Non Fungible Tokens or NFTs as they are commonly abbreviated have experienced a sudden increase in their appeal, value, users, market, and everything good about them! Why would something like this not happen? NFTs and NFT marketplaces did to blockchain technology what Jimi Hendrix did to the concept of electric induction! Nobody would understand the concept of induction but everybody would love to hear Jimi Hendrix play the electric guitar, Which works on the principle of electric induction!
While blockchain technology was considered to be far from the reach of humans, with cryptocurrency exchanges being an exception, NFT marketplaces made it possible to create tokens without any hassle. What made it even better is the fact that technically uninitiated people like artists, crypto artists, digital art creators, music creators, and anyone with an idea of selling something unique could create their own NFT on the NFT marketplace.
When it comes to NFT marketplaces, we often think of Raible. It is true that Rarible has been accumulating accolades, and numbers that speak about its awesomeness. In all of this, it should not be forgotten that one of the pioneers of the concept of NFT marketplaces was OpenSea.
What is OpenSea?
OpenSea is an online marketplace that you can use for buying and selling crypto-collectibles, which is nothing more than a fancy term for NFTs. The company was founded in 2017 and is located in the city of New York. The entire ecosystem runs on the atrium blockchain, and it is compliant with the ERC-721 standard of tokens. Users can create any cryptocurrency of their choice but with certain limitations in numbers and with everything being unique. This is, innocence, creating a nonfungible token.
OpenSea raised a seed capital of $120,000 from YCombinator, and in March 2021, it raised a staggering sum of $23 million in the series of A round of investments. This massive jump of more than 100 times from the seed funding stage to the series A stage it’s a resounding testimony to the growth of OpenSea. The names of investors include some formidable mentions like Mark Cuban, Kevin Harts, and Belinda Johnson.
What are Non-Fungible Tokens?
Before we understand a Non-fungible marketplace like OpenSea, it is important to understand the concept of fungibility and what Non-Fungible tokens are. Fungibility is an attribute of an asset that indicates if an asset can be easily changed for another asset without any compromise on value and if it can be broken down into smaller assets which would mean exactly the presentations.
A good example of a tangible as it is the dollar bill. If you have a $100 bill, it can be easily broken down into 10 bills of $10 each without any change in value. It can also be exchanged for another $100 bill and it would not make any difference to you!
A Non-Fungible token, on the other hand, is unique and cannot easily be interchanged even if it looks similar. It also cannot be broken down into smaller assets. Would the Louvre Museum be ready to take a printout of the Mona Lisa that you have given them and hang it in the place where the original artwork by Leonardo da Vinci hangs right now? Definitely not, although both of them are visually the same, right? This is where nonfungible tokens come in.
Why Choose NFT?
NFT has opened the floodgates for the artistically inclined and people who believe in the ethics and integrity of art to capitalize on this revolution and create digital art. The authenticity of information is bound to be preserved in the NFT ecosystem.
Enter NFT Marketplace
This sudden opening of the floodgates has resulted in an increase in the number of people creating digital art. They, however, did not have the technical expertise to build their own NFT. NFT marketplaces like OpenSea, with their creator-centric approach, enable artists to create their own NFT in a matter of minutes if not seconds.
OpenSea is a good example of how the platform is continuously committed to developing and making the marketplace better. The scope with NFTs is practically unlimited because we have seen just the tip of the iceberg when it comes to art and music. There are a lot of possibilities in the NFT space, and now would be the right time for an entrepreneur to build an NFT marketplace like OpenSea.
The Relevance of White Label OpenSea Loan
To build a robust and complex marketplace like OpenSea might be a daunting and intimidating undertaking. It involves a lot of development effort, hiring of teams, testing, and needless to say, operations and marketing. While operations and marketing cannot be replaced, the technical part can easily be replaced by a white label OpenSea clone.
With an OpenSea clone script, you can launch your product in the shortest possible time, and that too, with very minimal instances of bugs that will interfere with the expected basic functionality of the product. All you need to do is customize the product in line with what your business requires, and garnished with the user interface and design elements that reflect your brand and its philosophy.
The Basic Features
Even if you intend to build your NFT marketplace like OpenSea by using a white label salon, there are a few things that you should know as basic features expected.
Any marketplace has an attractive and interactive e-commerce storefront to start with. It is the first impression that you create for your customer who will come to buy your NFT tokens. The interface should be garnished with visually appealing elements and it should be created in such a way that it can fit into all devices and all screen sizes.
The customer should be able to easily locate the NFT/art/music of the choice through a robust search and filter function. The search should be able to locate items by tags, keywords, genre, creator, and a lot more. The filters should be able to give items belonging to a particular category or a particular price range. A soft option should also be made available.
The creators should find it simple and easy to create a product listing. It should be as simple as uploading a photo on Instagram. The creator should be able to upload their artwork, fix the price, decide if it will go into auction or if it will be sold with a standard price, choose the token, and list it.
The creator should be able to see the listing status of the product if it has been viewed or sold or bookmarked. All these statistics should be available across the dashboard that can help the creator in making informed decisions when they create their next crypto artwork.
The NFT marketplace should be integrated with all popular digital wallets, and it should also have its own native Wallet. The payment for these wallets should be enabled through integration with popular payment gateways like Stripe and PayPal.
The shopping and checkout process should be made simple and easy. People should be able to add items to the shopping cart, make a payment from their crypto wallet, and that should automatically trigger the closure of the items listing, preserving the integrity of the NFT.
The customers should be able to review and rate their experience with the art and the artist. The same should apply to the creators when it comes to their experience with customers.
The creators should be able to get their earnings without any delay. After taking the commission, the NFT marketplace should be quick to transfer the earnings of the creator to the wallet of the creator. The creator should not have any hassle in transferring their crypto earnings to their bank account at existent exchange rates.
Considering the number of artists spread across the world, it would not be an exaggeration to say that the world of NFTs has only scratched the surface. A lot of artists have been striving to learn about the NFT and how they can monetize their art by connecting with the right consumers. This would be a perfect time for any crypto entrepreneur to create their own NFT marketplace like OpenSea.
We have also seen how the white label OpenSea clone can help you launch your product without any delay and difficulty. All that is left for you to do is to get in touch with a company that specializes in the development and customization of OpenSea clone scripts. They will take care to understand your requirements and present you with a perfect NFT market play solution that will launch you into the territory of profitability.
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