Nowadays, Blockchain is one of the fastest evolving internet technologies. According to Statista, the global blockchain market was valued at $1.57 billion in 2018 and is predicted to reach $163 billion by 2027.
Seeing the massive potential in the blockchain industry, every business owner wants to create their next project on blockchain technology and wishes to know the cost of developing Blockchain projects.
Cost estimation is crucial for blockchain projects because determining the ROI is more complicated in the case of blockchain app development.
This blog post will discuss various cost-driving factors related to blockchain projects and provide a better understanding of Blockchain app development cost.
Cost-Driving Factors of Blockchain Projects
Let us know the role of various cost components in determining the final blockchain project pricing.
Various domains may have different needs based on the website, application, and business objectives. If you are thinking of building a Blockchain application for a healthcare project, you may require to invest anywhere between $50,000 to $150,000. For any other domain or vertical, you may need to invest from $40,000 to $100,000.
When you take the help of a Blockchain development company, you must specify domain-based requirements.
2. App Complexity
There are diverse scales of complexity involved in different blockchain applications. The use of feature-packed options in the app architecture can increase the cost.
To hire a team of Blockchain developers, you may require to spend from $50,000 to $200,000.
You can take the assistance of a Blockchain app development company that can assist you in discovering the prospect of your Blockchain projects.
3. Developer’s Experience
Blockchain is a growing technology. People working on Blockchain projects for years are still exploring new ideas to implement into the technology structure. It is good to check the developer’s experience in managing similar projects.
Blockchain developers with extensive experience will cost more to develop your blockchain project.
4. Team Strength
If your Blockchain project needs more resources, you could have to invest more funds. You could search for a company that meets the resources requirements in terms of standards and quantity.
For a basic project, you may require a small team of four or five experts, including a back-end developer, Blockchain developer, app designer, quality analyst, and project manager.
You may have to spend extra for a large-scale project such as creating and setting up a Decentralized Autonomous Organization (DAO).
To fulfill customer demands and achieve a high return on investments, it is essential to consider building a personalized Blockchain app. You can use specific features that improve the user experience by utilizing innovative design processes.
Blockchain App Development Cost Based On Types
- NFT Marketplace: Approx $50,000 to 1,30,000
- DApps (Decentralized Applications): Approx $45,000 to $60,000
- DAO (Decentralized Autonomous Organization): Approx $3,500 to $20,000
- Cryptocurrency Exchange App: Approx $50,000 to $100,000
Now that you know how much it will cost to develop blockchain projects. The final cost for designing, creating, and testing a Blockchain project from scratch may range from $50,000 to $300,000. However, before hiring blockchain app development services, a detailed analysis of their previous clientele, projects, and reviews are always needed when deciding on a project as complicated as Blockchain.