Get Your Hands On The Best White-Label NFT Marketplace Solution
What is an NFT marketplace?
NFT marketplace is a platform that brings artists and digital art lovers together in one place. It allows the artists to upload their digital file and tokenize it through the NFT marketplace platform. As it works on blockchain technology, the NFT ensures to protect the ownership of the artwork securely. It allows digital art lovers across the globe to buy, sell and trade NFTs instantly.
How does an NFT marketplace work?
Each NFT is unique and immutable. The metadata of each token is stored in its smart contract, which is unchangeable. Let’s understand the workflow of an NFT marketplace in the upcoming passage,
- The NFT collectors and the creators undergo a registration process and create their own profiles.
- Upon successful login, the users can browse through the features and functionalities of the platform.
- The artist can upload their digital artwork or any digital file along with relevant information such as names, set prices, descriptions, etc.
- Upon providing all the information, they can begin with the non-fungible token minting process to tokenize their artwork to a digital collectible.
- Once the NFT is minted, the creator has the option to either list it in an auction or instant sales.
- The buyers can purchase the listed NFT upon browsing through the storefront of the platform.
- In the case of an auction, the buyers can place their bids. The highest bidder receives the ownership of the token.
The revenue model of the White-Label NFT marketplace
There are an infinite number of ways to generate revenue by launching a white-label NFT marketplace. Some of them are listed below for you to view and understand.
Initial setup fees
Once the creators successfully register and log in to the platform, they can upload their digital art. For the first time, when the creators are listing their digital collectible on the NFT marketplace, they are subjected to pay an initial setup fee. Upon paying the fee, the virtual asset is made available for commercial sale.
The creators mint their digital artwork to a token in an NFT marketplace. The digital files of various streams, such as art, sports, fashion, etc., can be minted by the creator. To register their NFT on the blockchain network, the creator has to pay the minting fees.
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 imposes a transaction fee.
There are countless crypto-collectibles minted by the creators. The NFT marketplace lists them upon categorizing them according to their genre. To list the NFT on the platform, the creators pay a listing fee.
To sum up,
The crypto world has been witnessing a huge boom in recent days, and a steady rise in numbers is noted. Launching a white-label NFT marketplace customized with highlighting features can help you to gain huge returns in a short span.