label NFT Platform: An In-Depth Comparison
1. Development Time
- White Label – You get a pre-built platform, driving down the development time to a great extent. According to a top blockchain software development company, most white label NFT platforms can be launched within weeks or months, based on one’s configuration and branding requirements.
- Custom – Developing an NFT marketplace from scratch consumes more time than white label platforms, usually months or even years, based on the complexity of your project and team size.
2. Flexibility and Customization
- White Label – It enables basic branding and configuration options within the merchant’s framework. You might fail to change core features or functionalities as per your preferences when choosing a white label NFT marketplace solution.
- Custom – It offers full control over every aspect, right from design and layout to features and integrations. You can customize the platform according to your specific requirements and target audience, designing a unique user experience.
3. Control and Ownership
- White Label – The merchant has greater control over platform updates, security, and data storage. You will have limited control over future development and feature changes.
- Custom – In this case, you have complete control over the platform, allowing you to work on updates, data security, and future development blueprints independently when choosing custom NFT marketplace app development.
4. Technical Expertise Required
- White Label – It needs minimum technical expertise. The concerned NFT marketplace development company takes care of all the updates, maintenance, and technical glitches.
- Custom – It requires a team with solid blockchain and software development skills to develop, maintain, and update the platform.
5. Scalability
- White Label – Scalability is one of the fundamentals of building a successful NFT marketplace. The surprising news is that white label NFT marketplace software generally scales depending on the merchant’s platform potential. There might be limitations on their infrastructure and scalability options.
- Custom – This type of solution allows you to select the infrastructure and architecture to manage future growth and user base augmentation. In short, scalability is designed based on your needs, in this case.
6. Uniqueness
- White Label – It shares key features and functionalities with other users of the same solution, restricting your ability to stand apart from others.
- Custom – It provides a completely distinct platform that reflects your brand identity and helps your product distinguish from your rivals.
7. Cost
- White Label – When you develop a white label NFT marketplace, it renders a more affordable option, usually charged as a subscription fee or transaction percentage. Take into account extra costs for customization and possible vendor lock-in charges.
- Custom – Its development, maintenance, and infrastructure require a considerable investment. However, you are the sole owner of the platform, potentially saving costs down the line.
Ready to launch your NFT marketplace? Whether you need a custom solution or a white-label setup, our expert team can help you build the perfect platform.
Top Providers of White Label NFT Marketplace Solution
Many are not aware of this, but the truth is that the expansion of the white-label NFT market is the result of the rise of NFTs in luxury fashion. Once you have an in-depth understanding of this market, it is a wise idea to enter and leverage the NFT industry post implementing imperative income streams. Start by interacting with the best and most reliable business out there.
We have compiled a list of the topmost providers of white-label NFT marketplace for business if you are not sure which company to go with. Let’s browse through this list:
1. SoluLab
Cost: $25 – $49
Employees: 50 – 249
Founded: 2014
Headquarters: Los Angeles, CA, USA
Client: Microsoft, Disney, Georgia Tech
SoluLab offers comprehensive white label NFT marketplace development solutions. It is a popular service provider in the NFT space that covers the USA, UK, and India. Their solution includes a user-centric interface, global NFT trading, and support for various blockchains, allowing the development of a customized NFT marketplace platform.
A few of their NFT services include:
- NFT Development
- NFT Marketplace Development
- NFT Exchange Development
- NFT White Label Solution
They have rendered their services to top-notch firms, like NFTY, XinFin, One Ledger, Liquid Craft, etc., and some of their NFT platform offerings are:
- NFT Metaverse
- NFT Gaming
- Sports League
- Antique and Rare Marketplace
- NFT Fashion Industry
- Digital Art
- NFT Scaled Music Marketplace
- NFT Powered Real Estate
2. AppDupe
Cost: $45 – $55
Employees: 251 – 500
Founded: 2013
Headquarters: Tamil Nadu, India
Client: Siemens, Liveramp
AppDupe has a massive client base that relies on this white label NFT marketplace service provider to develop their NFT trading platforms. Despite its competence in fundraising platforms, DeFi platforms, and building exchanges, this agency is best known as an NFT marketplace development firm.
This platform was created using multiple blockchains by a seasoned team of developers. Resultantly, you can make a decision after comparing the advantages and disadvantages of each blockchain technology.
3. Inoru
Cost: $70 – $85
Employees: 101 – 250
Founded: 2006
Headquarters: Tokyo, Japan
Client: Netflix, Amazon
INORU is a leading white label NFT marketplace solution provider with immense knowledge in the blockchain industry that caters to clients worldwide. They provide white-label solutions for an NFT marketplace, DeFi platform, Launchpad, Exchange, and the in-house advancement team delivers a wide variety of services.
The blockchain developers team has hands-on experience in turning your NFT marketplace development idea into reality with a white-label solution without compromising quality to any extent. Their white-label NFT services comprise:
- Wallet integration
- Multi-language support
- Bidding
- Filters
- Browsing categories
- And many more
The white-label NFT platform is a breeze to customize, considering the aspects you would require to add, ensuring the platform is deployed immediately.
Want to take the leap into the NFT world? Be it a custom marketplace or a white label solution development task, we have got the expertise to make it happen.
Which One is Apt for Your Business – Custom Vs White Label NFT Platform?
Making the right selection between white label and custom NFT marketplace depends on your priorities. The former is highly suitable for individuals, startups, or businesses with limited budgets and time constraints who want a quick entry into the NFT world with standard customization. However, the latter is appropriate for established brands, organizations with specific needs and visions, and those interested in investing time and resources in a platform that boldly reflects their identity and provides full control and long-term scalability.
In short, the right pick depends on your unique goals, resources, and technical expertise required. Contemplating these factors properly will lead you to a solution built by the finest NFT marketplace development company that will ensure the success of your venture.
