It was in 2021, the NFT scene started exploding and gathering significant media attention. Non-fungible tokens (NFTs) saw an unprecedented growth of approximately 26x volume in Q1 2021 from Q1 2020. Since then, NFTs have always been in the news. Indeed, from celebrities to individuals, everyone seems interested in them nowadays. To capitalize on the trend and applications of NFTs, like minting, trading, and staking, NFT marketplaces came into existence, like Opensea and Sorare. Apparently, they have dominated the majority of the market. Now, these platforms are beset by many issues, from hacking to insider trading. The NFT space is growing ballistically, and business enthusiasts realize that they need to enter the market with NFT solutions like NFT marketplace, NFT minting, and more to prevent the formation of the monopoly of these big names. For that, an NFT development company presents them with various solutions to enter the market.
They include building NFT solutions from scratch, white-label development, and pre-built NFT solutions, to name a few. But, with so many available options, decision-makers come across the challenge of choosing the right one and entering the market effectively. In this blog, we address their challenge of finding the best method by scrutinizing their advantages and disadvantages.
As mentioned above, for business enthusiasts, various options are available to enter and capture the market. However, each one of these comes up with its distinct advantages and disadvantages. Now, let us look at various methods available for launching an NFT solution.
Undoubtedly, this is one of the most basic and effective development methods for creating and launching any technology-based software/solution. By opting for this approach, we can ensure that our NFT solution, whether a marketplace, minting platform, or staking solution, entails market-leading features. From ideation, planning, and strategizing to deployment, building from scratch guarantees that each and every aspect of the software has been taken care of properly.
Further, it enables us to make as many customizations as we want as per market needs. However, it is a time-consuming and costly process. And the market trends necessitate entering the market as soon as possible, that too, without compromising the quality or features. That said, unless and until our business idea is trying to present a completely unique solution to the market, we should refrain from approaching this method.
Also, Read | Pre-Built NFT and Smart Contract Solutions for Quick Launch
Surely, clone app development is one of the most efficient and fastest ways to develop a solution for your business. But, it comes with a few disadvantages when it comes to uniqueness, utility, and other factors:
White-label NFT solutions became a success in a short span as they provide advantages like cost-efficiency, no involvement in the project management process, readily available options, and more. Still, many businesses continue to invest in other development methods. The reason is there are a few critical disadvantages associated with white-label solutions. They include, such as limited customization provision, overlapping of brand identities, source code ownership challenges, data exploitation risks, higher chances of app store rejection, difficulty with scalability and upgradation, and more.
Also, Read | A Comprehensive Guide to NFT Marketplace Development
Pre-built NFT solutions deem the most efficient and effective way to enter the NFT market. Indeed, they address many challenges pertaining to the other development methods. Pre-built or ready-to-deploy NFT solutions allow significant customization related to UI/UX and other functionalities. There are no challenges related to source code ownership, customization, time-to-market, and more with these solutions.
White-label solutions are ready-to-deploy solutions with a scope for little to no customization. However, pre-built solutions are essentially the basic architecture of NFT applications that may or may not require further customization. It means that there is no need to start from scratch. It also means that there are no restrictions over customization or source code ownership, such as with white-label solutions.
They allow us to capitalize on the NFT buzz by launching an NFT minting platform, an NFT marketplace, or an NFT staking platform within a few weeks. Your time to market is greatly shortened by the ready-to-deploy modules and components for the NFT systems listed below. They can be used as a stand-alone solution or developed into an all-encompassing platform.
Also, Read | Developing DAO-enabled NFT Marketplace
You may quickly create and launch an NFT minting platform like OpenSea or Rarible by using Oodles' pre-coded NFT minting smart contract solution. It eliminates the need for starting over. You can adjust the solution to meet your needs. For instance, it gives you the option to select a blockchain platform that supports EVM. Once implemented, it enables users to quickly create and use customized NFTs across a range of sectors, such as e-commerce, sports, and entertainment.
Also, Read | A Guide to Defi Token Development Like Safemoon
You may immediately build an NFT marketplace with a ready-to-deploy NFT marketplace solution, which includes prefabricated smart contract functionality and codes. The marketplace makes it possible to buy, sell, and auction NFT with ease. It can be altered and is adaptable to changing company requirements. It will have essential components and industry-leading security for developing a sophisticated NFT marketplace.
You can satisfy users' increasing demand for NFT staking with the aid of an adaptable, prepared-to-launch NFT staking solution. You can outpace the competition by providing a platform with lots of NFT staking features such as a rewards calculator and payouts administration. It provides a number of crucial features and capabilities that modern cryptocurrency and NFT users desire. You can use it only for staking or in conjunction with other systems, such as exchange platforms and NFT gaming.
Also, Read | DeFI Staking Platform Development | Everything You Need To Know
Thinking of taking a demo of these pre-built NFT solutions built by our skilled NFT and blockchain developers, contact us now!