PROxID is an innovative fast-growing software development company headquartered in Naarden, the Netherlands. PROxID offers professional blockchain and NFT solutions, Zero Knowledge Proof (ZKP) and Customer Compliance software developed with best-in-class technology. Our solutions and software are applied worldwide in various sectors.
NFTs have become an inescapable topic of discussion. Especially due to the multi-million dollar digital art NFTs, NFTs have entered our world for good. Most of us will immediately think of digital art, music, fashion and the Metaverse as the main application areas of this technology. But physical NFTs are on the rise and we are only at the beginning of new applications.
What is an NFT?
Before we dive into the intricacies, let us first explain the concept of ‘fungibility’ or ‘replaceability’. A fungible object is something that can be exchanged for something else of exactly the same value. Money is a good example of fungibility. Take a 100-euro note, for example. It can be exchanged for another note of the same value, or it can be exchanged for smaller notes that add up to EUR 100.
Now that you know this, it is easier to understand NFTs. An NFT, is a type of digital evidence that can be used to prove that something is unique because no other object will ever have the same value. This is why these tokens are called non-fungible. The NFT proof of uniqueness is irrefutably recorded on a blockchain and that proof is protected by cryptography.
NFTs can be seen as the digitised proof of ownership of an object or as a digital object in itself. For example, an artist can make copies of his physical artworks, such as paintings or sculptures, and sell them as NFTs on a dedicated marketplace. Currently, NFTs are most commonly used in gaming, digital art, music, sports collectibles and the Metaverse, but the real potential applications are much broader (and as yet unexplored).
Some of the key features of a non-fungible tokens
NFTs are unique by definition, and sellers can produce a series of non-fungible tokens, which basically keeps them scarce and can increase their value. This is the case, for example, with popular NFT collections such as CryptoPunks and the Bored Ape Yacht Club, which contain 10,000 unique NFTs each.
Proof of ownership
When purchasing an NFT, buyers receive some rights to the underlying digital object, for example ownership. Blockchain technology makes it possible to record the ownership of a digital object and make it publicly available, so that it is always verifiable who owns it.
The information provided with the NFT is irrefutably recorded in the blockchain. This makes it almost impossible to tamper with it. By using blockchain technology, NFTs are a transparent and reliable technology.
NFT for physical assets
NFT offers a great opportunity to represent a physical asset in the decentralised network where the user can create an NFT for it. The NFT can be sold and the NFT buyer becomes the new owner of the physical asset. This innovation helps the user to offer their physical asset in the decentralised network making it globally visible. Manufacturing companies have already begun to use this capability as a marketing tool to introduce their products and prototypes to a global audience. This innovative way of offering products provides great benefits and opportunities for business growth.
Endless new business opportunities
NFTs are most commonly associated with the art world, but NFTs are also issued and sold as a digital representation of off-chain assets such as collectibles, antiques or even consumer goods. Here, NFTs can act as an ownership guarantee for a real, physically unique item of which you, as a buyer, would like to have a guaranteed proof of ownership. In short, a physical NFT is a non-fungible token linked to a physical object. Ultimately, physical NFTs, like all other non-fungible tokens, can be sold or redeemed for the physical item to which it is linked. This offers opportunities in a wide range of industries where safety, trust, value, uniqueness, security and reliability are required. Think of financial services, real estate, healthcare, law, etc.
White Label NFT Marketplace Development Service
NFT marketplaces offer a profitable business opportunity in the crypto sphere. The phenomenal growth the new opportunities offer is enormous. The unique features of NFTs and their valuable properties shine as the new unique business gold at the end of the crypto rainbow. Many business developers and technology companies have embarked on the revolution of NFTs to unlock the hidden potential of blockchain in multiple ways. Our NFT and blockchain business development knowledge and experience enable us to offer a reliable Whitelabel NFT Marketplace with future-proof technologies and an engaging user experience. Explore and exploit profitable business opportunities with the launch of our Whitelabel NFT Marketplace platform.
Why start an NFT marketplace?
Developing a premium branded product and associated services that build trust with customers is the single most important point in establishing loyal customer loyalty. The platform you choose should be ready to adaptively grow with the latest trends in the crypto market.
Customers prefer branded products because of the trust they have in that brand. Providing innovative valuable services is an important way to gain trust and thus build value.
Creating a brand identity and awareness through marketing and advertising increases the visibility of your brand. The value of the service builds loyalty and commitment to the reputation.
What Income does an NFT Marketplace provide?
Commissions for the creation, trading and purchase of NFTs
Listing fee for placing NFTs on the marketplace increases the revenue stream and also facilitates visibility of NFT users.
Marketing of NFT users with a service fee is also one of the revenue generators of the NFT marketplace.
Placing NFTs in an auction portal or integrating an action portal into the marketplace provides instant liquidity for NFTs, which is also a revenue generator.
Our NFT Marketplace Development Expertise
PROxID builds NFT marketplaces with high-end features, advanced functionalities and a customer-friendly user interface. The marketplace can be customized to your business requirements, needs and layout that will provide your customers with a trusted brand and NFT experience.
Our product development team has knowledge and experience in developing reliable NFT platforms with high efficiency and speed. Our NFT development company appoints individual product managers for each NFT project who provide full guidance and support during the development phase. The mission of our NFT development company is to make our customers the leaders in the NFT sector! In addition, we offer our knowledge and experience for increasing the market visibility of the NFT projects by providing high quality post-marketing services.
Contact us to find out if our professional NFT and blockchain development services match your business ambitions!
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