NFTs… They are more than just digital tokens that reside on the blockchain. They are more than pixelated images of punks and quirky images of apes. They are an embodiment of a marvelous piece of technology that elevates the experience of 1 in the digital space. NFTs have been instrumental in heralding the new version of the Internet that is endearingly addressed by everyone as Web3.
Web3 represents a completely new dimension in the way the Internet functions. While the first version of the web was all about centralized information, the second version gave an elevated experience by giving users a platform to put forward their thoughts in multiple formats. However, the control over the distribution of such content and monetizing it still lies with heavily centralized corporations.
Web3, when going mainstream, is all set to break the barrier by giving content creators the rightful rewards that they deserve for their efforts, skills, and creativity. This is what you would expect out of a truly creator-centric economy.
How do NFTs make this new version of the web possible? To understand it, it is important to unravel what NFTs are and what is the concept of fungibility.
Demystifying NFTs and Fungibility
As you may have known, NFT is an acronym for nonfungible tokens. An asset is considered to be fungible if it can easily be traded for another equivalent without any loss in its value… Like the dollar bills.
A non-fungible asset has unique attributes, and it cannot be traded for anything visually similar because of its uniqueness… Like original artwork by renowned artists Michelangelo and Leonardo da Vinci.
It is not that non-fungible assets did not exist in the digital space. The only challenge was that it was difficult to prove the authenticity of a digital asset. Multiple transfers would mean that the attribution to the original creator was lost somewhere along the line.
With the distributed ledger technology called the blockchain being the bedrock of NFTs, the immutability of the blockchain comes to the forefront in establishing the ownership of a digital asset.
How Does It Benefit Creators?
With the advantage of provenance powered by NFTs, creators can now rightfully claim their creation and all the benefits that entail credibility including but not limited to intellectual property rights, royalties, and credits being given in commercial usage.
This has created a new breed of digital creators who effectively and efficiently use NFT marketplaces to list their NFTs and sell them for a good profit.
The NFT fever has not only positively affected creators but it has been contagious in a way that it has also started to affect brands. The fact that the renowned sports brand Nike has sold about $185 million in non-fungible digital assets is a resounding testimony to the fact that artists, celebrities, and brands have started to embrace the awesomeness of NFTs… And the future only looks brighter and better.
The Relevance of Marketplaces
An economy that has a healthy mix of creators and consumers will naturally spawn marketplaces. We have seen it happen with physical goods and that has resulted in a lot of e-commerce giants like Amazon and eBay mushrooming.
NFTs are going through a similar situation right now. For easy trading of NFTs, an NFT marketplace is necessary. We have seen a lot of NFT marketplaces evolve into successful brands, thanks to the proliferation and appreciation of the Web3 space.
Come to think of it, any marketplace business (including but not limited to the NFT marketplace) is a viable business option for any entrepreneur because it is similar to a casino in its outlook. Ask any casino enthusiast, and they will say that a casino always makes its profit irrespective of the gamblers making a profit or loss.
Similarly, NFT marketplaces also have bright chances of making a profit in every transaction on the marketplace.
What Does that Mean for a Blockchain Entrepreneur?
Any aspiring entrepreneur would want to get into a business that gives people the benefits at the right time while, at the same time, giving the business the profits it deserves.
Market experts will tell you that this is a perfect time for anyone to launch their own NFT marketplace. There is a massive increase in awareness among people… And it is no longer possible for anyone to sell NFTs that do not bring any substantial utility or do not have any intrinsic artistic value. Therefore, NFTs of the future will have better value and can be traded better on marketplaces.
However, the challenge lies in the time and effort that goes into developing an NFT marketplace. Taking the classic approach of developing your NFT marketplace from scratch would seem like a straightforward idea. However, going with that kind of NFT marketplace development might cost you a lot in terms of time and money. There is also a probability of you finding some bugs and glitches in the end product that might interfere with the expected basic functionality of your NFT marketplace. This would mean that you will need to churn out additional time and money for quality assurance purposes.
So… What’s the way out?
Foraying into the Web3 space is bound to be adventurous and thrilling. At the same time, it should not be an expensive affair for an entrepreneur that they end up losing their fame, trust, and hope. Therefore, entrepreneurs willing to explore the Web3 space and NFT marketplaces in specific should be provided with a dependable solution that would enable them quickly and safely launch into this extremely profitable and lucrative territory.
Turns out that the answer lies in a white label solution. As you may have known, the white label NFT marketplace is a product that can be purchased from companies that specialize in white label NFT marketplace development.
Since it is a product, you can expect it to be completely done and tested for all the bugs. This will ensure that you do not end up spending your time and money fixing glitches.
More often than not, NFT marketplace development companies give you an option to customize them. This would mean that you can garnish the product with the visual elements of your choice. The end product would look completely unique and it is quite likely to bear all the elements of your brand language.
Why is a White Label a Better Way?
Let us all admit it! While the skins of all NFT marketplaces may look different and while every renowned NFT marketplace might have its own brand language, everything is the same under the hood!
If we have such a situation and if the requirements with respect to any NFT marketplace have almost saturated, it might not make sense for any business person (who understands that time is a crucial piece of investment in the space) to build a product that would be quite similar to reinventing the wheel.
Therefore, the white label solution is the best way forward for such enterprising people who understand that sometimes, in businesses that have cutthroat competition, visual uniqueness is the key and functional uniqueness is overrated… At least in the short term.
Conclusion
The white label NFT marketplace is the safest and also the most lucrative bet for any person who would want to explore this interesting, intriguing, exciting, and rewarding Web3 space.
The opportunities of making NFTs are not limited to college degrees, event tickets, government records… And a lot more. When we are looking at a future that would be centered around NFTs and when we are looking at Web3 being focused on delivering creative liberty without compromising on the commercial dependability, an NFT marketplace is one of the best businesses for you to invest in… And the white label NFT marketplace development is probably the best process for you to get into this business and consequently, into Web3!
