Consider buying a digitally created artwork on the Internet for a decent amount and receiving a unique digital token that certifies your ownership of the artwork. Wouldn’t that be fantastic? That option is now available, courtesy of NFTs. NFTs are currently sweeping the digital art and collectibles industry. Just as everyone thought Bitcoin was the digital solution to currency, NFTs are now being marketed as the digital response to collectibles. Let’s get started and see what all the hype is about!
What is NFT?
Non-fungible tokens (NFTs) appear to be all the rage this year. From art to music, all these digital assets are selling like 17th-century exotic Dutch tulips, with some fetching millions of dollars. It’s developed using the same code as cryptocurrencies, such as Bitcoin or any other altcoin, but that’s where the similarities end.
Physical money & cryptocurrencies are “fungible,” which means they can be easily swapped for one another. They’re also worth the same amount, for example—one dollar is always worth another dollar, & one Bitcoin is always worth another Bitcoin. NFTs are distinct. Each contains a digital signature that prevents NFTs from being swapped for one another (hence, non-fungible).
What is An NFT Marketplace?
An NFT marketplace is a blockchain-based online platform where NFTs can be sold and bought. The popularity of NFT marketplaces continues to rise, owing to skyrocketing NFT costs. Creators often choose an NFT marketplace depending on whether or not it supports the NFT token standard they are looking for. Most NFT marketplaces require users to have a digital wallet and pay using cryptos. Some of the most popular and acclaimed NFT marketplaces where users can buy and sell digital assets include OpenSea, Rarible, NBA Top Shot, Binance, and more.
NFT Market Statistics & Facts
It is true that the NFT market is in a historically gloomy phase. Liquidity is low, and prices are heavily influenced by the decline in the value of cryptocurrencies. Let’s check out some incredible NFT statistics.
- In 2030, the NFT market will touch $231 billion
- The Metaverse segment experienced a significant increase in its supply – nearly 25% increase.
- The Sports NFT Market size is at $2.6 billion.
- Total number of NFT sales in Q1 of 2022 is 7,447,473.
- 76% of the NFT trade volume in Q1 of 2022 was generated in the NFT ‘Collectibles’ segment.
- One in every ten adult Americans collects NFTs.
- 32% of people in the Philippines own NFTs.
- “The Merge,” the world’s most expensive NFT, was sold for $91.8 million.
- Yuga Labs represents over 30% of the entire NFT market (in Q2 of 2022)
This immensely complicated ecosystem known as the ‘NFT industry’ may not be in the spotlight as much as it was during last year’s bull run hype, but during this market downturn, the NFT community has been quietly moving forward in full force, stronger than ever, ushering in the next era of Non Fungible Tokens and so can you via an NFT marketplace of your own!
Let’s check out the factors that will influence you to launch an NFT Marketplace platform right away!
Why Should You Launch Your Own White Label NFT Marketplace Platform?
‘White Label’ solutions or products are developed by one organization and sold by another organization as their own. A White Label NFT marketplace is a great alternative for anyone looking for a way to launch an all-inclusive NFT marketplace in a matter of days. As these NFT marketplaces are fully customizable, you can add or remove features and functionalities as required. Since these NFT marketplaces are ‘ready-to-deploy’ solutions, they can be updated and launched on the go. These solutions are not only economical but also time-saving! Now, let’s take a look at the benefits of launching a White Label NFT marketplace.
- Freedom To Customize
Since you are going to launch a White Label NFT marketplace, you can customize it according to your specific needs. You don’t need to compromise on features or functionalities. You can add or remove any number of features of your choice to the ready-to-launch White Label NFT marketplace.
- Reduced Time-To-Market
Since White Label NFT marketplace is a pre-built solution that has been rigorously tested, the time-to-market(TMM) is quite low. All you need to do is transform the marketplace to align with your business needs and launch it into the global NFT market.
- Hefty Revenue Generation
There are numerous revenue models via which you can generate ever-flowing revenue. Just customize and launch your White Label NFT marketplace. The various revenue models that your NFT marketplace might include are- listing fees, initial start-up fee, minting fee, transaction fees, gas fees, among others.
- Gateway To Enter The NFT Arena
If you are an NFT enthusiast looking for a way to transform your business and step into the NFT world, then launching a White Label NFT marketplace is the way to go. With existing NFT marketplaces thriving in every possible sector, your marketplace’s success is a given!
- Cost-Effective Implementation
The cost of developing an NFT marketplace from the ground up is quite high. An alternative to this expensive solution is a White Label NFT marketplace. As it is a pre-fabricated platform, all you need to do is modify and launch. It is as simple as that.
How to Launch a White Label NFT Marketplace?
The popularity of NFT has accelerated the need for a curated NFT Marketplace. If you’re looking to expand your business in the worldwide NFT sector, launching a White Label NFT marketplace is your ultimate gateway into the NFT space. A feature-rich NFT Marketplace tailored to your requirements will assure an unstoppable revenue stream. All you need to launch this marketplace is a reliable NFT Marketplace development company with a proven track record. Since there are many companies in play when it comes to NFT marketplace development, choosing the one that aligns with your needs is crucial. Looking for a White Label NFT marketplace with an in-built smart contract that earns money on the fly? Get started now!