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Sunday, March 3, 2024

Top challenges faced in white label NFT marketplace development

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NFT tokens have already become part of the digital revolution and have brought a lot to the development of the crypto world. The creation and sale of crypto art is a strong trend today, which attracts more and more artists, ordinary amateurs and enthusiasts, provoking many to urgently grab laptops and upload their work to well-known marketplaces, for example, OpenSea or Rarible.

However, not everyone is aware that this area also has its own nuances and serious problems that you should be aware of before you start selling your crypto art.

Today, UAStar white label nft marketplace development company will talk about the main five problems that enthusiasts who want to join NFT will have to face, and also explain why this process is not as simple as it seems at first glance.

Create an NFT and become a millionaire – is it real?

A very common misconception among newcomers who burst into the NFT market on a wave of hype and public discussion is the following: many expect that after printing their tokens and putting them up for sale, they will immediately line up with rich collectors who are eager to bet on work and give away thousands of dollars for collectibles.

Most artists who have tried themselves in this business will refute this. Let’s see why.

Of course, NFTs open up huge opportunities for buying and selling digital art, but this does not mean that collectors will instantly rush to buy the work of an artist whose name is heard for the first time. Users who earn big money selling their digital works are for the most part artists (artists) who managed to collect a large fan base.

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The bottom line is that more often than not, buyers are willing to pay outrageous amounts for a unique NFT to become part of their collection, but that NFT usually has to be created by a well-known artist. Of course, the works of unknown artists can also sell well, but this happens much less frequently. Why? The NFT you create will be among the millions of other digital works that will never be bought simply because they won’t be found and seen.

Thus, artists who sell their NFTs for large sums either have a large fan base, or have signed a contract with a popular marketplace, or they are really lucky (the case when the work of an unknown artist is sold for large sums).

What if someone has tokenized my work and wants to sell it?

Yes, this is real. In this case, the author has the right to sue or file a complaint against the platform that placed this token – the fraudster will be punished. That is why it is important to create a name for yourself and broadcast your activities, because. during the investigation, you will need to prove that you actually own the copyright to the work. Moreover, you should link to your work for buyers: this is necessary so that collectors can go to your platforms from your website and be sure that they are not buying counterfeit versions of your art.

Why is the commission for issuing my NFT higher than the price of my NFT?

On NFT marketplaces, for example, OpenSea, Rarible and others, when putting their NFTs up for sale, users must pay a commission (gas fees). This fee fluctuates at different times of the day, and is also highly dependent on how the Ethereum network is set up, the demand on the network, the current value of Ethereum, how large a contract you are trying to complete, and how fast.

Understanding these processes is important for both NFT creators and collectors. Sometimes the commission exceeds the price of the created work of art.

Thus, we advise you to monitor gas prices and analyze offers to create and sell your NFTs on different trading platforms.

Who to contact if you have questions?

At large marketplaces, customer service suffers to say the least. Most often, problems for users (especially for beginners) appear due to insufficient awareness of the functioning of the system and understanding of all processes – from creating an NFT to receiving payment for its sale to a wallet. Most likely, the answer to your question is already on the forums or in the FAQ (frequently asked questions) section of the platform itself. You can also contact support: many problems are eventually resolved, but only after a few days.

How to evaluate your NFT art?

A very common question that turns into a real problem. Any art is difficult to evaluate, the cost is influenced by many factors: from the fame of the author to the prices of similar works.

To evaluate your work of art, both real and digital, it is important to consider 4 important factors:

  • Demand
  • Liquidity
  • Intermediary
  • Market value

Summarize

Before you plunge headlong into this area, “learn the material”. On the Internet, you will find many guides and various guides on how to release your NFT in 10 minutes, however, we strongly recommend that you take your time and learn about all the nuances or follow this link https://uastar.com/services/nft-marketplace-development-company and contact our specialists.

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