Dept launches white-label tool for building NFT marketplaces

Digital agency Dept has launched a white-label solution for brands to create their own non-fungible token (NFT) marketplaces. The Dutch digital shop claims it is the first open source, white-label NFT marketplace solution for brands.

Dept has launched a white-label solution for brands to mint their own NFTs

What has Dept created?

• Dept has launched AlgoMart, a white-label NFT marketplace platform. Brands can use it to create new NFTs and sell them to customers, utilizing the Algorand blockchain.

• NFT sales have shot up this year, following a rush of interest in the technology from the art world. Brands have followed, with businesses from Budwieser to the NBA minting, and monetizing, NFTs as part of their marketing strategies.

• The platform integrates several existing products, including payment solution Circle, an API from Fastify, the Directus CMS and blockchain infrastructure technologies such as Terraform and Docker with NFT templates. Dept has made the bundle available open-source, meaning that marketers can access the files for free.

Why has Dept launched the project?

• According to Jesse Streb, global senior vice-president for technology and engineering at Dept, the agency wants to provide a more accessible entry point to the NFT trade.

• Streb said: “NFTs open up avenues for all consumer brands to innovate in new and meaningful ways. People want to engage with digital ownership and digital collectibles. NFTs represent better monetization for creators and a more intimate connection with consumers, all while providing more financial utility to the owners.

• ”At the end of the day, it’s a fundamentally better distribution method that brands can leverage to generate new and increased value. Our NFT marketplace provides a more flexible, energy-efficient and usable infrastructure for brands to be able to take advantage of the massive opportunities that exist within NFTs.”

• On why the agency is releasing the platform open-source, Streb said: ”We wanted to promote transparency. We believe that we have built the best possible platform and we want the differentiation to occur with the NFT and brand experience, not necessarily the platform that is powering it. By open sourcing it we can continue to ensure that the platform itself continues to improve over time, while still allowing brands to create unique experiences.”

• Much of the NFT trade has rested upon the Ethereum blockchain, using cryptocurrency Ether. Dept’s solution uses Algorand, an alternative blockchain; the partnership with Circle means customers can pay with a credit card or debit account, rather than needing to have set up a cryptocurrency wallet beforehand.

• David Markley, director of business solutions at Algorand, said: “NFTs exploded this year as many of the world’s top brands realized the role the digital assets can play in a diverse set of applications. A missing component, however, has been a straightforward way to launch a marketplace to leverage the benefits of these unique digital assets. Algorand is an attractive infrastructure on which to launch these marketplaces as it is eco-friendly, scalable, and offers inexpensive transaction fees. I am excited to see Dept recognize the opportunity and launch its state-of-the-art platform that removes complexity for brands to more fully incorporate NFTs into their businesses.”