NFT is certainly becoming a trendsetter in the modern digitalized world. According to Statista, the NFT market is estimated to reach $8,412 million by 2027. This market has been very successful as it provides a simple and secure experience to users and business owners around the world.
With the increasing popularity of NFT, it is now becoming the best option for investing among entrepreneurs and companies. However, before jumping into this trend, business owners should understand how much it costs to develop an NFT marketplace.
In this article, learn all about the cost of NFT Marketplace Development and the factors that can affect the overall cost of building such a marketplace:
NFT Market Development Cost
The cost of NFT e-commerce market development ranges between $50,000 and $500,000. The cost may vary depending on the customizations that companies need in their market to meet business needs.
It is important to note that NFT is an emerging field and its costs could change once new technologies and tools become available.
Key Features Affecting NFT Market Development Cost
Building an NFT market involves the use of many tools and technologies that dominate the cost of building such a platform. Let's take a look at some of its features that affect the overall cost of building an NFT marketplace:
Showcase
The storefront is an essential feature of an NFT Marketplace as it provides users with all the relevant information related to their assets. This is the place where users can find information about their item details, offers, price history, owner, and many other things. Its main function is to inform users about their assets. It acts as a dashboard that helps companies improve customer engagement. It can cost you between $14,000 and $15,000.
Live auction
An NFT marketplace should possess a live auction feature where users can sell various tokens that cannot be used to purchase other tokens. This feature shows different types of information to users and the platform owner. For example, the person behind the sale of the tokens, the names of the tokens, the payment methods, the price, the number of bids, the images, and the time left for users to place their bids. This feature can cost between $4,000 and $5,000.
Wallet
The NFT marketplace must have a wallet that allows users to send, store and receive tokens and cryptocurrencies that cannot be used to buy other things. The NFT marketplace should have its own wallet or be able to work with existing wallets to provide users with a smooth and hassle-free platform experience. Integrating or customizing your wallet on their marketplace can cost you between $3,000 and $10,000.
Trend Collections
Some of the NFT items sell for a higher price than usual if they are displayed in the ‘Trending Collections' section. Therefore, your NFT marketplace should have a ‘Trending Collections' feature with information such as the characteristics of the crypto collectible, average price, total supply, trading volume, and seller name. This feature can cost between $1,000 and $2,000.
Search and filter functionality
NFT Marketplace should have search and filtering features as it allows users to find the items on sale easily and effortlessly. This feature is designed specifically for sellers to make the search process easy. With this functionality, users do not need to navigate the entire platform to find what they are looking for. This functionality will cost between $2,500 and $3,000.
Create List
NFTs and sell them on the market. Displays NFT information such as price, tags, title and detailed description of the assets. This feature can cost between $1,000 and $3,000.
Ratings
Having ratings and reviews as a feature can improve the stature of your business in the Web3 Market Development community. Allows users to provide feedback on your platform. These reviews may be useful for new users and NFT businesses. This feature can cost between $3,500 and $4,000.
The total cost of developing an NFT market depends on these features. Adding more increases the complexity of the project, which adds to the overall cost of building such a platform.
Other factors affecting the cost of NFT Market
Building an NFT Creating a platform from scratch with extensive features and security measures requires a lot of time and effort. other factors that impact the total cost:
NFT Technology Stack
Technology stacks are essential for the NFT market development. It comprises everything from databases, performance tools, frameworks, interfaces (UI/UX), back-end, programming languages, front-end, servers, operating systems, and more.
NFT Development Team
To build an NFT platform, you will need to outsource many NFT developers and experts who can transform your idea into reality. Your NFT Marketplace development team will include the following:
- Business analysts
- Project managers
- NFT developers
- Solution Architect
- QA
- UI/UX Designers
The average cost of hiring developers ranges from $100 to $200 per month. May vary depending on location. For example, in Europe or Australia, the developer cost starts from $80 per hour and may differ depending on your needs and requirements.
Project complexity
Each project is different and includes various complications. It depends on the features you want to add to your marketplace, or does development take longer than usual. Each and every aspect is taken into account when developing an NFT marketplace. The budget is then decided accordingly.
The simple complexity project will have a development cost ranging from $8,000 to $45,000.
The medium-complexity project will have a development cost ranging between $45,000 and $100,000.
The most complex project will cost more than $100,000.
NFT Market Maintenance
The cost of the NFT The market does not end after its development. If you are looking to develop a long-term market, you need to consider support and maintenance costs. Maintenance costs include the following factors:
server costs- $10,000- $20,000
Bug fixes- $5,000- $10,000
Third-Party Integration- $2,000- $10,000
Platform upgrades- $5,000- $10,000
Security patches- $10,000- $20,000
NFT Niche Market
The cost of NFT Market development can also vary depending on the market categories you select as a niche. For example, if you are looking for collectibles, the market should be safer. Since NFTs are assets, the market where they are sold varies in terms of shapes, themes, style and other factors. The breakdown of the four main market categories is as follows:
Gaming Market- $100.00- $500,000
Open and premium market- $50,000- $150,000
Collectibles Market- $60,000- $250,000
Curated and Uncurated NFT Market- $80,000- $250,000
In conclusion
The NFT marketplace can provide businesses and organizations with many important benefits, given the tremendous growth of NFTs globally NFT marketplace is attracting users from around the world as it offers a high level of security, decentralization, and the ability to own assets. digital.
By understanding the cost of developing an NFT marketplace, it is easier for companies to build a strong platform. Additionally, it is essential to take into account the factors that affect the total cost. It is always best to get advice from experts before building an NFT marketplace from scratch.
