White Label Multi-Chain NFT Marketplace Development — What Does It Mean?

NFTs growth has been witnessed in recent years even though these have been around us for a decade long. In earlier times, NFTs were unnoticed and they became mainstream after the sale of Beeple NFT, which is the most expensive. This was when every individual around the world came to know about NFT and its significance.

This prominence has paved the way for trading digital assets on a medium named NFT marketplace, which is also known as the NFT trading platform. It is nothing but a platform or stage for NFT enthusiasts to buy/sell digital assets & collectibles without any hindrance in a decentralized environment, where every deet regarding the NFT and transactions are stored on the blockchain ledger. Even in the case of any issues, data can be restored or backed up.

Backed by blockchain technology, the NFT marketplace functions accordingly with the integration of smart contracts. Single or multiple blockchains can be employed for development. When integrated with multiple blockchains, the NFT platform will possess the perks of integrating every blockchain. Eventually, this will lead the way to perks like low transaction costs, faster transactions, interoperability, scalability, and decentralization.

In this, we will get to have insights into white label multi-chain NFT marketplace development, which will open the way for launching the NFT platform operating on multiple blockchains in an instant.

What Is A White Label Multi-Chain NFT Marketplace Development?

A white-label multi-chain NFT marketplace development is the process by which the NFT trading platform is to be crafted on multiple blockchain networks using a white-label solution.

A white label solution is a general term used to describe the mimic solution of the existing platform, which is like an operational replica in accordance with features and functionality/capabilities.

Whereas, in the case of a white label NFT marketplace, it possesses features and functionality of the typical NFT trading platform. Employing this solution over multi-chain NFT trading platform development from scratch seems a bit of a lengthy process and takes more and more time with high investment.

Features Of The White Label Multi-Chain NFT Marketplace

The functionality of the white label multi-chain NFT marketplace is actually based on the features that have been infused. Some of the indispensable features included the following.

• The storefront is like an NFT exhibitory, which displays listed NFTs facilitating users to access various collections of NFTs. They could get to know deets of NFTs like price, bidding/buying option, and name & description and alongside the NFT owner’s name. It is a place where NFTs will be put for sale.
• With a plethora of NFTs listed and categorized, it is quite easy for users or traders to search for their desired NFTs with the help of the filter and search options. Like, they could find the NFT using various filters like latest, highest price, lowest price, frequently sold, etc.
• A digital NFT wallet plays an important role. It is the medium where NFTs will be stored securely and which is responsible for sending/receiving NFTs on the approval of respective traders before transactions. A crypto wallet with funding is requisite to proceed with NFT trading.
• Alerts & notifications are so important which are irreplaceable. The information regarding trading like NFTs being put for sale. That is, NFT enthusiasts or registered users have to be updated with every happening on the platform through email or push notifications.
• The KYC/AML compliance to be carried out upon the completion of the initial registration/signup process is requisite, which will ensure there will be no unauthorized person to take part in the trading process.

There are many other features to be added. This list goes on.. The ease of the execution of trading with easy surfing and smooth trading in a secure environment is what captures the attention of NFT enthusiasts without having a second thought of looking for other NFT marketplaces. Henceforth, when going through multi-chain NFT platform development, feature selection has to be given utmost importance. These have to be decided on with proper market analysis alongside competitors’ offerings of NFT trading platforms.

Which Blockchains To Employ For Developing The White Label NFT Marketplace?

Blockchain technologies are backing the NFT marketplace. There are so many blockchains in the market, with each one having significant pros and cons on its own. The following are the most prominent blockchains. Check these out.

☀ Ethereum

Ethereum is the well-known and first-ever blockchain technology, which is open-source and decentralized. It seems to be most preferable for NFT development because of its stableness. High gas fees and network congestion are indeed common shortcomings. This leads to the emergence of new other blockchains.

☀ Polygon

The Polygon blockchain runs parallel to Ethereum, possessing low gas fees and faster transaction speed. This actually addresses the pain points of the Ethereum blockchain. It is a protocol for connecting/creating Ethereum-compatible networks.

☀ Binance Smart Chain

It fuels transactions on the BNB chain. Seemingly, it is one of the most preferable and convenient blockchain for NFTs creation. It is an independent blockchain with Ethereum compatibility and operates on the proof-of-stake consensus mechanism.

☀ Solana

Solana is a public blockchain that is the fastest with smart contract functionality. It focuses on improving scalability. It could process 50,000 transactions per second with less block time compared to Ethereum.

Apart from the mentioned ones, some other blockchains include Avalanche, Cardano, Flow, EOS, etc.

Perks Of Supporting Multiple Blockchains On The NFT Marketplace

Rather than choosing to pick a single blockchain, employing multiple blockchains for NFT marketplace development comes with the following benefits.

➔ Immutable

➔ Security

➔ Decentralization

➔ Transverse across various blockchain platforms — cross-chain compatibility

➔ Low gas fees

➔ Faster transaction speed

➔ Low block time, etc.

Multi-Chain NFT Marketplace Development — Key Steps

• Ideation is the first step. Starting with road mapping the approach, the framework and objective have to be predetermined. It is attainable efficiently through market research.
• Next is the designing phase. In this, the user interface strongly emphasizes giving the first impression the best. Making it appealing matters the most.
• Front-end and back-end are the foundations that will impact the performance of the multi-chain NFT marketplace.
• The smart contracts integration automates the process of the execution of NFT trading with no hassles. It works with the matching algorithm.
• The well-crafted platform has to be tested for glitches. When errors are found during the testing stage, these have to be resolved.
• Once done? The platform is readily available for the launch. When upgradation is required, it has to be modified for betterment.

The Concluding Point

Hopefully, this article has guided you through white label multi-chain NFT marketplace development. With such insightful information now, head towards availing of NFT marketplace development services.