Non-fungible tokens (NFTs) are a classic example of how blockchain technology’s applicability and use cases have steadily expanded. As a novel asset class, these crypto tokens have given rise to the ongoing “NFT revolution” in the crypto space. So much so that in the first six months of 2021, these digital assets sold for over $2.5 billion.
The market in which the NFT token is traded is what makes it a success. Its security and user experience contribute significantly to revenue, which raises the question of whether you should use an existing NFT marketplace solution or build one from the ground up.
What Is NFT Marketplace And How Does It Work?
Let’s start this conversation. A website where you can buy and sell NFTs is called the NFT Marketplace Platform. In addition to acting as a meeting place for buyers and sellers, the NFT Marketplace solution can also be used to mint NFTs and conduct NFT auctions. As a result, artists can create their own digital collectibles and artworks, which are then sold through a bidding system.
Everyone wants to be a part of this movement as NFTs fly off the shelves and sell like hotcakes. Creating your own NFT marketplace is a great way to get involved in this crazy industry. You have two options: either create your own marketplace or use an NFT marketplace.
When is the NFT Marketplace Appropriate?
We have compiled a list of reasons why we think NFT Marketplace will be more beneficial for you:
Rapid Technological Progress
Building your own NFT marketplace from the ground up will take a long time. The development of an average NFT Marketplace platform takes at least three months. However, depending on the level of sophistication and unique platform features, this can take a year or more. Conversely, it takes very little time to launch a White Label NFT Marketplace, even with complex functionalities.
Adding Features That Are Not Included In The Standard Solution
Every marketplace platform has its own set of features that differentiate it and make it desirable. While you can do this on your own, a white label solution will save you time and money. Since most of these NFT marketplaces are open source, you can add custom features to meet your specific needs.
You are free to create your own NFT marketplace from scratch, but expect to spend at least $100,000. As you add more layers of security and features, the cost goes up. However, launching an NFT marketplace will be less expensive, saving you thousands of dollars.
Built-in Security Features
Since each NFT token is unique, extra care needs to be taken in determining who owns these NFT tokens. When it comes to developing security features for the NFT Marketplace, extra precautions need to be taken. Any flaw in data encryption techniques can seriously damage the integrity of the data and, as a result, compromise security.
An NFT Marketplace, on the other hand, comes with built-in security features and does not require any additional work. Furthermore, since the white label solution is rigorously tested and audited by the developing company, you will not have to bear the burden and cost of security auditing.
Integration of a Wallet
The problem with setting up the NFT Marketplace platform on your own is that you must focus on building a wallet separately. For the platform to be functional, you should also focus on developing wallet integration services. On the other hand, an NFT marketplace includes an integrated wallet, saving time and money.
A Platform For You To Launch Your NFT Project
Suffescom OpenNFT is an open-source NFT marketplace with all the necessary features for quick deployment and customization. The platform, based on the Algorand blockchain, allows you to create and transact various types of NFTs with little or no coding knowledge.
non-fungible tokens vary by the standard blockchain networks, such as Ethereum and Binance Smart Chain. With these networks, high transaction fees are a major concern, making small, day-to-day NFT transactions prohibitively expensive. Furthermore, in addition to scalability concerns, these networks make it more challenging to connect NFTs to the actual owner.
OpenNFT is a great secondary market where artists can benefit from NFT auctions. At the same time, the market owner may charge a small platform commission fee for each transaction. This business model will help NFT to grow in terms of overall growth and sales.
Advantages and Disadvantages of Using OpenNFT
We believe that by now, you are well informed about the benefits of White Label Solutions. We also hope that you have a clear understanding of why OpenNFT is the best option for you. However, we still have something more to say. It is also our responsibility to inform you when White Label Solutions should not be used.
In particular, if you require a high level of customization and special features, a white label product may not be suitable, and it is better to build it from scratch. The only thing is that you should have the appropriate resources to do this—find a reliable team or keep it in-house.
Ethereum has a lot of advantages when it comes to building NFTs and marketplaces, and it can be suitable for a lot of projects, especially those that want to take advantage of its network size. However, it also introduces challenges such as high development and maintenance costs. Given these problems, we believe that Algorand is often a better choice to meet your needs.
Suffescom Solutions has a team of experts who can help you get started with your OpenSea Clone NFT Marketplace. However, if what you’ve read about OpenNFT convinces you that it better suits your needs, we can help you tailor it to your needs. Since the OpenNFT code is available under an open-source license, you can use it to build just about anything.