NFT is undoubtedly becoming a trendsetter in the modern digitalized world. According to Statista, the NFT market is estimated to reach $8,412 million by the year 2027. This marketplace has been seeing a lot of success as it provides a simple and secure experience to users and business owners all around the world.
With the growing popularity of NFT, it is now becoming the top pick of entrepreneurs and companies to invest in. However, before jumping on this trend, business owners should understand how much it costs to develop an NFT marketplace.
In this article, learn everything about the cost of NFT marketplace development and the factors that can affect the overall cost of building such a marketplace:
NFT Marketplace Development Cost
The cost of NFT e-commerce marketplace development ranges from $50,000 to $500,000. The cost can vary depending on the customizations companies need in their marketplace to meet the business needs.
It is important to note that NFT is an emerging field, and its costs might change once new technologies and tools become available.
Key Features Affecting The NFT Marketplace Development Cost
Building an NFT marketplace involves using many tools and technologies that dominate the cost of building such a platform. Let’s have a look at some of its features that affect the overall cost of building an NFT marketplace:
Storefront
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’s details, bids, price history, owner, and many other things. Its main function is to inform the users all about their assets. It acts as a dashboard that helps businesses in enhancing customer engagement. It can cost you around $14,000-$15,000.
Live Auction
An NFT marketplace must possess a live auction feature where users can sell several tokens that can not be used to buy other tokens. This feature shows different kinds of information to users and the platform owner. For instance- the person behind selling the tokens, names of the tokens, payment methods, price, number of bids, pictures, and the time that is left for users to make their bids. This feature can cost around $4000-$5000.
Wallet
Your 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 must have its own wallet or be able to work with existing wallets to give users a hassle-free and smooth platform experience. Integrating or customizing your wallet in your marketplace can cost you around $3,000-$10,000.
Trending Collections
Some of the NFTs sell for a price higher than usual if they are shown in the ‘Trending Collections’ section. Hence, your NFT marketplace needs to have a ‘Trending Collections’ feature with information such as features of the crypto collectible, average price, total supply, trading volume, and the seller’s name. This feature can cost around $1,000-$2,000.
Search And Filter Functionality
NFT marketplace must have search and filter functionality as it enables users to find the items on sale easily and effortlessly. This feature is specifically made for the sellers so that the search process can be smooth. With this functionality, users do not need to navigate the whole platform to find what they’re looking for. This functionality will cost around $2500-$3000.
Create Listing
The ‘Create Listing” feature allows sellers to create their own NFTs and sell them in the marketplace. It shows NFTs information such as price, tags, title, and detailed description of the assets. This feature can cost around $1,000-$3,000.
Ratings
Having ratings and reviews as a feature can enhance your business’s stature in the Web3 Marketplace Development community. It enables users to provide feedback regarding your platform. These reviews can be helpful for new users and NFT ventures. This feature can cost around $3,500-$4,000.
The total cost of developing an NFT marketplace depends on these features. Adding more increases the project complexity, which adds up to the total cost of building such a platform.
Other Factors That Impact the Cost Of NFT Marketplace
Building an NFT platform from scratch with extensive features and security measures takes a lot of time and effort. Here are some other factors that impact the overall cost:
NFT Technology Stack
The tech stacks are essential for the NFT marketplace 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 require to outsource many NFT developers and experts that can transform your idea into reality. Your NFT marketplace development team will include the following:
- Business analysts
- Project managers
- NFT developers
- Solution Architect
- Quality assurance
- UI/UX designers
The average cost of hiring developers ranges from $100-$200 per month. It can vary depending on the location. For instance, in Europe or Australia, the developer’s cost starts from $80 per hour and may differ per your needs and requirements.
Project Complexity
Every project is different and comprises diverse complications. It depends on the features you want to add to your marketplace, or the development takes longer than usual. Each and every single thing is taken into consideration while 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 from $45,000 to $100,000.
- The highest complexity project will cost more than $100,000.
NFT Marketplace Maintenance
The cost of the NFT marketplace does not end after its development. If you’re looking to develop a marketplace for the long run, then you must consider the support and maintenance costs. The 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 updates- $5,000-$10,000
- Security Patches- $10,000-$20,000
NFT Marketplace Niche
The cost of NFT marketplace development can also vary depending on the market categories you are selecting as your niche. For instance- if you are going for collectibles, the marketplace needs to be more secure. Since NFTs are assets, the market where they are sold varies in terms of forms, topics, style, and other factors. The breakdown of the four main market categories is as follows:
- Games Marketplace- $100,00-$500,000
- Open & Premium Marketplace- $50,000-$150,000
- Collectibles Marketplace- $60,000-$250,000
- Curated & Non-Curated NFT Marketplace- $80,000-$250,000
Conclusion
The NFT marketplace can bring companies and organizations a lot of significant benefits, given the tremendous growth of NFT globally. NFT marketplace is attracting users from all over the world as it offers a high level of security, decentralization, and the ability to own digital assets.
By understanding the cost of developing an NFT marketplace, it is easier for companies to build a robust platform. Additionally, it is essential to take into account the factors that affect the overall cost. It’s always better to take advice from experts before building an NFT marketplace from scratch.
0 Comments