How Much Does It Cost to Develop An NFT Marketplace?
The world is developing fast at an unimaginable speed. It seems like yesterday we were saying that Blockchain is the future. Now, with the emergence of NFTs, experts are debating how they will rule the world in the coming years. People who know about finance have sensed this digital asset’s superiority. That is why building the NFT marketplace is always on the agenda of such people.
But creating such a platform is expensive and requires hiring an experienced blockchain development team to ensure your future marketplace works as expected and corresponds to your and users’ requirements. Therefore, it will take between 80,000$ to 500,000$ to develop an NFT marketplace.
Wondering why it is super costly? Then stay with me as we discuss how to build an NFT marketplace, the cost of doing so, and which features you should add.
Developing An NFT Marketplace: Costs Involved
As mentioned above, it will cost you 80,000$ to 500,000$ to develop an NFT marketplace. Thinking that this range is too big and we should be more specific?
No one can predict the exact amount it will cost you to create an NFT marketplace. It all depends on:
- Which features, tools, and functionalities you are going to add
- How much salary you are paying to your team. Developers are generally charging per hour now.
The more experienced the team, the more money you will have to pay to them.
Similarly, the more features you will opt for, the costlier it will be to develop the NFT marketplace.
But the money will be all worth it in the end as the NFT marketplace will be top-notch.
Features, Tools, And Functionalities
The functionalities and features that the developers and people prefer are:
Creating an uncomplicated Admin Panel is important for any online marketplace. With this, you can assign specific roles to the management. This will smoothly run the place. An experienced team takes around 70 to 100 hours to make it.
The team will also work on the Home Page to make it as beautiful and user-friendly as possible. For this, they might spend more than 50 hours. But this time will be worth it as an eye-catchy home page is necessary for any online business to succeed.
Payments And Cart
Other important functions in any Online marketplace are payment and shopping cart. The success of the business depends on both. Therefore, both should be stable, include diverse options, and many other merits.
As these are crucial, a team of developers takes more than 100 hours on them alone.
You should also invest in the security of the marketplace to make it as secure as possible from hackers. Two-factor verification is a must to make the security better. Rest depends on your budget.
You should incorporate the Ethereum cryptocurrency into your marketplace. It is one of the fastest growing and considered the second most stable coin after Bitcoin. All the leading marketplaces are incorporating it, and so should you.
NFT and Inventory Management
The two management tools you should add are NFT and Inventory management. The NFT management will handle the NFTs (obviously).
The inventory management will show which has been sold and which new stocks have been added.
Other Functionalities and Tools
If you want your marketplace to be better than the rest, then you should go the extra mile. User profile, product page, reviews, ratings, notifications, etc., are some of the other options you must add. These extra features will take more than 400 hours.
In addition, the UI designer and other professionals will also charge for their work.
Salary Of The Team
Developers are charging around 70$ to 500$ per hour. You can get Northern European and Asian developers at a lower price. In comparison, the Americans will charge more.
Now, let me discuss your most asked question is- How to build an NFT marketplace?
How To Create an NFT Marketplace?
Creating an NFT Marketplace is a little complicated. It is because you have to make some tough decisions in the beginning.
But be careful! The success of the marketplace largely depends on them.
Let’s see what to do to develop an NFT Marketplace.
Those who want to develop an NFT marketplace should first decide about the niche of the platform. Begin by deciding on the NFT model.
There are two NFT models we have, and both of them are profitable. Which one you want to go to is up to you. These are:
- Universal NFTs
- Peer to Peer
Next, decide whether you want your NFT marketplace on gaming, sports, entertainment, or any other niche.
Selection Of Tools and Technologies (Features And Functionalities)
Next, shortlist the tools and technologies you want in the marketplace. To get help, you should also consult experts. If they have previous experience developing such platforms, then it’s a huge plus. After all, it is this team that will also build the marketplace for you.
The UI designer in your team will design the marketplace app. It is also important as it makes everything eye-catching and encourages people to stay and explore more.
Token Generators Creation
Token generators should be built after the designing process. This will help you understand how the marketplace will work. These tokens are like contracts in which no third party is involved. When these are created, a code is released via a blockchain network. This will ensure NFT generation.
When the team is done, the testing phase starts. If everything comes out to be positive during the trials, then it means your marketplace is ready.
So, how much does it cost to build an NFT marketplace?
It will take something between 80,000$ to 500,000$ to make an NFT Marketplace. This wide range exists depending on which features you are adding and who you are hiring. Experts take more salaries but deliver the best. In comparison, beginners will charge low but can mess everything up.
Also, the more features you add, the costlier this whole development process will be. So, yes, It is expensive to create an NFT marketplace.
But it will be worth it as this marketplace has the potential to make you super rich!
We are Owlab, a custom software developing company with profound experience in blockchain development and fintech solutions overall. Contact our experts to get a detailed consultation and your project estimate.