NFTs are transforming the cryptographic token market with their uniqueness, people-oriented features, and transparent ownership. Leading businesses have been investing their time and money in building robust NFT marketplaces with an objective to retain high margin growth.
Blockchain is transforming the future of the economy by putting in its distributed and decentralized resources in modern-age business processes. NFT is one of the most popular instances of Blockchain structuring a highly encrypted, authenticated, and transparent digital asset infrastructure.
NFT marketplaces are the medium driving the digital growth offered by NFTs to the real world.
So, what does it cost to hire an NFT marketplace development company and build a fully-fledged NFT marketplace?
Let us find out.
The Cost-Driving Parameters in NFT Marketplace Development
It is never a good practice to estimate the cost to develop NFT marketplaces before understanding the basic needs and scale of the project.
Some of the primary parameters playing a weighing role in cost estimation are as the followings;
From rich UI/UX, security features, interactive interface, number of pages, and other complementary functionalities, an NFT marketplace comprises several crucial components making it customer-ready. To stand out before the customer, an NFT marketplace has to be feature-rich, accessible, and complete.
There are already several niche-oriented and large-scale NFT marketplaces in the market. To compete and stand out better among the contenders, the NFT marketplace developers can add extensible functionalities in APIs.
To design and develop an NFT marketplace, you can adapt an extensive technology stack that includes frontend technologies or scripts for creating its user interface, backend technology, or framework to create a strong backend, a programming language to write Smart Contracts, and a testing framework to test the marketplace.
APIs save time and money to be invested in developing functionalities in an application. These functionalities are implemented in the backend of the application. A Blockchain development company creating your NFT marketplace can use APIs to validate ownerships, extract transaction history, and collect key information through individual Smart Contracts.
Though the duration of developing an NFT marketplace also relies upon project complexity, you may be charged highly on an hourly basis if the project continues longer than expected. Hence, it is best recommended to discuss the project timelines during initial project discussions.
Number of Panels, Integrations, and Pages
To use the marketplace feasibly, you may need multiple interfaces that can be used interoperably across the platform. These integrations can allow you to access extended functionalities of the marketplaces fast and smoothly.
The Cost to Build an NFT Marketplace
The cost of creating an NFT marketplace can be categorized based on the components of the complete development process.
Here are the possible cost estimations as to the followings;
UX/UI Development: $2200 – $5000
Authorization and Security: $3000 – $8000
User Profiles: $2300 – $5000
Home Page: $3500– $10,000
Search and Filters: $4000 – $11,500
Product Page: $2000 – $5000
Reviews & Ratings: $2500 – $5500
Shopping Cart: $2500 – $5500
Payments: $2000 – $5000
Notifications: $2000 – $4000
Ethereum Incorporation: $4000 – $11,500
NFT management: $4000 – $11,500
Inventory Management: $2000 – $5000
Buyer Panel: $3000 – $7000
Author Panel: $5000 – $14000
Admin Panel: $3000 – $10,000
Total: $47,000– $123,500
The abovementioned costs are based on the most common of the NFT marketplace requirements and may differ for any custom NFT marketplace project.
NFTs can significantly improve the ownership model. The process has reduced issues related to ownership and uniqueness of assets.
You can consider reading an NFT marketplace development guide to comprehend other important basics of the development process and NFT market because the more you know, the best you will get for your vision.