How much does it cost to develop an NFT Marketplace?
Blockchain is abruptly gaining prominence all across the world and tempting most traders to invest in cryptocurrencies. This is also developing a higher demand for NFT developers all around the globe. In today’s digitized world, most finance companies are looking forward to entering the blockchain ecosystem and expanding their range to a decentralized solution giving outstanding solutions to their customers and exponentially increasing ROI to the company. NFT marketplace is one of the most prominent segments of blockchain gaining fame in almost business segments with a sharp surge in the numbers of NFT marketplace development.
In this short period, a plethora of NFT marketplace development companies in India has been emerged and have proved their efficiency and excellence in developing the NFT marketplace with the dynamic use of skills and technologies.
The very first question when you step ahead in your NFT marketplace development process is lining down the features required and determining its development cost. Well, first you need to understand that both the above-mentioned aspects are inter-related, which means, if you choose an NFT marketplace with basic features then you may get a cost-effective NFT developer to conquer your goals but if your business ideas are a bit tricky with the NFT marketplace and willing to add complexities to the features to make it more elite and promising it may put a great impact on your NFT marketplace development cost.
Core features of NFT marketplace at a glance:
1. Storefront:
Storefront is the page of the app where the users land once they log in to the NFT portal. It also holds all the details regarding assets to keep the users informed, which includes:
– Details about the owner of the asset
– Details about the assets
– Bidding history of the asset
– Price history and many more
2. Search functionality:
Assets listed based on the categories are easy to define and also to search. An NFT marketplace must have a feature for the influencer to define the category while listing the assets and the buyers must be availed of the search functionality to search the listed assets easily just with their categories.
3. Create listing:
The sellers are the major consideration of the NFT marketplace and hence it must avail the sellers with an option to create a listing of the asset mentioning all the details about the same.
4. Auction and buy option:
For an effective NFT marketplace, it is necessary to give an option to the buyers to take a part in auctions and bid for any asset by entering a bid amount, expiry date, and biding status.
5. Wallet:
NFT marketplace is developed to enable traders and influencers to sell their digital assets online and the audience to buy them. Hence, they need a wallet to receive payments and pay for their purchases. Also, a wallet in the NFT marketplace is used to store valuable assets. Along with these basic functionalities, an NFT marketplace also needs an option to:
– Create NFT
– The payment gateway for multiple options
– Scalability and option to merge NFT platforms, NFT trading platforms, and NFT crypto platforms
Now, let’s leap over to the most important aspect of NFT marketplace development, which is the cost of developing an NFT marketplace with a micro breakdown of features:
| S.No. | Features to be developed | Hours required | Development cost |
| 1. | UI/UX development | 40-45 hours | $1000-$2600 |
| 2. | Security | 72 hours | $1000-$4000 |
| 3. | User profile | 42 hours | $600-$2600 |
| 4. | Storefront | 80 hours | $1200-$5000 |
| 5. | Search and filter | 95 hours | $1500-$5500 |
| 6. | Product page | 40 hours | $650-$2500 |
| 7. | Reviews and rating | 45 hours | $700-$3000 |
| 8. | Shopping cart | 48 hours | $700-$2800 |
| 9. | Payments | 42 hours | $700-$2500 |
| 10. | Notifications | 30 hours | $400-$2000 |
| 11. | Ethereum incorporation | 96 hours | $1400 – $5700 |
| 12. | NFT management | 96 hours | $1400 – $5700 |
| 13. | Inventory management | 42 hours | $600-$2600 |
| 14. | Author panel | 132 hours | $2000-$8000 |
| 15. | Buyer panel | 64 hours | $900-$4000 |
| 16. | Admin panel | 85 hours | $1300-$5000 |
Now complete NFT marketplace development time and cost depend on your preferences. If you opt to consider all the above-listed features then it may take approximately 1000-1070 hours with a development cost in the range of $15,995 – $58,020.
Conclusion
The craze for the NFT marketplace is growing at a faster pace and hence it is offering the best opportunities for the businesses and folks associated with the fintech sector to learn, evolve, and grow with changing era. Those who are ready with their NFT marketplace development ideas and wondering to hire the best NFT marketplace developer at affordable prices must connect with the NFT marketplace development companies in India where they will surely get the best resources at affordable prices.
Frequently Asked Questions
1. What is the NFT marketplace?
The non-fungible token is all those digital assets that can be combined with certification for which you can trade over digital channels and transfer the ownership. Now, when we have assets to exchange and earn a profit, we also need a platform where this trading can take place. Such a platform where NFT can be traded easily without any centralized authority.
2. What expertise do we need to develop an efficient NFT marketplace?
To develop the most promising NFT marketplace you will need a complete team comprising of:
– UI/UX designer
– App developer
– Blockchain developer
– NFT experts
– Product development manager
3. Why you must hire NFT marketplace developers from ReapMind?
Every business person expects to invest for elevated ROI and ReapMind has the competence to serve you worth and even more for your investment. We have top professionals in the industry with marvelous experience in developing similar apps. Another reason that makes us the best choice for NFT marketplace development is our track record of developing an outstanding solutions with versatile business ideas.
