Build or buy an NFT staking platform - everything you need to know.
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What are the pros and cons of building or buying an NFT staking platform? The benefits of building your own platform include complete control over the platform's design, user experience, and functionality. However, the time and costs associated with building your platform should not be underestimated. The benefits of buying a white-label solution include the ability to focus on other aspects of your business and the wide range of features that come with the platform.
When it comes to NFT staking platforms, you have two options: either build one from scratch or buy a white-labeled solution. So, which option is right for you?
To help you make the decision, we’ve put together a guide that covers everything you need to know about building or buying an NFT staking platform.
Let’s start with the basics first:
What is NFT staking?
NFT staking is a new way to earn rewards on your favorite NFTs. By staking your NFTs, you can earn rewards from interest, dividends, or other benefits. This is a great way to maximize the value of your NFTs and earn passive income.
How does NFT staking work?
NFT staking is the process of locking up your NFTs as collateral to earn rewards. This is similar to how you would stake cryptocurrency in order to earn interest or rewards. NFT staking works by you sending your NFTs to a smart contract. The smart contract will then hold onto your NFTs and allow you to earn rewards based on the amount of NFTs you have staked.
What is an NFT staking platform?
An NFT staking platform is a software solution that allows users to stake their NFTs in exchange for rewards. By staking their NFTs, users can earn a passive income and other benefits for locking up their NFTs out of circulation.
Why should users stake their NFTs?
NFT staking is a great way to earn passive income on digital assets. By staking your NFTs, you can help support the network and earn interest on your investment.
The benefits of NFT staking include earning rewards without selling your NFTs.
What are the benefits of having NFT staking platform?
The benefits of having an NFT staking platform include the ability to:
- Access a wider pool of potential investors
- Offer to stake rewards to users
- Provide a more secure and transparent platform
- Offer a higher degree of customization
Now that you know what NFT staking is and hopefully sparked your interest, it’s time to discuss the elephant in the room: choosing between buying a white-label solution OR building your platform. We’ll play devil’s advocate first: the benefits of building your own platform.
The biggest benefit to building your NFT taking platform:
- By building your own NFT taking platform, you can fully control the platform's design, user experience, and functionality.
- You can tailor the platform to your specific needs and requirements, ensuring that it meets all of your expectations.
- Building your own NFT taking platform also allows you to brand the platform according to your preferences, giving you complete control over how your platform is presented to the world.
The requirements for building an NFT platform include general tooling, technical requirements, legal requirements, and regulatory requirements.
What are the technical requirements for building an NFT staking platform?
The cost associated with building an NFT staking platform will vary depending on the size and complexity of the platform. However, some of the costs that may be incurred include:
- User interface design
- Development costs
- QA testing
- Smart contract development
- Smart contract auditing
- Hosting costs
- Maintenance costs
- Marketing costs
The time and costs associated with building your platform should not be underestimated. A big part of our client base are projects that started building their staking platform, realizing they underestimated the work and decided to outsource it eventually.
Why you should consider purchasing a white label NFT staking platform:
- Time and focus: When you buy an NFT staking platform, you can focus on other aspects of your business. This is because you don’t have to worry about the platform's development.
- Start immediately: When you buy an NFT staking platform, you can start immediately. This is because you don’t have to wait for the platform to be developed.
- Wide range of features: White-label solutions often come with a wide range of features and functionalities that you might not be able to replicate for the same price and time if you were to build your platform.
- Battle tested: When you buy a white-label solution, you can be sure that the platform has been tested and is proven to work effectively.
Considering a white-label NFT staking platform? Decubate NFT staking supports all EVM blockchains. It is a plug-and-play solution for any NFT project that wants to reduce NFT selling pressure and have an affordable solution to engage with their community.
Start today, fill in the form and get in touch with us today!
