The Meaning of NFTs

Short for Non-Fungible Token, NFT is a unique unit of data that lives on the blockchain. This token, or unit of data, is used to prove ownership of almost anything – whether it be a car, a ticket, or a work of art.

Briefly, the ultimate purpose of NFT is to focus on the unique product, tokenization it, and make it changeable in Blockchain. This could lay the groundwork for the new and vibrant market as it visibly targets the consumer psychology that favors the product’s uniqueness. So, what are the advantages of NFT that make it so widespread in the digital market?

Promising values of NFT

Thanks to the nature of blockchain being immutable, transparent, and secure, properties can be confidently validated with the use of NFTs and this opens up a whole new way to do ownership as almost anyone can create an NFT and rely on the blockchain to ensure that the NFT is one-of-a-kind and not replicated. Furthermore, to encourage trading, reselling as well as to help drive up the values of NFTs, every NFT has a registered original creator that earns royalties every time the NFT is sold.

Another benefit of NFTs is that they can be easily traded without prohibition. This is one of the key factors that make the transfer between assets-based NFTs become more valuable in the future. For instance, a person has a painting and wants to sell it to the US or France, but the condition is not feasible as he/she may encounter problems related to transport regulations and operation. Meanwhile, thanks to NFTs, that person only needs 1 click on a computer to shift the property to anywhere on earth.

Finally, NFTs have an important factor that opens the door for tokenization, which is anti-tampering. According to this unique nature of Blockchain, people will no longer have to worry that the item is likely to be faked due to its unique version.

🔸 Read more: What Is A White Label NFT Marketplaces

Use cases of NFTs across industries

There are plenty of practical fields that see the remarkable prospect and thriving of NFTs, which can be listed as:

1. Art industry

The copyright issue with works of art is always a legal hot potato among artists, especially in the digital age. However, the appearance of NFTs probably plays a key role in solving this problem. In fact, with the application of NFTs, a person can transform, for instance, a painting into a digital version in Blockchain with the ownership history and identifier code, hence demonstrating his/her eternal and exclusive possession. Even though any digital product can be copied, no digital copy will be like the original because blockchain will reflect only one NFT.

Furthermore, NFTs enable independent artists to earn royalties from their artworks down the road, which means that whenever the NFT gets passed on and there’s a new registered owner, the artist (original owner) gets a cut from it. This effectively encourages artists to create more original works and use NFTs as a means to earn more revenue.

2. Web3 Gaming industry

NFTs open up a new myriad of P2E (Play to Earn) Web3 games. New games are popping up with NFTs powering the core experience, and simply by playing these games, players can be rewarded with NFTs which can be traded on NFT marketplaces and sold for cryptocurrencies.

Unlike traditional games, with NFT games, players are the ones actually in charge of their possessions – including characters, and in-game items – and not the game publisher.

3. Music Industry

It’s about time the traditional music industry go through an overhaul. With NFTs, not only do artists get more royalties but they could even drive more revenues to their NFTs by attaching more real-world benefits to their works.

For example, there’s the “Mariah Carey, Fly With Me” NFT that sold for 7.1M $JAM (equivalent to over $61,000). This is a prime example of NFT enhancing the brand-customer relationship as the sole holder of this NFT gets to have various exclusive experiences, one of which is the right to fly on a private jet with Mariah Carey.

4. Sports Industry

With NFTs, sports brands are finding new ways to increase brand engagement and potentially new revenue streams from the selling of NFT memorabilia. A famous example of this would be the NBA Top Shop marketplace where you can browse highlights from basketball matches in the form of NFTs. With such an original idea, the marketplace managed to rig in over $230 million in sales within only a year of its launch.

5. Fashion Industry

Fashion NFTs – just like fashion in the real world – take many forms. NFTs can serve as virtual clothes which users can wear in virtual realities, or in the case of Jimmy Choo, as the digital version of a piece of fashion clothing:

For the brand’s first-ever NFT collection, they released over 8,888 mystery boxes divided into different levels of rarity, with the super-super-rare being a single pair of sneakers. The owner of this super-super-rare NFT gets to receive a physical copy of it while still being able to trade and auction the NFT for huge sums of money.

Notable NFT projects from Ekotek

The growing presence of NFT projects among large industries such as art, game, and personal identity shows a great prospect of NFT down the line. More and more NFT collectors take part in this lively market and an array of NFT projects has emerged to contribute their part to this digital space endeavor.

Most notable is Ekotek, the blockchain leading company in Vietnam, with longstanding experience in Blockchain technology and software services from web/mobile development to AI. Ekotek group so far has developed a plethora of advanced NFT projects with prestigious customers from the US, Korea, Singapore, and Japan, winning a sustainable reputation globally. Our diversified NFT products include NFT marketplace, NFTify, NFT software and plugins, auction platform, token launching, and NFT consulting service, which helps Startups and Enterprises to fully exploit the power of blockchain technology and the NFT market.

🔸 Read more: What Is A White Label NFT Marketplaces

Conclusion

As NFTs get more mature, we’re only seeing more use cases and utilities coming from emerging NFTs. And with NFTs becoming more mainstream, it’s important that newcomers have the right idea of what NFT is, and what they can expect from NFT instead of going into it blind.

After the massive success of the two most popular 10,000 NFTs collections, CryptoPunks and Bored Ape Yacht Club, numerous businesses desire to create and generate their own collections with such a large number of NFTs.

Ekotek Technology has promptly developed and designed a solution to help its clients catch up with this trend of creating and minting 10,000 NFTs. Our first success case is to build a minting system for the Starry Trainee project created by NFT Art & Assets.

Starry Trainee – Business Needs

NFT Art & Assets is a Japanese technology company specializing in planning, and managing NFT projects; assisting artists in their sales plan on the NFT market; issuing NFT by license agreement with IP holders.

Their latest project called Starry Trainee is a generative collection of 10,000 unique 1/1 NFTs on the Ethereum Blockchain. This is an attempt to automatically generate images of two-dimensional girl characters -“Bishojyo”, that Japan is proud of, by using AI technology. With GAN technology integrated that applies deep learning as its core, they were able to take a big step into the unexplored territory of humankind.

In the process of building the Starry Trainee project, NFT Art & Assets faced the challenge of building one of the core functions – a system that is capable of minting 10,000 NFTs. Due to the shortage of human resources as well as blockchain expertise, NFT Art & Assets needed to reach out to a developing firm for the optimized solution.

As a close and valued client of Ekotek, NFT Art & Assets’ representative Director Akihisa Ishida has placed high confidence in our work quality and cooperated with us to develop the minting system for its Starry Trainee project.

Minting System Solution

After determining the client’s specific needs, we have designed a specialized minting system for this 10,000 NFTs project using three main technologies: service server API, service worker, and service IPFS.

Furthermore, our system can help generate 6 random images automatically and users can select and mint the character they want as NFT. 

Project Results

Owing to Ekotek’s extensive knowledge and experience in developing and delivering white-label blockchain solutions, we have managed to deploy a minting system that can generate a 10,000 NFTs collection within 1 month only.

“We really appreciate Ekotek’ collaboration on our project. Their amazing staff has provided us with great ideas to contribute to the Starry Trainee project. The system’s UI/UX design is very user-friendly. And to top it off, they were always responsive and quick with the delivery. Thanks to the Ekotek team, we were able to launch this project 2 weeks earlier than planned.” Mr. Akihisa Ishida said.

Integrated with perfectly functional systems and technology, the Starry Trainee project is now on air and ready for users to buy unique and exciting NFTs. At the price of 0.05 ETH per trainee NFT, Ekotek has contributed to helping NFT Art & Assets launch a project with a total value of 500 ETH, which is over 1.6 million USD.

For any questions about the white-label minting system, please feel free to reach out to us. If you need our solutions and consultants to grow your blockchain business, we are ready to help.

Let’s get started.

What Is NFT Minting?

NFT Minting is quite simply the act of tokenizing a digital asset on the blockchain – forever. It’s how you make any asset into a one-of-a-kind NFT.

Without diving deep into the technicalities, the minting process follows these simple steps

• Creating a smart contract: when an NFT is minted, you’re essentially writing smart contracts (self-executing contracts) onto the blockchain
• Paying gas fee: to write a new smart contact onto the blockchain, you need to pay gas fees (transaction fees) as a kind of operational cost
• Sell NFTs: your NFTs are sold at the end of the minting process

Despite the largely similar minting process, currently white label NFT marketplaces and minting systems employ different minting processes. namely traditional minting and lazy minting – both of which differ by the time of minting.

1. Traditional NFT minting

With traditional minting, an NFT is minted at the point of creation and thus helps to eliminate gas fees for buyers. In this way, buyers have more incentive to buy as they won’t be discouraged by the potential gas fees that come with each NFT creation.

However, for NFT creators who want to get into the NFT space, this could mean another entry barrier that they have to overcome as there’s not always a guarantee that their minted NFTs can be sold. In the big picture, this means that the way that traditional minting worked could potentially lead to a supply and demand problem – there are not enough people creating NFTs to drive mass NFT adoption.

2. Lazy NFT minting – Free NFT Minting for Creators

Faced with the limitations that come with traditional minting, lazy minting is a new minting method that’s been gaining popularity lately. When an NFT is lazy-minted, the NFT is minted at the point of purchase and not at the point of creation, and unlike traditional minting where the NFT creators are the ones who pay for the gas fee, with lazy minting, it’s the buyer who has to pay the gas fee – and therein lies the problem.

With buyers now being the primary ones to pay the gas fee (since there are cases when sellers have to pay instead – e.g., accepting a buying offer from buyers), lazy minting comes with some benefits that are too good to pass up for NFT creators:

• Low entry barriers: creating NFTs in a lazy minting system means that it’s free NFT minting, and creators could feel encouraged to create NFTs
• Reduce network congestion: since an NFT is only minted at the point of purchase, this means fewer network activities, and potentially no more network congestion

With all that said, it can be hard to differentiate between these two, so here’s a comparison table to help you understand the two minting methods better:

📌 Read the case study: The powerful NFT Minting System for Starry Trainee project

Where can you mint NFTs – NFT minting platform?

If you’re just getting started in the NFT space, you’ll want to create your NFTs in either an aggregated NFT marketplace (such as Opensea or Rarible), or use a minting system – and fortunately, both options already have the underlying logic of minting NFTs worked out for you.

1. Aggregated NFT Marketplaces

An aggregated NFT marketplace, as its name suggests, is an NFT marketplace with a concentrated number of NFT creators. Currently, an aggregated NFT marketplace offers the best way for new NFT creators to start selling their NFTs immediately thanks to the increased exposure and visibility that comes with the sheer size of the marketplace, but it does come with its own limitations as well which are lack of branding & scalability.

Pros:

• Increased exposure and visibility

Cons:

• Lots of competition
• Lack of scalability & branding

Cost:

• Free to start
• Has transaction fee

📌 Check out: Key features of a white lable NFT marketplace

2. Your Own NFT Minting Website

Alternatively, for bigger brands who want a more permanent solution, developing one’s own minting system is a more scalable solution in the long term. To develop your own minting system, you would have to rely on solution providers to take care of the job for you, but the end result should be a minting system that is able to scale your NFT project into the future well better than any aggregated NFT marketplace can.

Pros:

• Capable of minting thousands of NFTs at once
• You can bring your smart contracts to multiple popular NFT marketplaces
• You decide your own royalties

Cons:

• Not as convenient as creating NFTs right on aggregated NFT marketplaces

Costs

• Can be costly to choose a good minting system

Factors to consider when choosing where to mint your NFT

There’s not a one-size-fits-all solution for all business needs, so there are various factors to consider when choosing a platform to mint your NFTs:

Your minting goals

If you’re just getting started in the NFT space, chances are you would want to test the water first by creating a small NFT profile – it could be a small shop on aggregated NFT marketplaces such as Opensea, or your own branded NFT marketplace, created by white-label NFT platforms such as NFTify.

In this way, even if you didn’t manage to sell any NFT, there’s no investment loss, and at least you gained some experience by trying it out.

But for bigger NFT projects, it’s a different story. You might want to consider launching your own fully-functional NFT minting system that you can have total control over because the limitations that come with aggregated NFT marketplaces can affect you in the long run. If you’re going down this route, consider looking into solution providers who can develop for you a white label NFT minting platform.

Your budget – gas fee?

Budget plays an important role here when you’re considering where to mint NFTs. For most projects, going with free-to-start platforms such as Opensea or NFTify should be more than sufficient for their needs.

But for NFT projects that need more than what these platforms offer, consider looking into white-label solution providers such as Ekotek Technology. White-label solution providers will be able to develop for you a more tailored NFT minting system that fits your needs the best, but in exchange for this service, the solution can require a certain amount of investment.

How to Mint an NFT?

Since most of the popular NFT marketplaces and minting systems nowadays support lazy minting, the minting process for your NFTs has become rather affordable. To mint an NFT, all you need to do is to list your NFT for sale on your store/marketplace, and the minting process – the process of tokenizing the digital asset on the blockchain – is done when a buyer purchases the NFT.

If you’re just getting started with minting NFTs, here’s the ideal approach:

•  Step 1: Create your assets

The first–and most crucial step– is to decide what your NFTs are going to be, which means creating the assets that are to be used for the creation of your NFTs. By default, NFTs are only the unique tokens that live on the blockchain, and it’s down to you to create unique, captivating NFTs.

•  Step 2: Decide where you want to sell

When you have decided on what your NFTs will be, it’s time to decide where you want to sell it. Ideally, you’ll want to sell your NFTs where your target audience is at – and this means aggregated NFT marketplaces where you can publish your NFTs to a mas mass audience.

However, it’s important to note that some NFT marketplaces do not support importing existing smart contracts so it’s also important to look into this beforehand.

•  Step 3: Mint your NFTs

After you’ve decided on where you want to sell your NFTs, it’s time to mint them. You might want to look into what kind of minting method your NFT marketplace or your minting system use because chances are, they might not support lazy minting, and you might have to pay a gas fee when listing your NFTs.

Additionally, in this step, it’s crucial to look into the NFT marketplaces and minting systems that you’re minting from and see what their policies have to offer. With current NFT marketplaces, for example, you can be earning less-than-ideal revenues from your secondary sales since you’re not in total control of setting your royalties.

•  Step 4: The NFTs become forever minted on the blockchain

After you have created your NFTs (traditional minting) or after a buyer has purchased your NFT (lazy minting,) the NFT becomes forever minted on the blockchain. From this point, you can get to earn royalties from secondary sales of your NFTs.

Conclusion

And that concludes everything you need to know about minting NFTs. With all this newfound knowledge, we hope that you can now feel more confident venturing into the NFT space and start minting your first NFTs.

And in case you want to start your own minting website where you can have total control over your royalties and your NFTs, we have your back. Read more about how to develop your own minting system today, and see case studies of how well others are doing with Ekotek’ white-label minting systems and white-label NFT marketplaces.

FAQs

1. How long does it take to mint an NFT?
The actual process of uploading and minting your NFT shouldn’t take more than ten minutes maximum.

2. How much does it cost to mint an NFT?
This depends on the marketplace you’re using. But you can mint for as low as $4 or even cheaper on Polygon.

3. Can you mint an NFT for free?
So far, the only way to mint an NFT for free is by using the Moralis Rarible plugin in your NFT contract.

4. How do I mint an NFT collection?
To mint an NFT, you need to upload your files and pay for the gas fees to list them on the marketplace.

5. What happens after I’ve sold my NFT?
The NFT will be in the wallet of the buyer and you stand a chance of receiving royalties as it changes hands.

Aside from popular marketplaces such as Opensea, LooksRare or Magic Eden, businesses now have the option to build their own marketplaces to sell NFTs. In this article, we aim to help you understand the basics of what is a white label NFT marketplace, whether your business needs one, and why white label may be the best solution to it.

What is a white label NFT Marketplaces

A white label NFT marketplace is one that is pre-built and fully customizable to your NFT business needs.

Because of its ready-made nature, a NFT white label marketplace should be pre-integrated with all the essential features to support buyers & creators to create freely, buy, trade, and sell NFTs; and you only need to apply your own NFT business branding so that the NFT marketplace can look like your own.

1. What is an NFT marketplace?

An NFT marketplace facilitates the trading of NFTs between sellers and buyers. NFT sellers can be artists, institutions, or any individuals wanting to sell the ownership of their assets, whether physical or digital. On the other end of the spectrum, we have NFT buyers who purchase them to support the artist, enrich their collections, trade for more value & so on.

2. How many types of NFT marketplaces are out there?

There are two basic types of NFT marketplaces: aggregated and self-owned. In aggregated marketplaces, anyone can create an account, upload their NFTs and start selling.

Meanwhile, for self-owned, only the admins can authorize the NFTs to be put on sale, or more if he wishes to share the permission with marketplace collaborators. 

3. What’s the key difference between aggregated and white label NFT marketplaces?

An aggregated NFT marketplace lets you sell through it alongside others, while self-owned is built for, well, you only.

🔎 For instance, take a look between Rarible – an aggregated NFT marketplace, and Heftyverse – a self-owned site.  

To put it simply, selling in aggregated NFT marketplaces is like having a spot in the local supermarket. The traffic is high and you still get sales, but most of them aren’t looking for your business in particular. 

Setting up your own white label marketplace is more like renting a shop to sell in. You have your own space, and anyone coming in actually knows about your brand. There is plenty of room to be creative, but also the extra work is needed to build up the customer base. But once the business takes off, you can expand that shop to the moon and back!

4. Which type is better for my business? 

The two types cater to NFT creators with different purposes. If you only need a place to sell without much effort, then aggregated NFT marketplaces it is. But if you want the freedom to create something authentic and long-lasting, then white label NFT marketplace is the best suit.

Does an white label NFT marketplace benefit my business?

With the growing applications of NFT, this question shall soon turn into “How will an NFT marketplace benefit my business?” Take a look at the top industries and use cases that have been revolutionized by NFTs.

• Real estate: NFTs make the high stack of paperwork, the never-ending process, and the crazy add-on fees in property transactions all go away. Proof of ownership transfer now can be simplified to a single ledger entry.
• Events: Unlike normal tickets that can easily be bought in bulk, repriced or frauded, each NFT ticket can be validated and tracked back to ensure its authenticity. 
• Collectibles: Thanks to NFT technology, collectors can claim ownership and royalties on an artwork, while the artist rights are also protected. 
• Gaming: NFT has played a huge part in the uprising of play-to-earn (P2E) and the advance of pay-to-play (P2P) games, helping users earn actual profits with game items.
• Fashion: Numerous mid and high-end clothing brands are launching their NFT collections for digital use, from Adidas, Nike, Uniqlo to Balenciaga, Gucci, and Prada.
• Virtual Worlds: This may sound too futuristic, but decentralized land will have an important place in the future of digital ownership and metaverse, developed with blockchain infrastructure. 

Don’t find your field? Then step up and be the industry pioneer. Any of your assets, no matter physical or digital, can be converted to NFTs and put on the blockchain.

Essential features of a white label NFT Marketplace

Now you have the answer: Yes, an NFT marketplace definitely benefits my business. Moving on to developing one, we have listed below the essential features to make the trading experience as seamless as possible.

• Customizable interface to display your brand characteristics.

• Different selling methods for different types of NFT to maximize revenue.

• Wallet integration for anyone to be able to purchase your NFTs.

• Search & filter functions for customers to quickly find what they want within a big collection.

• Management dashboard to keep track of the marketplace performance, from NFTs, and earnings, to users and analytics.

• Marketing tools, built-in or integrated, to best promote your marketplace. 

And the list goes on depending on the industry and the type of NFT your business will be selling. It doesn’t sound sensible to do everything on your own, especially with little to no blockchain experience. So what’s the best solution?

Ways to develop an NFT Marketplace

Before getting on the how you’ll need to consider the two critical factors: time and budget. When do you launch your marketplace, and how much money is allocated to building it? Having a fixed answer will surely guide you in choosing the most suitable option, as we come to evaluate the 3 most common methods.

Method #1: Develop from scratch

If you have tons of coding experience, crypto or not, then this might be the go-to option. In case you don’t, hiring a reputable freelancer or agency is also viable. It grants you the freedom to build the features or the outlook of the marketplace however you please.

However, the trade-offs here are time and cost. Trying something new always requires a lot of trials and tests, while errors are inevitable.

Method #2: Use a website builder

Website builders are applications, mostly no-code, that help you launch a website quickly with templates, drag & drop editor, and visual configurations. Popular builders such as Shopify and WooCommerce are eCommerce-focused, enabling you to list, sell and manage items. 

They let you skip the coding part of web development without sacrificing too much creative freedom. However, the nature of blockchain and NFTs make the equation a bit more difficult to solve. 

There are add-on plugins you can install like NFT Maker or Coinbase Commerce to facilitate the listing and payment of NFTs, but the setup requires coding and each transaction will cost you a small fee. And all the NFT-exclusive traits like royalty sharing, secondary sales, whitelisting, mystery boxes, etc. are certainly not available – so even more custom code is needed!

As the NFT industry expands, niche website builders with these features built in are also emerging and earning their places, with NFTify as the most notable name. 

Method #3: Get a white label NFT marketplace solution

White label NFT Marketplace is purchasing a ready-made product to customize and promote it as your own. Developed and perfected over time to meet a specific demand, a white-label NFT marketplace already has the fundamental features so that you can eliminate all the unnecessary fees, and have full control over NFT sales.

As the name suggests, a white label solution is white as a sheet, left blank for the buyer to adapt it into anything. You can freely customize every aspect of the marketplace’s UX/UI to portray your brand characteristics. The even better part? The solution provider will do it for you, along with any extra features that you desire, at the price of a fraction of what developing from scratch should cost. 

For your reference, we have prepared a comparison table of the 3 methods – feel free to add your criteria and evaluate accordingly to find your best fit 😉

Build your NFT marketplace with Ekotek’ White-label Solution

Now you know what an NFT marketplace is, the must-have features, and the best way to develop one. And Ekotek’ White-label NFT Marketplace can be your leap to the NFT space, boosted with confidence. 

• We get you ready within weeks: Building from scratch takes months. Website builders require a learning curve and custom coding. But with our white-label solution, the base is already covered with the latest technology. Customization and enhancement shall take only a few weeks, top. 
• We support every payment there is: From fiat to cryptocurrency, public to private chain, our developers can enable multiple payment methods so that your NFT marketplaces can appeal to anyone who stumbles across. 
• We tailor to your specific needs: Your NFT marketplace is destined to be the first of its kind, which in turn requires first-of-the-market features. This is where our expertise in blockchain development comes into play. Just walk us through the idea, so we can assist you all the way from technology, architecture to design and execution. 
• We infuse your brand identity: Share your brand guidelines with us, and watch it come to life in every aspect of your brand new NFT marketplace. With Ekotek, be certain that your website will look as beautiful and unique as its presented mockups.  
• We build a marketplace to scale: For your site to generate traffic and make the best out of it, marketing tools are indispensable. From CMS, analytics, lead capture & conversion, email marketing to social sharing, SEO and blog – your full stack of marketing tools is 100% ready to deploy. 

One more thing… don’t just hear it from us. A client of ours, AddValue, has launched the first NFT marketplace to run on Blockchain Japan’s private chain Moneta. The platform is expected to transform Japan’s Art Community with gasless transactions, easy NFT minting, and payment in both crypto & fiat!

And we’re here to help

Proudly a Clutch leader in blockchain development services, Ekotek has been delivering advanced solutions to businesses of all sizes, and all over the world.

If you already have an awesome NFT idea and need a strategic partner, check out how we can help you develop a custom NFT marketplace, and simply fill out the form so our consultants can contact you!

However, developing one from scratch can be both exorbitant and time-consuming. So what is the inexpensive and time-efficient alternative? A white-label solution. And in this 7-minute read, we will share with you insights on what makes a good white label NFT marketplace as well as a good solution provider.

What Do You Need In A White-label NFT Marketplace?

Creators and traders carry out varied e-commerce activities in an NFT marketplace. And due to the NFT business nature, some features are a must-have no matter what industry you are selling to.

As a business looking to get a white-label NFT marketplace, you should look out for these features:

1. Easy Upload Process

A marketplace is only as valuable as the NFTs it offers. Creators and traders need a way to list not just a few but hundreds, sometimes thousands of NFTs on the marketplace.

NFTs exist in various file formats. It can be an image, audio, video, 3D model, or just about anything digitally stored. Therefore, the marketplace’s upload system must be able to accept, process and preview that many formats.

There are many attributes that make up an NFT as well. For example, who would buy an art piece without the author’s name? Or a game character without stats, levels and equipment? In addition to the file formats, the upload system needs to display these attributes, and in an eye-catching way to marketplace visitors. The most common solution for this is bulk upload using a CSV or Excel file, so keep your eyes out for that!

2. Various Selling Methods

With NFTs, there are two common selling methods: fixed price and auction. Fixed-price items can be bought instantly, while with auctions, the NFT goes to the person who places the highest price in a set time frame.
That doesn’t mean you don’t need the extra mile. An NFT marketplace is definitely more robust with exclusive features such as whitelisting and mystery boxes. Hence the white label of your choice should be able to aid these selling methods.

🔸 NFT related: 4 Step by step guide to mint NFTs — NFT Minting Guide

3. Chain and Wallet Support

Depending on the blockchain you want to develop on, your chosen white-label NFT marketplace must be able to integrate it well.
The chosen chain will also determine the type of wallet that the marketplace can support. Every transaction comes at a fee, so you better make sure that the system can handle a large volume from multiple sources.

4. Customizable Storefront

90% of average users will most likely leave a website with a bad design! Make your marketplace one that captures their attention, stands out from others, and perfectly conveys your brand message.

The white-label product usually comes with design services, so you should pick one with the most beginner-friendly UX/UI to facilitate trading activities best. Furthermore, you also need to understand the gist of it for future updates and maintenance. See how you can tweak basic elements such as layout, buttons, text, and color, to advanced elements like effects and interactions.

🔸Dive deeper into our blog to discover all the factors that can impact your storefront redesign expenses

5. Storewide Management

A great white-label NFT marketplace should be built in a way that is convenient for you to manage your user activities, along with NFT revenue and royalties from both primary and secondary sales.
To expand the scale of the marketplace, you will also need partners and collaborators. These members shall be granted access to upload, sell and manage their NFTs, while you have an overview of them all.

6. Marketing Tool Integrations

We come to the last criterion: Marketing, the crucial factor in getting your marketplace the attention it deserves.

For the maximum impact, you will need a comprehensive marketing strategy, and a website competent enough to facilitate it. The list of key features should cut across: lead generation, search engine optimization (SEO), email marketing, analytics, and content management system (CMS).

Before we move onto the equally-significant part of selecting a solution provider, here’s a quick recap of the features you’ll absolutely need: an NFT marketplace that eases up the upload process, supports multiple chains & wallets, simplifies the storefront customization, facilitates store-wide management, and opens for marketing.

🔸 Read more: What Is A White Label NFT Marketplaces — A Beginner’s Guide

How Do You Find A Good Solution Provider?

Just one search of “White-label NFT Marketplace” will bring you endless options. Besides looking for one that checks all the boxes, you need to check the credibility of these solution providers as well.

7. Competent Track Records

Actions, they say, speak louder than words. Therefore, researching or inquiring about the track record of the provider is the first step to take when assessing one. It would be great if you are able to verify the provider’s track records with reviews from actual clients.
How many clients have the provider worked with? What is the caliber of these clients? How have their solutions helped transform business results? Just a few questions to keep in mind.

8. Technical Expertise

Building an excellent white-label NFT marketplace requires the provider to have a strong tech stack. In the backend, they must be professional in handling the nuances of smart contracts with programming languages such as Rust, Solidity, Javascript, etc.
Apart from the smart contracts, you should ensure that the provider can develop a decentralized data storage system like IPFS. Moving on to the front end, the provider should be proficient with languages such as React, HTML, and CSS.

9. Adequate Resources

You have to make sure the provider has enough resources to customize the white-label solution to your own within the expected time frame. The process will require input from various departments including Design, Development, Management, Operations, and so on.
And by resources, we mean both infrastructure and manpower. Therefore, communicate your needs clearly with the provider and see if they come up with a viable plan.

10. Proven Security

Your marketplace, unlike the blockchain, is not immune to cyberattacks. Therefore, you should be extra careful about the security layers applied to the site. Accounts should be protected with multi-factor authentication, with limited permissions by account role. Additionally, each transaction must require direct verification from the user.
If you are not familiar with the field, consider getting a security firm to perform penetration tests and see if the provider has done the job properly.

11. Clear Delivery Model

An experienced provider will be able to give you a clear set of steps required to develop your NFT marketplace, with an estimated lead time for each.

You can refer to Ekotek’ delivery model below as an example – we find it the most effective after years of collaboration with global businesses.

That’s it for our top 11 things to consider when deciding on a White-label NFT Marketplace. Let us know if your top list is any different – and we’ll get it updated!

Why Ekotek is the go-to White-label NFT Marketplace Solution?

Because we provide everything that one marketplace needs, and more. Having deployed successful projects such as AddValue NFT Marketplace for Japan’s Art Community, Ekotek’ white-label NFT marketplace provides you with:

• Multi-chain support
• Versatile payment methods
• High-grade security
• Feature customization
• User-friendly design UX/UI

All are packaged and delivered to you in a timely manner, at the highest quality. To see more details and get a custom quote, visit our dedicated page on White Label NFT Marketplace.

Established in 2015 with just a few members, Ekotek have become one of the leading IT corporations, contributing to the high technology industry in Vietnam and the world. With years of experience in blockchain & AI development, we provide innovative solutions for global clients of all sizes, from emerging startups to Fortune 500 companies.

Final words

So far in this piece, we have discussed the core features needed in a white-label NFT marketplace, as well as the criteria to evaluate a solution provider.

Even the Meta giant (formerly Facebook) is launching its NFT marketplace soon, so there is really no reason for you to hesitate. And if a flexible, scalable, and secure NFT marketplace is what you are looking for, contact us today to get it up – in just a matter of weeks!

Company	Description	Links
1. Ekotek Technology	Ekotek offers the most diverse range of Web3 development services & white-label solutions, with a proven track record of 200+ successful projects delivered to startups and enterprises worldwide. The firm’s strengths lie in its technical and consulting expertise in end-to-end development, and the commitment to on-time and high-quality delivery with excellent customer service. Founded: 2018 Employees: 200+ Hourly rate: $25 – $49 Project size: $10,000+ Review score: 4.9 (9 reviews) Web3 services: 6 Web3 solutions: 9	Visit website
2. SotaTek	As a part of Sota Holdings, SotaTek is a global Software Development as a Service (SDaaS) & Blockchain Development group with 1000+ in-house headcounts. They deliver sustainable Software Development (Web/App/Game), Blockchain, AI & Machine Learning, ERP & CRM, and Cloud solutions with success guaranteed. Founded: 2015 Employees: 500+ Hourly rate: $25 – $49 Project size: $10,000+ Review score: 5.0 (29 reviews) Web3 services: 7 Web3 solutions: 1	Visit website
3. Newwave Solutions	Established in 2011, Newwave Solutions is a custom software development company with over 300 employees dedicated to providing efficient solutions. Blockchain development is one of their new offerings, but the company has gained for themselves quite a portfolio in this area. Founded: 2011 Employees: 300+ Hourly rate: <$25 Project size: $10,000+ Review score: 4.8 (26 reviews) Web3 services: 6 Web3 solutions: 1	Visit website
4. Savvycom	With over a decade of experience, Savvycom has hands-on experience in Web3 services and solutions. Boasting over 93% customer retention rate, they have a good track record of producing good quality works while still remaining affordable and quick to deliver. Founded: 2009 Employees: 300+ Hourly rate: $25 – $49 Project size: $50,000+ Review score: 4.8 (9 reviews) Web3 services: 7 Web3 products: 5	Visit website
5. Synodus	Synodus is one of the fastest growing Web3 companies in Vietnam, thanks to their results-oriented work ethics, their seasoned subject-matter experts and passionate engineering team who can assist you at any stage of your journey to success. Founded: 2019 Employees: 100+ Hourly rate: $25 – $49 Project size: $5,000+ Review score: 5.0 (3 reviews) Web3 services: 9 Web3 products: 3	Visit website
6. MLTech	With over 100+ digital solutions delivered and 90% referral projects, MLTech is a promising Web3 company with expertise ranging from ICO, smart contract developments to custom blockchain network and cryptocurrency developments. Founded: 2020 Employees: 50+ Hourly rate: $25 – $49 Project size: $25,000+ Review score: 5.0 (3 reviews) Web3 services: 8 Web3 products: 0	Visit website
7. TwenDee	Founded in 2018, Twendee is a 4-year rookie steadily rising to become one of the top Web3 companies in Vietnam. The company has over 60 success projects with a 98% customer retention rate which speaks a lot about the quality of work. Founded: 2018 Employees: 50+ Hourly rate: <$25 Project size: $5,000+ Review score: 4.8 (2 reviews) Web3 services: 9 Web3 products: 3	Visit website
8. NCC	Established in 2014, NCC has quickly affirmed its position in the market and become a prestigious information technology enterprise in Vietnam. Despite having only just recently got into industry, their blockchain services are excellent and with a focus on fintech, proptech and insurtech. Founded: 2014 Employees: 500+ Hourly rate: <$25 Project size: $10,000+ Review score: 4.8 (2 reviews) Web3 services: 7 Web3 products: 0	Visit website