Craze and demand for NFTs made many traders earn living from NFT and inspired
many startups to start their own dedicated NFT marketplace.
Most startups choose the white-label NFT marketplace to build a prominent platform. Because it possesses more pros than other techniques. But for the startups who ask How the white-label is better than the other development approaches. This blog gonna compare the White-label NFT marketplace development with the open-source and scratch method to prove that white-label makes a good investment with convincing reasons and justifications.
What is the White-label NFT marketplace?
White-label NFT marketplace is a pre-build or readymade software that contains the core functions of the NFT marketplace. This software is an instant one that can be tailored according to the needs of different business structures and can be launched in the market in a short period of time. The white-label approach exhibits more benefits to the business and that benefits make it a better option.
Three important approaches for NFT marketplace development
Generally, the NFT marketplace can be developed in three methods. They are NFT marketplace development from scratch, Whitelabel development, and Opensource.
We all know what is White-label NFT marketplace. The next approach is development from scratch. It is a long process where all aspects and core functions of the marketplace will be developed from starting i.e. scratch. This technique will follow every process of the development cycle from planning, designing, developing, and testing to implementation.
The third approach is open-source development. The source code will be available in any open-source framework. One can take that and modify it to suit their needs. They can either have to have an in-house developer or have to hire a team to do the customization.
Out of these three methods, the popularity of white-label among NFT startups is high. Because it outstands other techniques in many ways.
What makes the White-label NFT marketplace a good investment?
To prove that the White label NFT marketplace is an ideal choice and better investment. The white label and two other development techniques are compared in different categories. They are
Fast implementation: The white-label NFT marketplace can be installed instantly after a few customizations. Like white label, Opensource code can also be implemented fastly after subtle customization. But the development from scratch takes loads of time to develop and go live.
Software personalization: White label and open source allow customization in the software. Every feature in the front and back end can be tailored or replaced to match the business needs. Since the customization is there, there is no need to worry about the uniqueness of the marketplace. The scratch method doesn’t need customization as it develops all from the scratch.
Development Cost: The development cost of Whitelabel NFT marketplace development is multi-fold lesser than the scratch method. Whereas the cost of open-source is zero. when the owner is a developer, he/she can do the customization for the open source software. So in this regard, open-source and white-label wins.
Time: A Business has to manage time effectively to be on trend and ahead of the competition. This can be done easily with the White-label and Opensource methods but not with scratch. Because the first two merely take weeks to go live. But the development from scratch takes at least 8 to 12 months.
Efficient execution and High Quality: The software quality and the process execution will be high in white-label software and the software developed from the scratch. Because it will be built with advanced features. But the quality and reliable execution will be a doubtful aspect in Opensource because the origin and structure of code is unknown.
Rapid Growth: Since the white-label software and open-source code are affordable and take less time to go live, businesses can achieve faster growth than their competitors who develop software from scratch.
Highly scalable and reliable: The white-label platform and the software developed from scratch are developed in a way to quench the needs of businesses both on a small and large scale. In this regard, open-source software may work well with the present business needs. But its adaptability to future needs is questionable.
Easy and effortless: The efforts spend by a group of professionals in the scratch method can be extensively reduced in white label and open source. Because the manpower and cost incurred in the scratch method are high and it is a complex process
Testing and supporting costs: The testing and tech support cost of the white label and the scratch method comes into the development cost. The provider of these services will be obligated to the cost of recurring testing and support after implementation.
But in Opensource, even if it is free, it comes with a lot of testing and supporting costs. Without a clear origin and ownership, open source might have unknown bugs and errors. The business that uses it might have to spend a lot on testing and tech support after the implementation
Profitable: The white-label NFT marketplace always marked a high ROI, success rate, and high returns in a short time.
Final Thoughts
From the comparison of these three NFT marketplace development approaches, it is inferred that white-label stands out from the rest two. White label wins over the scratch method in regards to time, cost, fast growth, and returns in a short time. Also, it wins over the open source by quality, fast execution, cost, error-free source code, and scalability.
Finally, it is evident that white-label NFT marketplace development is a good investment and a powerful approach. So businesses can leverage that to achieve fast growth and high returns.