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May 09, 2022

How Much Does It Cost to Create the NFT
Marketplace?

You have just read the number top-one question in our chart
of
the
most frequently
asked questions. So, let's be honest,
everything has its price tag. When it comes to
creating an NFT marketplace, the time-proven saying 'you get what you pay for' is
fully
justified. The response to this intriguing question is usually 'It depends', which
raises
more questions than answers.


You probably have two questions in mind: 'How much money does it cost to make an
NFT marketplace?' and 'What does the
price depend on?' and search for the answers
on the internet. On the web you may come across a few different websites aimed
at
estimating NFT marketplace development costs, but they are nothing more than a
marketing move to attract your attention
with brief questions about your
requirements.
The estimation you receive will not show you the real picture.


In a nutshell, prices of a product can vary from $10,000-$50,000. Quite a gap, isn't
it?


That's because custom NFT development costs depend on a bunch of factors. We’re
going to focus on them in this article. Need
development
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project?
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How Much Does It Cost to Create an NFT Marketplace
Worldwide?

The recent research from GoodFirms
shows
that the average price of a simple NFT marketplace
is between $30,000 to
$91,000. The medium complexity app cost is between $55,550 and
$131,000. A complex app may cost from $91,550 to
$211,000.
So, giving a rough answer to how much it costs to create an app (we take the rate of
$40
an
hour as average): a basic
NFT marketplace will cost around $30,000 (Time to develop
- 2
months); Medium complexity NFT marketplace will cost
between $60,000 (Time to
develop -
6
months) ; A complex unique NFT marketplace will cost between $120,000 (Time to
develop-
8
months to 1 year).


Thousands of companies around the world claim to be the best NFT developers and
guarantee
they can deliver the best solution.
Well-established or recently founded companies,
experienced
or ambitious, local or foreign, large or small, high-priced or
cheap have so many
parameters
to
consider. No wonder that such an enormous selection may confuse not only startupers,
but
also
experienced entrepreneurs.


The most common misunderstandings, such as 'high price equals good quality' or
'young
companies are not experienced
enough to deliver high-quality products', may lead to
failure
or
unnecessary expenses. Keeping that in mind, let's return to
unbiased analysis of NFT
marketplace's development costs. Our first stop is looking at the cost of building
an
NFT
marketplace
from the standpoint of hourly fees.


It's not a secret that the average cost of NFT marketplace development varies
depending
on
geographical location so let's have
a brief look at the table:


How much does it cost to make an NFT marketplace: hourly rates worldwide;


It is weird to realize that the highest-priced NFT marketplace developer in the US
charges
$150
an hour, while the best one in India
is 6x cheaper.

Region NFT Development Cost - $ per hour
North America $150
$92
Australia $71
UK $43
$40
South America $35
Europe $25

Indonesia
India

How much does an NFT marketplace
development cost to
create: Time and
money issues

To answer this question we need to know that not all NFT
marketplaces are equal. And the
inequality is not only in the platform that
it is developed for. The lowdown of NFT
marketplace
development is counted with the time needed to implement certain NFT
marketplace
features.
So let's create a classification based on the moderate time needed.

A basic NFT marketplace with simple functionality requires approximately 500-800
development hours and takes around
3-6 months to develop.
A medium complexity NFT marketplace takes from 800-1200 hours and can take from
5
to 9 months to develop .
A complex time-consuming app in most cases exceeds 1200 hours and takes from 8
months and more to develop.

What affects NFT marketplace development
costs?

When you set out to develop an NFT marketplace, you cannot
expect your NFT development
company to inform you about the
development costs right off the bat. They need to
analyze your
initial requirements first. Surely before you will be sent a quote,
the team of
developers will
estimate how many hours were required to implement your specifications.

The most significant factors that affect NFT development
costs are:

Project type ( NFT Marketplace, NFT exchange marketplace, NFT minting website,
NFT
Renting marketplace, NFT launchpad
etc.)
Token Type
Customization of visual design (template or custom)
NFT Features and functionality
Platforms (MERN, MEAN)
Backend infrastructure and NFT admin dashboard
Location and structure of a development team
NFT marketplace maintenance costs and additional services
NFT development vendor's hourly rates

Based on this information, any NFT development vendor can
make a rough estimate of your
project

Now, let’s focus on some of these aspects.

Features and Functionality

To know the answer to the question: 'What does it cost to
create an NFT marketplace?',
you
should find out how complex the NFT
marketplace you are about to develop is.
Functionality, as
well as number and the complexity of implemented features are the
biggest cost
drivers
in NFT
marketplace development. Screens, buttons, fields involved, the amount of logic
required
matter
a
lot.

Well then, it's time to discover what features influence
the complexity of the whole NFT
marketplace. As we mentioned before,
implementation of some features can be
significantly
lengthy, while others are relatively short and simple. Depending on the
complexity
of
solutions,
developers need to use third-party API or code from scratch. Simpler solutions, in
turn,
require
standard instruments and engage native features.

Let’s take a look at the approximate NFT development time
and cost required for basic
features
and then move forward to more
complex ones.

How much does it cost to build a NFT marketplace: Breakdown
by basic features

Feature Description Approx Approx cost with
back-end
time approximately
Connect
Wallet Integrate with Different
types of wallet 28- 42 $1000
Login with Browser wallet
or QR wallet as per hours

client’s
request
Switching the crypto base
network as per client’s

request
Wallet balance fetching

Crypto Transaction

Additionally, quite often you may introduce some unexpected changes during the NFT
marketplace development process.
That's why you need to take such costs into account
and
plan the budget with an added expense line.

Customization of Visual Design

Creating a unique user interface design is a complicated deed that provides
additional
expenses
to your project. The cheaper
variant suggests using OS-supplied items and building
screens
of
standard elements. The quantity of screens is also a
determining factor.

Platforms

Are you thinking of creating an NFT marketplace? Maybe your NFT marketplace is meant
to
work on MERN as well? So, you should
know the cost and benefits of creating a MERN
technology stack. Making a decision on which platform to start from, business
owners
try
to
take
into consideration such factors as MERN and other platforms' market, device
fragmentation
and
prevalence,
but the most meaningful is that developing NFT marketplace for these
platforms
differs greatly. These platforms take over
different programming languages, have
different
SDKs
and utilize different development tools.

The question comes up: is there any price difference in developing the NFT
marketplace
for
MERN or other technology stack?
Actually, no. In case you are creating an NFT
marketplace
with MERN or other technology stack, there is no significant price
discrepancy in
the
costs
of
creating an NFT marketplace. But if you want your NFT marketplace to support web
apps
and
mobile
apps, get ready to pay more money for development.

Marketplace Infrastructure and Administration

In NFT marketplace development, that provides developers with ABIs to provide data
exchange
between a frontend and a
blockchain explorer. In order to track user activity and
assess
the
performance of your NFT marketplace application, it is
equipped with analytics.
Depending on
the number of parameters you are going to track and how detailed and specific the
tracking
will
be, costs vary.

The administration panel is surely a very useful tool for managing NFT sales
analytics
content,
users and statistics. There are
options to adopt existing admin panel templates for
your
needs,
but finding a good one is a problem. So it makes sense to
create an adequate panel
to
meet
your business requirements.

Location and Structure of a Development Team

As mentioned earlier, the location of your NFT development team is a vital factor
influencing the
product’s final price. The cost of
creating an NFT marketplace in the UK will differ
from
the cost
of NFT marketplace development in the US and other regions.

Development Cost of Famous NFT Marketplace Startups

We've selected several well-known NFT marketplace startups that got funding in a
seed
round
to continue developing their
products. These real-life examples may give you more
understanding of NFT marketplace development prices.

OPENSEA - The company received $200K in seed funding for implementing
their ideas.

RARIBLE - This community-owned NFT marketplace has proven quite
successful for the
company
as it has helped them generate
over $35M in yearly revenue.

MINTABLE - It is an Ethereum-powered marketplace where users can mint
and trade their
digital
tokens. It has helped them to
generate over $13M in series A.

SPORES - It is a cross-chain, DeFi-powered NFT ecosystem. It has a
market cap of around
$3M,
gives life to the ecosystem by
making it easy to fractionalize, mint, manage and
trade
NFTs.

NFT Marketplace is the new genie in town that For Enquiry For Enquiry
grants profit and return of investment for the
entrepreneur at a rapid pace. About Mail ID : [email protected]
Features Contact : +919994255672
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