Is there any asset that can be easily bought and also has a high value? Yes, it is none other than crypto collectibles. More than 1 million digital collectibles are present in the world now as per NFT marketing agency CoinRanking.
Where does the trading of these Non-Fungible tokens occur?
It occurs on a robust marketplace that functions on an immutable blockchain network. However, not every entrepreneur can build an NFT marketplace from scratch. It involves huge expenditure on human resources and tech stack. Hence, they can select a viable alternative by purchasing a white-label NFT marketplace.
A skilled mobile app development company will add advanced features and functionalities to the NFT trading platform. This will help cryptopreneurs to handle auctions, bids, the listing of collectibles, and the processing of transactions.
What are some latest stats related to NFT marketplaces?
- Investors continue to throng two platforms, OpenSea and Axie Infinity for trading digital collectibles. They have a daily trading volume of $59.60 million and $28.89 million according to DAppRadar. Interestingly, both these NFT marketplaces operate on the Ethereum blockchain network. See the list of NFT marketplaces.
- Crypto enthusiasts purchased 56,648 Non-Fungible Tokens (NFTs) valued at $219.17 million in the last 7 days. Further, this number increased to 225,689 digital collectibles worth $763.25 million in the previous 30 days.
- The NBA Top Shot NFT marketplace has sold the highest number of NFTs (86,79,101) so far as per CoinMarketCap. It is more than the sales of Axie Infinity (27,58,499) and Sorare (352,546).
Are there any new NFT marketplaces in the industry?
The world of crypto collectibles is buzzing with innovative developments. Some of the brand-new NFT trading platforms are AFEN, DraftKings, Jumbish, Meta World, Monaco Market, Revival, Rocket Global, and Werewolf Exchange.
Investors are purchasing more digital collectibles in the form of artwork, fantasy sports prizes, gaming accessories, luxury items, real-world goods, and virtual rocks. NFTs are also becoming a rage in numerous industries like e-commerce and fashion.
What are the listed asset standards on a White-label NFT Marketplace?
For instance, 3 popular blockchain networks have come out with guidelines and standards concerning the creation of Non-Fungible Tokens (NFTs). It comprises BEP-721 and BEP-1155 (Binance Smart Chain), ERC-721 and ERC-1155 (Ethereum blockchain), and TRC-721 (TRON).
All the crypto collectibles contain a unique Token ID. They are represented by a token pair contract address. Importantly, every NFT comes with special properties like immutability in data storage, indivisibility, non-interchangeability, permanent proof of ownership, and scarcity.
For example, OpenSea, the largest NFT marketplace by trading volume, sells multiple kinds of ERC-721 and ERC-1155 assets. Prospective investors make bids through live auctions. They purchase artwork, domain names, music (albums and tracks), pixel cats, sports goods, trading cards, and virtual worlds.
Why is a filter and search option a special feature of a ready-made NFT marketplace?
Generally, all the NFT marketplaces in the world categorize digital collectibles into various categories. Moreover, several thousands of crypto collectibles are getting minted and listed every day. Hence, traders need to make a proper decision.
Investors need to submit their bids on time whenever the auction starts. Interested buyers can manage this obstacle by using the advanced Filter and Search mechanism.
They can pick their desired NFT by checking the Price (Minimum and Maximum in BUSD, ETH, WETH) and Status (Buy Now, Has Offers, New, and On Auction). The Rarible NFT marketplace also provides other filters like (Most Liked and Verified Only).
Moreover, the OpenSea NFT marketplace makes things more simple as traders can choose digital collectibles based on the type of blockchain network. They can select between Ethereum, Klaytn, and Polygon. Later, the best-performing and highly demanded crypto collectibles are showcased to them.
Why is this the right time for Whitelabel NFT marketplace development?
Quick accumulation of wealth – Multi-million dollar NFT sales are becoming quite common. For example, Axie Infinity, the online gaming-oriented NFT marketplace recently crossed $1 billion in total sales. Globally, crypto collectibles have a 24-hour trading volume of $6.48 billion as per CoinMarketCap. Hence, entrepreneurs can courageously acquire a Whitelabel NFT marketplace and move ahead.
Safe trading – For instance, the Rarible NFT marketplace has introduced an option called Verified Sellers. Buyers can use this filter while discovering their favourite crypto collectibles. Hence, they are protected against duplicate and fake NFTs.
Apart from checks like Anti-Money Laundering (AML) and Know Your Customer (KYC), entrepreneurs can also request artists to verify their work before listing or uploading it. Therefore, this ensures a higher level of credibility. Likewise, investors can buy the Non-Fungible Tokens (NFTs) uploaded only by popular artists with a high rating or positive reviews. In the long run, NFT marketplaces that consider factors like safety and security will get more daily active users, sales and trading volume.
Swift expansion of business operations – Several NFT trading platforms like AlchemyNFT, MakersPlace, OpenSea, Rarible, Sorare, and Vcent raised millions of dollars from venture capitalists (VCs) in 2021.
They will use the fresh funding to add new features like credit card payments and gas fees-free selling, launch primary and secondary marketplaces on different blockchain networks, and also turn into a powerful Decentralized Autonomous Organization (DAO).
Going forward, intangible assets like Non-Fungible Tokens (NFTs) will continue to break new records. Crypto collectibles are also integrating with the exciting world of Decentralized Finance (DeFi) through lending and yield farming projects.
NFTs are also getting rapid traction at iconic tourist spots like Times Square, New York. Clothes, digital billboards, football-related trading cards, music concerts, and profile pictures are also getting aggressive bids from crypto enthusiasts.
Of course, NFT marketplaces act as the building blocks for all these lucrative trading deals. They share crucial information about hot bids, top buyers and sellers, and trending collections.
Likewise, a White-label NFT marketplace is a reward-oriented decision for entrepreneurs. They can invest a smaller amount and reap more returns. Further, crypto collectibles give extra power to artists and publishers. It has changed the rules of content distribution by eliminating the role of middlemen.
Therefore, cryptopreneurs can reveal their business plans and operational scope to a White-label NFT marketplace development company. Finally, they can start off auctioning digital collectibles and fill their cash box easily.
About the author