NFT marketplaces like OpenSea, Rarible, and Superfarm have become the epicenter of funding and high revenue. As per Statista’s report, the NFT market revenue is expected to show an annual growth of 27.26% (from 2022-2027) and result in a projected amount of about $8,412 million by 2027.
This is a sign that every business model that NFT is touching is turning into gold. This is probably why startups and enterprises are now buying/selling non-fungible tokens and investing in the NFT marketplace development. Before you invest in your own NFT marketplace development , it’s better to get your hands around the overall required cost.
Therefore, If you are looking to get an estimate around NFT marketplace development cost, you are at the right place.
This article familiarizes you with the cost to create an NFT marketplace, factors that influence your NFT marketplace development cost, and certain criteria to consider before building an NFT marketplace.
Overview on NFT Marketplace Development Cost
The cost to create an NFT marketplace ranges from $50,000 to $500,00 and may vary as per the customizations you need to meet your business needs. If you want to build your own NFT marketplace from the ground up, then the NFT cost for that will be higher than the ready-made solution.
The platform functionality follows the same pattern. You’ll have to extend your budget on marketplace development if your requirements lead to a complicated platform.
Not only the platform but the tools and technologies used also determine the NFT cost. Apart from these aspects, factors such as NFT marketplace features, your outsourced blockchain development team’s size, tech stack, NFT market category also impact your NFT development cost.
So, how about we discover each factor in detail to get the breakdown of the cost to create an NFT marketplace?
Contact a trusted blockchain development agency with profound knowledge and experience in developing and managing decentralized solutions. Our team of NFT marketplace experts can help you convert your idea into a highly profitable marketplace with their custom NFT marketplace development specialization.
NFT Marketplace App Features That Influence The Development Cost
According to CTN News If you are looking to develop an NFT marketplace, features are one of the first and most major cost-affecting factors that you need to look into. Your outsourced NFT marketplace development company must create a user experience that makes it simple to search for desired files and a back-end process that seamlessly handles complicated transactions.
Keeping that in mind, below are a few must-have features that you need to consider for custom NFT marketplace development.
- Storefront
This section of the marketplace provides users with AI investing information around the article: details, owner, bids, price history, etc. Storefront acts as a dashboard that enhances customer engagement.
- Advanced search functionality
While building your NFT marketplace, make sure the platform features support category tagging and management functionality. This would make it easy for the users to look for collectibles that they are willing to buy.
- Create listing
This feature of the NFT marketplace development is centered around the sellers. The platform should allow users the feasibility to create listings where they can add in their NFT details.
- Auction and buy
An efficient NFT buying system is a must-have part of the NFT marketplace development services. You should give users the option to add bid amount, expiration date, and a watchlist showing details of the bid’s status.
- Wallet integration
Your users will have to make use of wallets for sending, receiving, and storing NFTs and cryptocurrencies. You can either create your own wallet in-app or integrate existing wallets inside the application to make the experience frictionless.
- Instant notification
Your NFT business model should have an instant push notification tool that sends all the newest information via emails and push notifications about real-time data such as the debut of collectibles, new non-fungible tokens, future auctions, and so on. A strategized push notification may also help you with higher platform conversion rate.
- Ratings
Ratings are a useful tool for both buyers and sellers in the NFT business model. Users are more likely to do business with those who have a strong reputation. A scoring system can also prevent negative behaviors like false representation or retreating of a transaction before the smart contract goes into effect.
While these are the must-have features of an NFT marketplace, there are a number of other features as well such as the metaverse integration, multi-payment gateway integration, etc.
The best part of NFT platform development is that you get the option to merge NFT platforms, NFT crypto platforms, and NFT trading platforms – all in one space.
Considering the wide spectrum of the NFT feature range, the NFT marketplace development cost based on features might range from $5,000 – $50,000 and above, if you choose to add third party modules.
Other Factors That Impact Your NFT Marketplace Development Cost
It takes enormous time and effort to create an NFT platform from the foundation with cutting edge features and security measures. If you are already familiar with blockchain based development, you would know that NFT development requires additional integrations to function securely.
That being said, factors such as the platform complexity and integration might also add to your cost. Moreover, here is a comprehensive list of primary factors associated directly with the NFT marketplace development cost.
While the above mentioned cost breakdown is solely based on the feature set, there are other associated factors adding up to your final cost.
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