White Label NFT Marketplace: The New Age of Digital Art is NOW!
Ever wonder why someone would pay $6.6 million for a 10-second video online? If someone wants it that bad to be able to part ways with such a large sum of money, it must be something valuable, right? Well, it is not up to us to judge what people buy but the current trend of NFT being baffling should be our real concern.
In an increasingly digitalized world, NFTs are the latest cryptocurrencies to be all the rage these days. Highlighted by several record sales at the beginning of the year, this new form of technology, which means “non-fungible token”, is now in the spotlight. Behind this term hides a feature that can bring thousands or even millions of dollars to some artists, and this, for some time now.
This market which is worth more than $3 billion has been eating up headlines despite most people (excluding the rich crypto-maniac elites) not knowing what it actually is.
The trading volumes of these blockchain-based digital tokens increased tenfold between July and August 2021 which is a record for this niche industry. Now, if you aren’t aware of it already, and might be wondering what it is given the crazy buzz around it, I’ll make sure you know what is taking the digital world by storm in this new age of cryptocurrency and digital art.
What the hell is an White Label NFT Marketplace?
Digital collectors (yes, they exist) can purchase, sell, and create their own tokens that reflect ownership of unique, physical, and intangible goods on NFT marketplaces. It can be anything starting from trading cards to graphic art, music, videos, and even material objects like shoes! Famous popstar Grimes sold her 50-second music video through NFT for almost $3,90,000. There are several instances of this happening all across the world with digital stuff being sold online worth billions that make us normal people go on hyperventilation mode.
NFTs or non-fungible tokens use blockchain technology to make certain online products unique and owning them would create the same feeling as owning something tangible in the real world. This explains the hype around digital technology being used to retain collectibles and create a platform to show off within niche audiences and communities. Remember when we used to collect rare Pokémon cards back in the days? We would not want to exchange our rare cards for anything; rather we would want to hold onto them. NFTs today revolve around the same concept of owning rare things but digitally.
How It Holds Value of White Label NFT Marketplace.
NFTs depend mostly on the platform where they are created. In this case, the focus is on Ethereum, which brings together the largest number of these crypto-arts.
As we speak here of “property”, no authority, no one can cancel your property to an NFT or recreate one exactly the same. In addition, anyone can create, buy or sell them without any authorization. However, the uniqueness report remains, even if anyone can access it.
Also Read: What determines the value of NFT? | Creatibuzz
Alternatively, an NFT can be compared to a one-of-a-kind trading card, arranged in an open display case and that everyone can admire. Sort of like our Pokémon cards as mentioned before. The only specificity is that it belongs to a single person at any given time. In practice, he can represent himself through a digital work of art, an image. In itself, it is the very existence as a digital object in the blockchain that makes an NFT unique.
What’s an White Label NFT Marketplace.?
The world of NFT holds a major promise for its users: being able to sell just about any digital creation in the form of NFT in a peer-to-peer way. Thus, rather than seeing the works collect only likes on different social networks, it is now possible to give them a monetary value. To organize the meeting between supply and demand, many marketplaces began to emerge. Unlike cryptocurrencies, NFTs cannot be exchanged or modified. They can only be traded, stored, displayed, or minted (created) which these marketplaces ensure with security and coverage.
To be able to surf these marketplaces and use them to your advantage, you’ll need three things:
- A User-Account
- A Crypto Wallet
- Coins in your wallet (duh)
Moreover, to be able to list or create NFTs on the marketplace requires a blockchain network fee which ensures that the products aren’t copied, or illegally sold. In simpler terms, it is like putting fine art in a museum and providing security guards so that they aren’t stolen. Better blockchain systems provide better security for digital media. No one would want their valuable NFT substances they spent billions on getting pirated now, would they? It does not matter if it is a silly tweet or a gif of a flying cat.
Overview of the Playground of White Label NFT Marketplace.
Most NFTs specialize in digital art and gaming avatars. The names of the most popular NFT marketplaces are given below:
- Opensea: One of the most well-known universal NFT marketplaces is OpenSea. Non-fungible tokens can be used to represent ownership of a wide range of items, such as artwork, sports collectibles, virtual worlds, trading cards, and domain names.
- Nifty Gateway: Here you can purchase paintings from well-known painters such as Beeple (who currently occupies the position of Director of the National Gallery of Scotland).
- Rarible: This is an NFT marketplace run by RARI token holders. It focuses on art, but it also provides a large selection of other NFT products.
- SuperRare: digital art marketplace that works with a small number of well-known concept artists.
- Foundation: Launched in February, has quickly grown to become one of the most popular NFT marketplaces for creators, with a total trade volume of about $48 million.
The five main platforms for niche digital items like virtual world avatars or digital fantasy football cards are:
- NBA Top Shot: NFT videos on notable NBA “moments”.
- Axie Infinity: The Axie Infinity game, in which users breed, combat, and trade digital pets known as Axies, uses this platform to host cartoon characters. Some people even make a livelihood playing it professionally.
- Sorare: You can purchase virtual cards of football players and utilize them in Sorare, a global fantasy football game.
- Decentraland: Users can purchase and sell virtual land or in-game things like wearables on this platform’s in-house marketplace.
- Valuables: Users can tokenize tweets and sell them as NFTs on this platform. Jack Dorsey, the CEO of Twitter, sold his first tweet for $2.9 million.
Think before you buy… and create of White Label NFT Marketplace.
While the absence of the cost of creating a collection on Opensea may have the appearance of an advantage in the first place, collectors on their side see things in a very different light.
Fortunately, it is possible to import a smart contract from another platform to be sure that the semi-fungibility of a collection is not an exclusion criterion on the part of collectors.
White Label NFT Marketplace.: No Miracle Recipe
With the explosion of marketplaces on different blockchains, it is now possible to create your first NFTs with disconcerting simplicity. This gateway into the crypto ecosystem has greatly facilitated the reception of many new users but we must not forget the reality that hides behind it. Some artists have worked hard to manage to sell their work while others have a marketing team that covers them in case of a glitch. The same goes for video games or other collectible projects.
There is no miracle recipe in this sector; to achieve its goals a lot of research is necessary and establishing a plan before embarking is essential. And above all, always keep in mind that without an invested and authentic community, the risk of failure is much greater. Today, people have understood that a single digital object can have significant monetary value, just like a work of art, because of its uniqueness. However, the rich will always have a greater advantage over starving artists and creators. But there is a one-in-a-thousand chance for such artists to hit a jackpot and make a lot of dough using NFTs.
