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The Beginner’s Guide to White-label NFT Marketplace Platform

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white label nft platform


Investment decisions have always evolved (over the years) due to advancing technologies. However, non-fungible Tokens (NFTs) are one-of-a-kind blockchain-linked digital assets that have revolutionized investment decisions since early 2021, leaving Gary Vaynerchuck to compare them with beanie babies. 

This article deals with one such investment source in the form of a white-label NFT marketplace platform with no holds barred!

What Is A White-label NFT Marketplace Platform?

White label NFT marketplace is a customizable and pre-built NFT platform that meets your specific business needs. White label NFT Marketplace trades NFTs from various domains in the same way NFT platforms do. Rather than NFT platform development (from scratch), most entrepreneurs opt for white label NFT marketplace development for their crypto sphere business.

Their rarity and uniqueness demonstrate the importance of NFTs. No third party or anonymous user can use the platform to sell forged work. As a result, the marketplace will first verify the NFTs’ authenticity and the owners’ credentials. They work similarly to auction houses, which prove a product’s authenticity before bidding. Next, the platform will assess the NFTs to determine their ownership and authenticity.

What’s Peculiar About The Platform?

The most popular platform in the crypto space for making billion-dollar profits is a white label-based NFT marketplace Software. As a result, launching a white label NFT marketplace is the most common reason for business owners to choose it.

#1 Cost-effective Platform

Compared to developing a bespoke solution, the most significant advantage of a white-label NFT marketplace is its significantly lower cost. To begin with, you’ll save money on the initial development costs of building an NFT marketplace from the ground up.

You won’t have to pay ongoing maintenance costs with a white-label NFT marketplace as you would with a custom marketplace; your service provider will maintain the platform and be available to help whenever you need it.

#2 Built-in Security

Because each NFT token is distinct, extra caution must be exercised in determining who owns these NFT tokens. As a result, special care must be taken when designing security features for the NFT market. For example, data integrity and security may be jeopardized if flawed data encryption procedures. A white label NFT marketplace, on the other hand, comes with built-in security and requires no additional effort. Furthermore, because the developing firm rigorously tested and audited the white-label NFT marketplace platform, you will not have to bear the burden and expense of security auditing.

#3 Seamless Customizations

A white-label NFT marketplace gives you the customization and flexibility of a custom NFT store without the high cost or lengthy development time. It includes custom features tailored to your NFT project and a customizable design and domain name to ensure that your NFT marketplace matches your game’s branding perfectly. The ability to customize your NFT marketplace allows you to differentiate yourself from other gaming projects and provides more value to your customers while increasing your profit per transaction and conversion rate.

Can I Monetize The White-label Platform?

Of course, you can!

Monetizing a platform is the bedrock of your crypto business. A platform like the white-label NFT platform shines brighter (in that aspect). 

  • Commission – You may charge a commission fee for creating, selling, and buying NFT on your marketplace platform. Therefore, the commission charge is one of the NFT marketplace platform’s revenue generators.
  • Listing Fee – You can charge a fee for listing user NFTs in your NFT Marketplace’s shop, and the NFT’s pricing value determines the cost on the platform.
  • Ad Spaces – You shall deploy personalized Advertisement spaces for brands within your marketplace platform, allowing you to monetize your business. 

Now that we have an overview of monetizing opportunities with white-label NFT marketplaces, we can begin developing.

En route to the NFT Marketplace Platform

Choosing your niche must be the first and foremost step in developing an NFT marketplace platform. Individuals have many options in NFT marketplaces because they are so large. However, it means that specific NFT platforms focus solely on one aspect. There are NFT sports marketplaces, for example, where you can trade your NFT sports collectibles. Similarly, several specifications concentrate on various aspects of NFT use-cases such as games, virtual lands, music, art or crypto arts, etc.

Cherry-picking an ideal blockchain network is the next step. You can choose from various blockchain networks, including Ethereum, TRON, Polygon, Cardano, BSC, and others. Choosing a smart blockchain with excellent features and low transaction fees will attract more people to your marketplace. Unfortunately, Ethereum’s exorbitant gas fee has deterred users from using it. 

Move Forward with A White-label Service Provider

The White-label NFT marketplace platform may be a new concept, but white-labeling (in general) has been around for many years. White labeling provides a simple way for businesses to expand their service offerings to their customers without developing the product or service themselves.

Many companies don’t want to waste time and internal resources learning skills that can take years to master. By incorporating a white-label NFT marketplace platform, you can specialize in your expertise while also providing excellent real-time customer service to your customer base.

You may like developing your platform from scratch, but this will divert time and resources away from your core business. There’s also no guarantee that your target market will receive your finished product well. Investing in a pre-built, tested white label solution will save you time, money, and human resources.

One of the most significant advantages of white labeling is this. By offering more services to your customer base, white labeling can help you generate new revenue streams. It is also a great way to bring new customers to your company.

Historically, small players have found it difficult to compete with more prominent players in any industry. They simply do not have the workforce to provide all of the services that larger corporations can. In this case, white labeling can help level the playing field.

A white-label NFT marketplace platform gives you more control on the promotion side. Traditionally, saying no to a customer because you don’t have the time or resources to take on a new service offering has been difficult. You can quickly and easily add the categorical NFTs that your clients are looking for with white labeling.

Conclusion

End of the day – everything boils down to this – hiring a viable technology partner (aka) NFT marketplace development company who effectively jump-starts your entrepreneurial venture.

If you need assistance in hiring such a company, drop your query in the comment section.

Carol Denvers

Carol Denvers

Carol Denvers is a passionate blockchain writer at Appdupe with an extreme interest in covering topics related to NFTs, Cryptocurrencies, and blockchain. Her interests and passion for Crypto are molding her to write exciting content on current trends prevailing in the crypto space.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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